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Home Financial Literacy

Is it a wise financial decision to travel back home to Nigeria during the holidays?

Opeoluwa Dapo-Thomas by Opeoluwa Dapo-Thomas
December 26, 2023
in Financial Literacy
Here are the current fare rates to different South-East States from Lagos this Christmas
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It’s the holiday season and everyone is wrapping up work for the year. A great time to unwind and put all the stress of the year behind.

A time to reward yourself greatly if you had a great year and still reward yourself a little even if it was a sour year for you.

Work takes us to several places; sometimes across continents. A recent Gallup survey claimed that about 85% of workers worldwide hate their jobs. People leave their country of origin in search of jobs they necessarily don’t like just to put bread on the table. The struggle for financial freedom is real! With the current “japa” trend, we may see more Nigerians leave the country in search of better opportunities.

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Close to half of Nigerians want to leave the country and their preferred destination is Canada, the US, and the UK. This was revealed by 2019 data by Pew Research which claimed that about 45% of Nigerians have plans to leave the country in the next five years. These numbers show that most Nigerians are looking to escape the country and those who eventually do feel they have “made it”.

“I have made it” syndrome

For some, the real motive why they want to return to Nigeria for the holidays is to show off. Admittedly, traveling out of the country is a really big deal given the cumbersome visa procedures and hike in airfares.

As per data from Nigerian Stat, air fares rose by about 59.70% between March 2022 and March 2023. Even affording to travel out these days is a big flex on its own.

Usually, the holidays bring a lot of old friends and relatives back home. In 2020 China for example, the mass movement of people back to see their families during the Chinese holidays was a major driver of the spread of the Covid 19 virus.

With a lot of people returning home, there is no better time to flaunt your achievements than now. The brand new Nikes, the fly Jordans, the limited edition Rolexes, the latest iPhones, and a whole lot more.

Nigerians are caste people and we love to “pepper” one another. This habit was properly chronicled in a 2021 BBC article that summarised the cause of this as the “overachieving spirit of the Nigerian”. As per the Migration Policy Institute MPI, in the US between 2009 and 2013, Nigerian households earned an average of $52,000 per annum which is $2,000 higher than the $50,000 average. Maybe we earned the right to show off a little bit of our achievements at the end of every year.

Haven’t seen Mom in years

For some, the last time they saw their families and friends was several years ago. Most Nigerian migrants will struggle in their first few years abroad. During these years, many are not thinking of visiting the country, the goal is to become successful first!

In late Sound Sultan’s song titled Motherland, the line “Chinedu sell him car make you go America” underscores how relatives back in Nigeria struggle just to make sure one of their travels abroad. As per a July interview made available by Business Day, more and more Nigerians are selling off their valuables to leave the country.

Imagine the look of disgust on the faces of relatives when one returns home just to visit with nothing to show for it. The quest to hit gold sometimes takes time and for these years some Nigerian migrants never returned home

Why you should consider sitting this one out

  • The hike in transportation costs: In less than a year, we have seen airfares shoot up by more than 50%. With the holidays fast approaching, we expect more hikes. A quick search on Wakanow.com for round-trip ticket prices from London Heathrow Airport to Abuja for December 24 and returning on December 31 costs N3.2 million via Qatar Airways. Say you earn $50,000 per year, that’s almost 10% of your annual income spent on airfares!
  • Modern technology alternatives: WhatsApp, Telegram, Zoom, and Google Meet all have video calling features. You can now talk with your loved ones several miles away for free (just data costs). If you
  • Opportunity cost: As per our previous example, say it costs you around $3,000 for airfares only and an additional $1,000 for expenses, totaling $4,000. Think about this, what can $4,000 do for you in the next year? You can change your wardrobe, you could pay for two months of rent, you could upgrade your iPhone. There’s a lot you could do. Now ask yourself, is the trip worth the opportunity cost?

If you must travel during the holidays

  • Book plane tickets ahead of time: Airfares are considerably cheaper when booked ahead of time. Consider booking your holiday tickets at least three months ahead and you may save as much as 30%!
  • Use airlines that give free miles: If you fly regularly then you should research airlines that give free miles after hitting a certain number of flight hours or miles. Any extra free miles are money off that you may need!
  • Fly home with a fraction of your family: If you have a family of six, consider traveling back home with just three. Save the extra flight expenses by going home with fewer people.
  • Reduce your frequency of coming back to Nigeria: You came back home for the elections, you also returned for the burial of your great-grandmother, not to mention that you were back home when your former boss was getting married. Are all these trips necessary? Only make the trips when they are unavoidable!

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Tags: holidayNigeria
Opeoluwa Dapo-Thomas

Opeoluwa Dapo-Thomas

Dapo-Thomas Opeoluwa is a British-Nigerian International Financial Analyst. He has vast experience in managing portfolios across Africa, Europe, and Latin America, with strong interests in Crude Oil, Cryptocurrencies, and Financial Markets. Find all his articles here https://nairametrics.com/author/opeoluwa-dapo-thomas/ You may contact him via his email - opeoluwadapothomas@gmail.com.

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