Top 4 Things That Consume Income In Nigeria

Civilization and advancement in technology come with its own share of expenses. As a matter of fact, there are certain spending habits that are fast becoming normal routines for Nigerians. The challenges Nigerians still face in accessing most basic daily necessities are what cause an increase in the cost and standard of in the country. These little expenses consume a large percentage of income due to their limited access and high demand. Hence, the basic resources that are meant to aid daily living and as such be more affordable and available are the things that are the hardest to possess and therefore, consume the most part of one’s income. Below is a list of top 5 things that consume the income of the average Nigerian:

1.  Mobile Phones

   One of the things that consume the income of most Nigerians is mobile phones. This may sound funny, but take a critical look at it, an average Nigerian buys a mobile phone at least twice in a year. In fact, smartphones have become so addictive that many Nigerians strive to keep up with the latest models, knowing fully well the extra costs involved in buying them in Nigeria due to importation and the lack of contract buying which is available in other countries.

2. Aso -Ebi For Marriage Ceremonies

   Another thing that has become a great necessity among Nigerians is the tradition of buying Aso Ebi which has basically become a norm for attending marriage ceremonies in Nigeria. The higher the rate of weddings the more demand for aso ebi and the more money that goes into acquiring them.

3. Internet Data

   Data is another area Nigerians spend money on heavily. 7 out of every 10 Nigerians definitely have a smartphone that requires data for internet connection. Thus, they spend money on buying data. With the very limited access to good internet connection and lack of unlimited wi-fi, more and more money goes into acquiring it, as the internet has become a necessity and integral part of our daily lives today. For businesses to function internet access is vital, even to carry out our daily activities and communication internet access is basically one the world today cannot do without. Most Nigerians spend as much as 5000 Naira monthly just to get access to the internet, and with the bad network services, even more money goes into acquiring different internet service providers as many of them are unreliable.

4.  Generators

   With the limited access to electricity, owning a generator has also become a necessity for the average Nigerian. Since the lack of constant electricity has become a major problem the Nigerian government has failed to solve till today, generators are one of the most important equipment to possess in order to either run a successful business and live comfortably. Hence, a lot of money goes not just into buying the generators but also fueling and maintaining them regularly.