The state of the Nigerian economic system was a various financial system that used to be the pride of Africa. It was flowing with pure minerals such as gold, tin, bitumen, coal, pure gas and salt as well as agricultural produce starting from our native cassava to the grown-for-sale cocoa and rubber trees. The discovery of oil within the late sixties caused an economic boom like no other. These occasions were characterized by adequate meals, elevated salaries, moderate authorities amenities, high requirements of living and even higher incomes. Neighbors and residents were residing in a paradise or what you can call a well-organized society.
Nonetheless, these instances are gone and are replaced by a new era. An era filled with less job alternatives, less medical care, bad roads, poor airports, inflation, deflation, poverty, hunger, grief and loads more of struggling and hardship.
This era is referred to as economic recession. We hear the time period, “Economic recession!” but do we know what it actually is?
A recession is when the economic system declines significantly for at the very least six months. Meaning there’s a drop within the following 5 economic indicators: real GDP, earnings, employment, manufacturing and retail sales. It is truly a catastrophe.
I am delighted to have been availed this opportunity to share my thoughts and insights on the primary concern of the financial recession we are presently confronted with in Nigeria. I will like to start out here by saying that I am a robust believer in the entity called Nigeria Visa. I nonetheless hold that our place and place because the Heart of Africa shouldn’t be unsure, as we grow to be more influential in spearheading the drive for a more strong continent able to hold its personal among the comity of other continents. This is to ease the doubts on the minds of my fellow countrymales and others who, for any or the topic reasons, think that we might have lost it.
Are we troubled? Yes, and it is unlucky that we discover ourselves the place we’re now. Is it over? I don’t think so!
Thus, Nigeria needs to diversify the financial system if she wants to recover out of this current blow. Being an oil dependent financial system has thus far compounded our woes. So, more than ever earlier than, it’s time to give other sectors considerable consideration and uplift. There are an entire lot of resources that aren’t being adequately utilized. These ‘untouched’ areas needs to be dropped at life as a way to ease off pressure on the oil sector. Though, the effect of diversification might not be instantaneous but it is one that may have constructive outcomes in the not-so-distant future.