Saturday 20 August 2022

The Urgent 2k Phenomenon

I was thinking this morning.... about “The urgent 2k Phenomenon.” If you are yoruba and don't belong to the Generation Z, you probably will be asking 'Kilon jebe?' meaning 'what's that? 'Urgent 2k' is a term used by mostly young Nigerians to explain the unplanned loan request gotten from friends or loved ones, to meet very basic personal needs. It's usually between the range of N2,000 to N5,000 hence its name.

The Urgent 2k phenomenon used to be common with the poor but has quickly become a thing with the Middle class who according to African Development Bank (AfDB) data, makes up about 23% of the Nigerian population. A strong Middle class is the backbone of any economy, because of their spending power. This is changing.

If you run a home with more than 3 adults, then you will appreciate how high cost of living had gone. Serving bread for breakfast has to be carefully considered because a teenager can eat a whole 'Ojile bread' (only legends from Warri will understand). Feeding the family has become a major line item on most incomes. Working fathers and mothers used to be known as 'Bread winners,' but today, the income that was once very good can hardly win bread and is gradually falling into the class of 'Urgent 2k' that can only meet urgent basic needs.

Have you tried booking a flight recently? If you are married with three children and have urgent need to travel from the South-South or South East to Abuja or Lagos. You should be planning to cough out about N1million for return tickets. The alternative road trip will mean thinking seriously about how to raise money just in case the K4R professors strike. If you consider what you earn and the cost of the trip, then you will agree that your job is fast becoming an 'Urgent 2k hustle.'

With the declining value of the naira, most young Nigerians are no longer working to be rich, rather they are doing so for Urgent 2k. As I mused, I prayed that any agent or system working to reduce my hard earned income to 'Urgent 2k' will fail. Instead, I will keep faith with Genesis 26:13 that says 'and the man became rich, and continued to grow richer until he became very wealthy.'

Stay hopeful. God's got your back.

Happy Sunday.

......Just the thoughts of a certain Wey Mey

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