- A budget wedding hardly comes to mind when you dream of your wedding day
- However, as they say, with love, all things are possible.
- If you are facing financial challenges and still want to get married to your lover then this article is for you.
- Money should not be a barrier to tying the knot with your loved one.
- As such, this article will show you how to organize your wedding with as little as N100,000.
What Nigerians do/Wedding funds drive
These days, people ‘tax’ everyone they know when they want to get married. Your financial contribution to the preparations becomes a MUST. I was minding my business ‘jeje-ly’, when I received a call from an ex neighbor who called to tell me that he was getting married. I was really happy at the news and congratulated him.
Get this; he was calling to get my contribution not to invite me to his wedding. I was miffed! I wasn’t there when you met your girlfriend (a lady like me), neither was I present when you got down on your knee and proposed to your wife-to-be in a highbrow restaurant. So why should I be a financier for your impending nuptials? I’m sure many people have their stories concerning the compulsory donation.
I once attended a wedding reception five years ago in Benin City, Edo State and witnessed a funny, somewhat interesting spectacle during the ceremony. As the couple sat on the beautifully decorated chair facing the guests in the spacious hall, I observed tears running down the groom’s eyes. I thought it was tears of joy, but later found out that the reverse was the case. He was crying when he saw the huge number of people trooping into the hall.
He told me that the number of people he had invited was based on his budget but was surprised when more than 200 people were already inside the hall at the time. Fraught with a lot of unexplained emotions, the groom broke down and cried. Tears flowed freely from his eyes as he wondered how to get additional refreshments for the uninvited guests.
The average Nigerian man who is eligible for marriage, usually gives financial constraints as the first reason for delaying his dreams of getting settled. Truly, it cannot be denied that this is the number one barrier to most partners walking down the aisle, because once the barrier is broken, all other minor items usually fall in place.
I had to ask someone who had weathered the storm and gotten married within his means and he (Clement) had this to say:
”When I was planning to get married in 2005, things were so difficult and I had less than N50,000 in my savings account. My wife, out of concern asked me a few months to our wedding whether it won’t be wise for us to postpone the event based on the unavailability of funds. I categorically told her ‘No!’, because I was determined to see it through. Funds came from unusual sources and the wedding was conducted successfully. I celebrated my 12th year anniversary last Sunday and the marriage is blessed with three lovely kids.”
Planning a Nigerian wedding with N100,000
The truth is that one can achieve whatever one sets his/her heart to achieve as long as the determination is there. The question I asked myself yesterday while pondering on this subject was, “Is it really possible to organize a wedding on a tight budget of N100, 000?” The answer is a definite YES and I am going to explain how it can be done soon enough.
The biting economic situation in the country notwithstanding, Nigerians still create enough room for themselves when it comes to the issue of exchanging marital vows. One may ask: “How do they do it?” It is not difficult to achieve as long as one draws a decent budget based on the funds available. There is clearly no need to be extravagant when the resources are not really available.
The major items that consume most marriage budget are foods, drinks, clothing, reception venue, photography/video and music and Invitation cards The good news is that it is possible to cut down costs on these items and achieve the target of using N100, 000 to organize your dream wedding. The only condition is to stick religiously to the budget and avoid last-minute adjustments no matter the pressure.
Steps to planning a N100,000 wedding
The first step in ensuring that you stay within the chosen budget is limiting the number of guests you intend to invite for the wedding reception. For the purpose of this budget, we shall stick to inviting 100 guests including families, colleagues and friends. The higher the number of guests invited, the higher the expenses that will be incurred. Entry into the reception venue should be strictly by invitation. This will curb the number of uninvited guests to the program.
Food – Cook by yourself
Talking about food, rice is the favorite item used in entertaining guests in most weddings. Whether fried rice, jollof rice, white rice or coconut rice, people still enjoy eating it in most wedding programs. To start with, ensure that you go for just half a bag of rice for the event and this will cost about N9,000. This should be able to go round the 100 invited guests. All that is needed is for those serving, to measure the quantity of rice served.
Another important ingredient in most wedding programs is the meat. We shall be going for 2 cartons of frozen chicken which can be gotten at the rate of N12,000 each amounting to a total of N24,000. The chicken should be cut into about 120 pieces so it can go round each of the 100 invited guests. The reason for the additional 20 pieces is to allow for shortfalls when frying and serving.
Groundnut oil – is needed for frying and also for preparing the rice. We shall be going for 4 litres of groundnut oil for the purpose of the budget. This will cost about N2,200 in the open market and it should be enough for all the frying and also for the rice. Ensure judicious use of it to avoid wastage.
A big can of tinned tomatoes costs about N1000, while fresh pepper and tomatoes worth N2,000 including ingredients (to spice the rice and meat) worth N2,000 should be enough to settle the food area. One thing to be taken note of is strict monitoring of those doing the cooking, because it is common to see women sneaking food items, especially fried meat home after cooking. That is a sad reality of the times we are in and proper monitoring will close those loopholes and ensure that the items are enough for the food to be prepared.
Drinks – go hand in hand with food in every marriage program. Since we are on a very tight budget, we shall be sticking to soft drinks alone. Of course people will complain, but it’s your occasion and you do what you have to do based on your budget, not what pleases people. The fact remains that if you bring in a truck load of assorted drinks, people will still complain about not getting enough to drink, so stick to soft drinks.
We shall be going for five crates of assorted soft drinks like Coke, Fanta and Sprite at the rate of N1350 per crate. This will give us a total of N6,750. You cannot do without water, so we shall go for 5 bags of sachet water at a total cost of N500. There should be 6 bottles of water at a cost of N600 for those at the high table.
The wedding attires
This can be tricky, considering how much attention women give to wedding gowns. But this is a wedding on a very tight budget so we have to be realistic. There is no need to make a new wedding gown for the bride. Just go for a rented gown which can be gotten for between N10,000 and N20,000 depending who you are renting from.
We will advise using that of a relative or close friend as wedding gowns are often worn once. If you have the looks, then you can even borrow from a fashion designer looking for good photo-ops to sell their wedding gowns.
The bride’s shoe and makeup are other important things to spend money on. A budget of N5,000 to N7,000 should make this work.
Left for us, the groom will have to look at his wardrobe and get his best jacket. If they are not good enough, then you can also borrow from a close friend or relative. Ties, shoes and other accessories are things you already own, so no need to fuss.
Jewelry – Wedding rings are probably the biggest challenge for newly weds. But since this is a tight budget, we will assume this as a symbolic gesture. For this purpose, we can go for cheap rings. Look, no one needs to know except you and your bride. When you have money, you can always change your rings and life goes on.
The Wedding cake
Wedding cake is a common feature in most wedding receptions and a moderate one which can be baked and decorated at the cost of N10,000, will be decent enough for the occasion.
To cut costs further, it is needful to hold the wedding reception within the church premises to avoid paying huge fees for rented halls. Most churches allow couples to use their church premises as long as they keep it clean after use. All that will be needed is renting canopies and chairs at the cost of about N5,000. If your church doesn’t have premises or hall then you can use that of a friend.
Thoughts about printing invitation cards should be discarded. You should opt for using bulk SMS. This won’t cost more than N500 at most. You can also design a single invitation card and send via email to invited guests at a moderate cost of say N500. This will no doubt help to ensure you stay within your stipulated budget.
The not so mandatory
Most Nigerian weddings require that you share souvenirs in exchange for gift items. For you, this is not mandatory as you are on a tight budget. Presenting souvenirs to guests is optional, depending on the purse of the couple involved.
Another item you can skip paying for us hiring a Hiring of a DJ and getting a photographer/ video man to cover the occasion. Being a small family sized get together wedding, all you need to do is get a friend to lend you a sound system loud enough to get people to dance as well as operate a mic. Most people will fall over themselves to be the DJ of the day for free.
Getting a photographer to cover the event is not also mandatory. These days, mobile phones do an amazing job at keeping memories. Besides, most people take pictures as a hobby and what you need to do is to find someone who will gladly do this for you for free. This will likely be a family friend, who won’t demand cash from you, as they already know that you are on a tight budget.
Here is a breakdown of the above mentioned costs:
Yes, We can!
Planning a wedding can be stressful and costly if strict budgeting is not adhered to. It will be nice to see both families of the couple come together to rejoice with their loved ones, but even better if the couple do not go out of their way to incur unnecessary expenses all in the name of pleasing friends and families that would grace their wedding ceremony. The above budget is just a guide that is practically implementable. All that is needed is the boldness to go ahead to do it.
Have a blissful wedding!
Covid-19 Update in Nigeria
On the 4th of June 2020, 350 new confirmed cases and 8 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 11,516.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to rise as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 11,516 confirmed cases.
On the 4th of June 2020, 350 new confirmed cases and 8 deaths were recorded in Nigeria.
To date, 11516 cases have been confirmed, 3535 cases have been discharged and 323 deaths have been recorded in 35 states and the Federal Capital Territory having carried out 71,336 tests.
Covid-19 Case Updates- 4th June 2020
- Total Number of Cases – 11,516
- Total Number Discharged – 3,535
- Total Deaths – 323
- Total Tests Carried out – 71,336
The 350 new cases were reported from 20 states- Lagos (102), Ogun (34), FCT (29), Borno (26), Kaduna (23), Rivers (21), Kwara (16), Ebonyi (17), Katsina (14), Edo (10), Delta (10), Kano (10), Bauchi (10), Bayelsa (9), Imo (8), Plateau (4), Ondo (3), Nasarawa (2), Gombe (1), Oyo (1).
The latest numbers bring Lagos state total confirmed cases to 5542, followed by Kano (970), Abuja at 792, Katsina (385), Edo (351), Borno (322), Kaduna (320), Oyo (318), Ogun (316), Rivers (290), Jigawa (274), Bauchi (256), Gombe (170), Kwara (127).
Delta State has recorded 116 cases, Sokoto (115), Plateau (113), Nasarawa (90), Ebonyi (80), Zamfara (76), Yobe (52), Osun and Imo (47), Akwa Ibom (45), Adamawa (42), Niger (41), Ondo (36), Kebbi (33), Bayelsa (30), Ekiti (25), Enugu (24), Taraba (18), Abia (15), Benue (13), Anambra (12), while Kogi state has recorded only 3 cases.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, President Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|
Forex turnover drops by 28.3% as naira depreciates against the dollar at I&E window
Naira improved against the dollar by N1.35, closing at N386.33 to a dollar, as against the indicative rate of N387.68 to a dollar that it opened with.
The naira has depreciated to N386.33 to a dollar at the Investors and Exporters (I&E) window, as the volatility of the foreign exchange market continues. The local currency was weakened by N0.83 against the dollar, when compared to the N385.50 to a dollar that it traded on Tuesday, June 2, 2020.
The exchange rate at the I&E window is different from the Central Bank of Nigeria’s published exchange rate, which currently stands at N360/$1. This is also different from the exchange rate at the parallel market, which is still stable at N445/$1, according to information on AbokiFX as of Wednesday, June 3, 2020.
Available information from the daily trading at FMDQ (where FX is traded by importers and investors) shows that the naira improved against the dollar by N1.35, closing at N386.33 to a dollar, as against the indicative rate of N387.68 to a dollar that it opened with on Wednesday.
Further analysis of the information from the FMDQ shows that the turnover for the day declined by about 28.3% at $24.64 million. This is against the $34.35 million turnovers that was recorded the previous day.
(READ MORE:Naira appreciates at parallel market)
The foreign exchange market seems to have stabilized at the parallel market, following the reduction in demand for dollars especially by currency speculators, and improved liquidity. The rebound of crude oil prices appears to have eased the concerns of investors over possible devaluation of the naira.
The gap between the CBN official rate and the parallel market rate, also known as the black market, has been greatly reduced as the naira appreciated to N445 to a dollar from N460 to a dollar last week, following CBN’s intervention.
According to data compiled by Bloomberg, the Naira spot market rate is overvalued by 10% when measured by its current real effective exchange rate relative to the 5-year average.
Manufacturing PMI slide into recession territory
This is the first clear data-driven sign that Nigeria is in a recession.
The much-awaited Purchasers Managers Index (PMI) was released on May 29th by the Central Bank of Nigeria. According to the latest data, Manufacturing PMI in the month of May stood at 42.4 index points, indicating contraction in the manufacturing sector for the first time after recording expansion for thirty-six consecutive months.
The figure compares to 51.1 and 49.2 index points in March 2020.
The latest number now falls squarely within recession numbers and this is a clear sign that Nigeria is closer to recording a major contraction in the second quarter of the year.
Meanwhile, the nation’s PMI’s number hit a year low in April 2016 of 43.7, before plummeting further to 41.9 in June 2016. Nigeria subsequently fell into a recession by the end of the second quarter of 2016 and remained in recession throughout the course of the year.
The nation’s non-manufacturing PMI fell for a consecutive month to an all-time low of 25.3. The decline in manufacturing PMI was significant following thirty-six consecutive months of expansion, while the non-Manufacturing PMI contracted for the second consecutive month.
A further look into the report shows that the manufacturing sector employment level index stood at 24.5 points in May, a decline compared to 47.1 points recorded in March and 56.4 points in February 2020.
This downturn is mostly attributed to the halt in economic activity as businesses in Nigeria result in layoffs and pay cuts in order to survive the effect of the lockdown.
READ ALSO: What I’ll do if I was CBN Governor – Experts
Also, all 14 subsectors of the manufacturing sector, reported lower raw material inventories, consequently contracting the inventories index to 37.4 points in May 2020. An effect of the supply chain bottleneck associated with the lockdown measures implemented in most countries of the world.
Specifically, this figure translates the effect of lockdown procedures and trade restrictions implemented by Nigeria’s major trade partners in response to the COVID-19 pandemic. Note that Nigeria’s major trade partners; China, USA, Spain, and the Netherlands account for about 45% of the nation’s import.
What you need to know: PMI is a survey that is conducted by the Statistics Department of the Central Bank of Nigeria. The respondents are purchasing and supply executives of manufacturing and non-manufacturing organizations in all 36 states in Nigeria and the Federal Capital Territory (FCT).
In his reaction to the data, the Central Bank Governor, Godwin Emefiele, in the Monetary Policy Communique, highlighted how dire the situation.
He said, “The contraction in the manufacturing and non-manufacturing PMIs was attributed to slower growth in production, new orders, employment level, raw materials, and input prices.
“The employment level index for the manufacturing and non-manufacturing PMIs also contracted further to 25.5 and 32.0 index points, respectively, in May 2020 compared with 47.1 and 47.3 index points in March 2020.
“Generally, the purchasing managers’ activities in May 2020, were largely affected by the lockdown of the global economy to curtail the spread of the COVID-19 pandemic.”
The CBN thereafter reduced its monetary policy rate from 13.5% to 12.5% for the first time since March 2019.
What this means: This survey is a bellwether for economic growth in Nigeria and helps the central bank gauge the mood of businesses in the economy.
PMI above 50 typically indicates a positive mood for the manufacturing and non-manufacturing sectors. Two major causes for concern in the data are the new orders and employment levels.
At 42.8 points, the new orders index declined after thirty-sixth consecutive months of growth, indicating declines in new orders in May 2020. Three subsectors reported growth, 2 remained unchanged while 9 recorded declines in the review month.