Economy: How Nigerians struggle to accomplish festive celebrations

Nigerians exhibit a strong spirit of creativity and adaptability when challenges arise.

With extremely high expenses and diminishing purchasing power, many Nigerians are exploring different ways to sustain themselves.

Online informal collective savings, initiated by grocery vendors, is one of the methods being utilized to fund the Christmas and New Year festivities.

Economy&Lifestyle uncovered that these grocery sellers promote the savings programs online, encouraging interested individuals to participate. Unlike previous times, many people are unaware of the organizers of these savings groups.

Members of the group shared that a portion of the collected funds was allocated for buying food and meat in bulk, which is then distributed among the contributors.

Mrs. Bukola Johnson, a designer in the fashion industry, stated: “Last year, I contributed N15,000 every month specifically to fund my Christmas and New Year festivities.

“My husband contributed N10,000, while I contributed N5,000.

“It was part of an online collection. However, I made it a point to visit the shop of the organizer.

“She is a vendor of food items, and I understand that she is also using this to increase her sales.

“I was convinced enough to begin saving through her.

“I received a 50 kg bag of rice, a half carton of turkey, 5 kg of croaker fish, 5 liters of vegetable oil, party jollof tomatoes, and spices.

“For me, it was definitely worth the amount I contributed.”

Mrs. Racheal Adeji, a single mother running a pharmacy, remarked: “I contributed N10,000 monthly to a food group last year. This was a tremendous help because gathering a large sum for Christmas and New Year is challenging with all the expenses I need to handle for myself, my children, and my parents.

“It was not an easy task. I had to forgo some of my personal wants and needs to manage that savings.

“I was very satisfied with the result as I received a significant amount of food that I haven't bought in years.

“I plan to do this again this year, and I hope God supports me.”

Although informal collective savings have been around for a long time, the motivations behind individuals’ contributions vary.

Participants in group savings contribute for multiple reasons, especially to generate funds and assist their businesses, rather than merely for Christmas groceries.

Nonetheless, several individuals have fallen prey to scams after engaging in this practice.

Mrs. Hafusat Omoruyi, who sells wigs, stated: “I would never consider doing that.

“Just think about saving N210,000 in an online group, and the organizer disappears with the total of N6 million collected before the Christmas season.

“She was gone without a trace.

“I am married to a Christian and intended to use that money to purchase food in bulk to share with my in-laws and use the rest for the celebrations.

“The hard work of many people over an entire year just disappeared like that.


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