Preparing for Emergencies by Starting an Emergency Fund
Introduction When the Federal Government was considering nationwide lockdowns during the heyday of the COVID-19 pandemic, some of us insisted that the economic and mental consequences of such lockdowns would exceed the supposed benefits. In a Whatsapp group I belong to, one of those who didn’t agree with this view - that the lockdown's economic and mental consequences will exceed any supposed benefits - upbraided Nigerians for not preparing for emergencies. He believed that Nigerians don’t learn how to save for situations like the pandemic. While that discussion was ongoing, it was easy to see the elitism in his argument. How many average Nigerians earn enough income to get by their living expenses, talk less of saving? A whopping 40% of the population lives below the poverty line, according to the NBS . So that upbraiding was by and large inconsiderate. However, it will be naive to think that we don’t have some people who can prepare for emergencies but find themselves u...