Expert Advocates Investment Strategy to Tackle High Cost of Living

Sunday Ehigiator

A chartered accountant, taxation expert and Convener of the Blakey’s National Economic Conference, Chief Blakey Okwudili Ijezie, has called on Nigerians to adopt a new approach to navigating the country’s cost-of-living crisis.

Delivering a keynote address on the theme, ‘Surviving and Thriving: Navigating Nigeria’s Cost-of-Living Crisis through S.M.A.R.T Investing’, at the conference held over the weekend in Lagos, Ijezie painted a stark picture of the reality facing Nigerians, citing skyrocketing prices of essential commodities, stagnant salaries, and a general sense of economic desperation.

According to him, “We meet at a time when the average citizen wakes each morning with more fear than hope. The cost-of-living crisis is no longer an economics textbook line; it is the defining hardship of our generation.

“Let me bring this home, a single tuber of yam now costs N3,000, up from N800 two years ago. A 50kg bag of rice has tripled to N75,000, and that’s not even premium. School fees are now paid in instalments, not by policy, but by desperation.”

“Electricity tariffs rise while supply remains erratic. Transport fares consume over 50 per cent of monthly earnings in urban centres, and healthcare? Many have turned to herbal remedies, not by belief, but by exclusion. Meanwhile, salaries remain static. The minimum wage remains unresolved, while the maximum hardship is already in full effect.”

“Let us not mince words: this is not just economic inflation, it is existential suffocation.”

On the way forward, Ijezie argued that Nigerians cannot wait for miracles, but must adapt, innovate, and reposition themselves financially.

He introduced his economic philosophy of S.M.A.R.T Investing, which stands for Strategic thinking, Measured risk-taking, Asset-first mindset, Resilience building, and Targeted opportunities.

He emphasised the need for Nigerians to move from impulse spending to intentional living, plan with purpose, and invest intelligently. Ijezie also stressed the importance of financial literacy, diversified risk-taking, and building resilience.

He called on the government to play its role in addressing the cost-of-living crisis, demanding immediate enactment of a living wage law, tax holidays and investment incentives for MSMEs, and a bold agricultural revolution.

Ijezie also advocated  the private sector and civil action, encouraging Diaspora investment drives, local government accountability forums, financial literacy for youth, and media advocacy.

“The government must stop treating poverty like an academic debate. This crisis requires urgent policy and humane leadership.”

“We demand immediate enactment of a living wage law, not ceremonial adjustments; tax holidays and investment incentives for MSMEs; a bold, actionable agricultural revolution, not press statements; massive revival of critical infrastructure, power, roads and internet; digital skills and vocational training for youth, and an end to government luxury and wasteful spending.

“We cannot have political opulence while the people face economic extinction. While demanding more from the government, we must take charge in our spheres; Diaspora Investment Drives – encourage Igbo, Yoruba, Hausa, and minority diaspora to create community-focused investment cooperatives back home.”

“Local Government Accountability Forums – citizens must hold their LGA chairs accountable for abandoned projects and missing funds. Financial Literacy for Youth – NGOs and religious groups should sponsor weekly savings clubs and investment seminars for teens and undergraduates. Media Advocacy – Let community radios, newspapers, and social media become platforms for economic education, not just political gossip.”