10 Ways Academics and other Tertiary Institution Workers can navigate the current cost of living crisis

 

The adage "My take-home pay cannot take me home" resonates deeply among Nigerian academics and other staff of tertiary institutions, especially in light of the current dire economic situation. According to the National Bureau of Statistics (NBS), Nigeria’s inflation rate stands at 33.88%, as of October 2024 (but we all know it goes beyond that), further eroding purchasing power. With stagnant salaries, pending arrears like one year 25%/35% for 2023, five months of wage award, promotion arrears, and backlogs of others. Unfulfilled promises from the government and a paltry minimum wage increase that is not commensurate with the cost of living have further dampened the morale of many across the spectrum. Hence, navigating this economic terrain requires both resilience and strategy. We have compiled the top ten practical ways to stay afloat while weathering these tough times from experts (but there could be many other ways not listed here):

1. Diversify income streams: Relying solely on a salary, which barely covers basic needs, is unsustainable; mounting debts, bank loans, cooperative loans and deductions, school fees, food, health, transportation to/from work, requests from relatives, wedding, naming ceremonies, burial and host of other unforeseen contingencies all cut their slices from it. Unfortunately, salaries have stubbornly refused to grow in tandem with the cost of living turning many into 'beggars'. Academics can explore consultancy services like writing proposals for organizations or advising on projects within their expertise. Workers across tertiary institutions, whether administrative, technical, or support staff, can also explore alternative income sources. For example, administrative staff can offer bookkeeping or data entry services to small businesses, while technical staff might explore providing repair or maintenance services on weekends. Farming, including backyard gardening or poultry, remains accessible for all, in fact, smart farming is trending now.  In addition, freelance platforms such as Upwork, Fiverr, or even local outlets allow professionals to earn from skills like editing, tutoring, or graphic design. Public speaking engagements at workshops or community events can also be monetized. For example, using weekends to offer private lessons can add ₦30,000-₦50,000 monthly.

2. Embrace digital skills: Learning digital skills such as data analysis, coding, or digital marketing has become critical. Platforms like Coursera and edX offer free or affordable certifications that are globally recognized. For instance, a certificate in data analytics can open opportunities for remote freelance jobs, where earnings can reach ₦100,000 or more monthly. Social media management is another avenue - handling Instagram accounts for SMEs can bring in steady pay. Seek internships or short-term gigs that build your portfolio in tech fields.

3. Optimize research funding opportunities:  Academic research funding can supplement income while advancing careers. Visit sites like ResearchGate and explore local grants such as TETFund. Develop compelling proposals aligned with donor priorities. For example, grants from international organizations like the African Development Bank or UNESCO offer research stipends that often exceed ₦1,000,000. Building relationships with colleagues in similar fields can also lead to collaborative funding opportunities. Keep an updated calendar of funding calls and deadlines to avoid missing opportunities.

4. Reduce unnecessary expenses: Financial discipline is paramount. Begin by distinguishing needs from wants. For example, instead of daily commutes, consider carpooling with colleagues to save on transportation costs. Join cooperative societies to purchase household items in bulk, reducing costs by up to 20%. Budgeting apps like Mint or Goodbudget help track expenses and prioritize essentials. Regularly evaluate recurring expenses such as subscriptions to cut out non-essential services. A practical approach could save up to ₦50,000 monthly for an average family.

5. Leverage part-time teaching roles: Many private universities and online learning platforms like Udemy or Skillshare offer part-time teaching opportunities. Create a short course on a topic you specialize in, such as “Basics of Research Methodology” or “Introduction to International Relations.” An online course could generate a passive income of ₦20,000-₦50,000 monthly depending on demand. Locally, private secondary schools often seek weekend tutors, providing a quick and reliable income stream for those with spare time.

6. Invest in low-risk ventures: Agriculture remains a promising sector for low-risk investment. Begin small by growing vegetables in your backyard or rearing chickens, both of which require minimal capital but generate consistent returns. Platforms like Farmcrowdy offer opportunities for shared investments in larger-scale farming projects, with returns as high as 15% annually. Another option is contributing to a group savings scheme for purchasing small rental properties, which can generate monthly rent income.

7. Advocate for improved welfare:  Active involvement in unions can lead to better conditions. Academics should engage with their respective unions to ensure unified demands for fair wages and benefits. Collaboration between ASUU, NASU, ASUP, COESU, and others can present a stronger bargaining front to negotiate with government representatives. For example, a unified strike in 2022 prompted government promises of improved salaries, though its execution remains an ongoing struggle. Participating in coordinated advocacy efforts, such as social media campaigns, amplifies calls for reforms. The leadership of these unions needs to close ranks and fight on a unified front, the cacophony of different tunes by the leadership of these unions has not helped matters, especially for the welfare of tertiary institution workers.

8. Network for collaborations: Building strong professional networks opens doors to joint ventures and funding. Attend academic conferences and workshops, which often feature industry stakeholders willing to sponsor innovative ideas. Use platforms like LinkedIn to showcase expertise through regular posts or articles. Collaborative research projects with international colleagues can lead to shared grants, reducing the financial burden. Online events, webinars, or alumni networks can also connect you to lucrative opportunities.

9. Seek international fellowships: Fellowships such as the Commonwealth Scholarship or Fulbright Program provide not only financial relief but also global exposure and networking benefits. Begin by identifying fellowships aligned with your research or career goals and prepare robust applications. Platforms like the British Council and DAAD provide detailed guidelines for applications. Successful fellows often receive monthly stipends exceeding ₦300,000, covering expenses while broadening career horizons.

10. Develop financial literacy: Managing finances effectively can prevent debt and foster long-term stability. Read books like Smart Money Woman by Arese Ugwu to understand savings, budgeting, and investment strategies. For instance, committing to save 10% of your income every month can create a safety net for emergencies. Although the truth of the matter is that, the naira has bled and lost so much value that nothing is left to save at the end of each month. But notwithstanding, attend local workshops on personal finance or follow financial advisors on social media for actionable tips. Studies have shown that individuals with basic financial literacy are better equipped to avoid predatory loan schemes, saving up to 30% of their income in the long term.

The current Nigerian economy may feel like a gbese zone, but academics and other tertiary institution workers can rise above the challenges by adapting and innovating. By diversifying income, embracing tech, and advocating for change, the wahala becomes an opportunity for growth. As one saying goes, “When life shows you pepper, make pepper soup!