Topic: What really happened to Nigeria Economy (Read 193 times)

 A lot happen for the economy but the chief problem nah when we carry for mins say nah so so importation we go dey do and that come help devalue the naira. I know say there has been worse governments but to an extent, there was a bit of sanity during the time of Goodluck Johnathan but what happened? People protested he was a weakling and didn't know how to rule; maybe this was because they wanted a shot at power or they just wanted to complain because they can, we don't know.
 Buhari take ova and after e promise Change , e start to show the change but we no ask which of them e mean.
Many people dey say for the naira to stabilize, we need to dey export our own goods, produce  wetin we need and also create avenue for foreign investors to come in but I go also add say the Govt need to stop exaggerating prices when trying to make yearly budget so them go get their own cut as the thing dey cause inflation fot the economy.

That is what happens when a position is your turn and your right as compared to you  being qualified for it. Every single stronghold have been neutralized or bought over. The labour are now toothless bull dogs whom just bark when hungry and receive a single bone thrown out to it and keep shut pending the time its hungry again. The religious wing is now so dumb and compromised that I wonder if CAN (Christian association of Nigeria)still has a president, or the Islam wing still has a leader. Just how will the country grow?, when the senate president was maneuvered and the attorney general is the presidents boy. Top military officers were retired for fear of opposition. A country who its helm of affairs was  passed down from a military dictator and received by a drug baron. Things have really fallen apart in this country. Just tell me what these people in leadership know about boosting the country's economy.?. People that forge certificate, who couldn't even pass exams. They're mostly thugs and that's why what is rampant in out country today is banditry and thuggery. You surely can't give what you don't have. There was really a country. A country where there is no support for creativity and innovation, how will the economy grow??
OP, with these set of leaders, Nigeria it in a great economic mess.

Yes  I also agree on the incompetent economic team and uneducated Special Advisers and Selfish interest leaders plus corrupt leadership. This also remind me of a statement. According to a political Analyst, "the real ruler of a country is unknown". From the way I look at things Nigeria economy is under seize and that is why the leaders of the country cannot control the economy and do anything about it. Those who control the economy are beyond (powerful)  than the country's leadership so the leaders do things according to their well and not to the will of the leaders which might also benefits the citizens. In a capitalist state they are not interested in the welfare of the citizens but for themselves and the their immediately families. And politicians also apply that alienation approach the d the labour work force in the state by the capitalist.

In the Nigerian State, things are not working well again because the new world is eating up the local economy very hard. Nigerian leaders thought that devaluation of the naira is the best approach to boost the economy but it is an irony of the it. The dollar is increasing everyday and the naira is decreasing everyday. As of today which I am writing or making this comment, $1 is equal to #1,100 which has been surpass the prediction of the two exchange rate of the year. Now some have predicted that dollar might reach up to 2k this year because of the way it rising daily. But if Nigerian government wants to make the economy very strong, they can do it because Nigeria is an autonomous country which has a say in her economic development. And if they want to make the economy strong then they have to take a drastic step have to be taken to cut off from the new world order which is not a beneficiary to the third world countries.

Nigeria is a country blessed with abundance of natural resources but the international forces refused us to utilize them to develop ourselves but to them. So the question is always arise on this matter that how do we do. Because if the masses notice this and protest, the international forces will still use National leaders to fight against the masses which are the real development of the country. Like what I saw in IG today, the marketers are controlling the electricity supply and they told NEPA not to give constant light because if they do, the marketers will not sell diesel and fuel. That is nonsense and dis is the kind of country we found ourselves. We are in the Neo-Colonialism whereby our black leaders are used to colonist us. The economy is the base in any country and if they control the economy then your whole body is control by them. At that stage they will tell you what you will eat and drink. Because the food of poor is different from the food of the rich. And this is control by the world powers.

So if bitcoin as finally adopted as the legal tender in the country then this economics drain will be over.

Nigeria's Economy has been under the care of under and misinformed leaders whose major concern is to loot the country treasury in other to continue enriching themselves, family, and relatives, Nigeria's Economy needs urgent attention, our leaders are after what they will benefit, instead of flourishing of the economy.
There are so many Nigerians that are ready to invest in the oil sector, but Nigeria prefer to give license to foreigners instead of their people, I know that we need capable hands to push the country forward, so why not hire the manpower of foreigners to educate your people on the exact things to do so that you can handle things yourself, we need to wake up from slumber before is too late, the dwindling economy is as a result of our Government inability to hire technocrats to do the needful,

Nigeria economy so far has been an issue, if proper care is not taken or if our leaders don't act right concerning our economy, I think the economy will continue to decrease.
But from my paspective, empowerment can contribute to the growth of Nigeria economy.
Youth empowerment could be considered as providing investment opportunities for the growth of our economy such as; information technology, agro_industrial ventures cash and food crops farming, poultry etc.

In Nigeria between 2021_2022 the rate of youth unemployment ranked at 23.1% according to the national bureau of statistics (NBS) report. This portends danger to the health and stability of the country economy at large.
In a county where citizens are not empowered and has no job how will the economy grow. Let me use my state for example, the previous regimes of the state had never done any concrete programme to allievate the issue.
However youth between April 2018, the bayelsa state government sent about 300 youths to Abuja to undertake training of computer, after completion laptops were provided for them. Again another scholarship were offered for 150 youths to go to UK to acquire further knowledge on modern technology on e_banking.

Subsequent on these the outcome are very poor and discouraging. Secondly unemployment of the youth can be attributed to bad government and poor economy.

In conclusion the Nigeria government should redirect its attention for youth empowerment programmes to two critical areas such as; information technology and agro business ventures for the growth of our economy, these would also improve the gross domestic product (GDP) of Nigeria at large and this would enable the nation to compete with the rest economies of the world, and would also increase the incomes of the youths

Maybe you're too fast about this, you can also go down the history a little more backwards and look at how things were before and after independence, compare it from then till date and see how things have continually gone worst than ever, before GoodLuck became the president, Obasanjo did well, Yar'Adua did better and things were getting better ever since, when it was GoodLuck turns, they begin to play politics to turn the table down and we think things have gone worst not knowing nothing is happening yet.

People stage a national protest against the administration and he couldn't go the second tenure, now look at where we are when everyone thinks GMB is the worst, think keep getting bad than ever instead of better, today the exchange rate of USD to naira $1=1,150 the economy is getting better indeed.

The question that reverberates in my head is this; it's crude oil the only natural resource that is embedded in Nigeria that the political leadership has beam their hornet nest all around it without thinking of diversifying the economy through other sectors making it an equal sources of earnings to the nation.

In the 50's down to the early 70's we had agricultural produce and agriculture was what the nation depends on and Nigeria economy was booming with the local currency having value over the so-called dollar of today. We had groundnuts pyramids in the North, cocoa in the West and palm oil and yam barns in the Southern part of Nigeria all of which were produced in large quality for exports to other countries.

Not until the late 70's that crude oil was discovered in Nigeria and the politicians  got engulfed and disarticulated by the oil boom and that was the beginning of this economy downturns we have been experiencing for decades and it getting worsening each passing year because the mistake is still in course.

I genuinely agree with your viewpoints, including the once-adored nation has crumbled, and the country is rife with aggravating incidents of tragedy and struggles. A slew of heinous occurrences have hit the country's economic sector, causing the currency to tumble in revenue. Former President Goodluck Ebele Jonathan served his country with all his might, even though it was the same country that Nigerians blamed and complained about his government, President Muhammadu Buhari took over and things changed for the worse, now is the tenure of Tinubu, who is the president with the worst record currently, everything is going up in price, he entered office and he targeted removing fuel subsidies, which have really affected the common man.

For me Nigeria has been long dying and it was only a matter of time before the whole situation escalated, one thing is to bear the name as the giant of Africa and have the numbers in your favor interns of GPD and all those shit  ass calculation and another thing is to actually live up to those numbers. Any nation in our shoes would probably be in same position as Nigeria in relation to amount of population in Africa and also with the number of natural endowed resources and I like to think that they can even do better than us but instead we only drag GDP numbers whereas the main thing that is actually needed in the country is very much in lack as the power,job, education and so many other sectors are so much in shatter and needs to be attended to but corruption and selfish greed won't allow the nation to thrive as it's supposed to, because with all the numbers and resources we have, countries like south Africa and the so called Egypt shouldn't be anywhere close to us but yet we see a great decline every day.

The answer is simple: bad leaders happened to the Nigeria economy and these bad leaders are still happening as I writing this now.  Imagine a country that is suffering from a bad economy yet the executive and parliament are budgeting billions for exotic bullet proof cars for themselves each year.

The Nigeria situation is crystal clear that we have more and more of politicians in administration than leaders with leadership qualities and are driven by the love to actually serve and not been served as we see in all the levels of government of the country. Quack them borku e be like them be rice

I think there things we are not doing as people, during the time of Goodluck Jonathan, he assembled powerful and experienced people as his cabinet ministers, that managed to sustain the economy that period.
But the set of person's now at the helm of affairs, they don't even know why some of them are ministers. We need to diversify the economy to revive it, like go massively into agriculture and mineral resources and not solely depend on crude oil.

9 to 13 years ago I would agree that Nigerian economy was more robust compared to what we have now at least it is evident that inflation is on the rise if you compare the prices of products, commodities and cost of living then and now. However, I can only say Goodluck Jonathan administration was trying to do its best to build the economy but it didn't do much in the east, only fearfully concentrated on the north which was why some channels for importation and exportation where not opened up in south south and the regions of east.

The current administration have not shown proper direction to lead the way for economic growth despite generating alot of money from the fuel subsidy dey removed. They are still playing pranks and not serious on paliatives for the masses, penury everywhere.

It is so unfortunate how our government has sabotage the economic growth of our country by sorting the services of incompetent economist. At least they Would have sort help from some of the past economist like Dr Ngozi Okonjo Iweala to assist in proffering solution to the dwindling economy

Well, what really happened to the economy of this great country is nothing but the lack of competence and lack of accountability among some of our selected leaders.
Where these leaders are not being liable to answer for misappropriation of funds or budgets, monkeys and snakes do the utmost scam of swallowing or carting away  stolen funds meant for projects and urban development.

President Goodluck Ebele Jonathan held himself and conscience in check at all times that even Dr Okonjo Iweala won the hearts and admiration of other giants in the financial sector for being conscientious and accountable in managing this countries finance.

Like is it very sad that our government had compromise and jeopardize our economic growth by putting incompetent personnel as part of the economic team. They have compromised the economic stability and growth to their own selfish interest.

This is what happens when incompetent people take over power, ruling the country through nepotism and favoritism.  The case of Nigeria is really frustrating because with the way things are going, the decline will continue. The masses that are supposed to demand accountability and good leadership are busy arguing religion and ethnicity. Indeed, "there was a country"

If I can remember correctly, Nigeria GDP during Goodluck Jonathan time was over $560 billion. It dropped abruptly during Buhari time but later increased, and at the end of 2022, it was 477.4 billion U.S. dollars which still means it declined if compared to Goodluck Jonathan time as the president. I am surprised that Egypt or South Africa has not taken over as the giant of Africa, but they are also facing their own economy instability. With a population of over 200 million people, we supposed to dominate in GDP, but our leaders shammed us.

Often times i keep wondering how our economy that was glooming during the administration of former president Goodluck Jonathan has been facing severe drop down and setback by our present governments.

During the administration of Goodluck Jonathan, Nigeria was declared as the fastest and largest economy in Africa this achiecement also aided in identifying Nigeria as the giant of Africa but as time goes on our economy begins to fall apart.

It was recorded that our economy experienced great boom under the watch of the then finance minister Dr. Ngozi Okonjo Iweala.

From the look of things now it seems South Africa is gonna take over our position as the fastest and largest growing economy in Africa by 2024. https://punchng.com/sa-may-overtake-nigeria-as-africas-largest-economy-imf/

 So the crisis that is looming in the economic sector is it as a result of incompetent economic team or what??? Please lets discuss