Nigeria’s economic crisis has dominated the news cycle over time. In Nigeria, Oil and Gas make up the financial and economic walls that contribute more than 90% of her export and also the main source of Nigerian Government revenue.
Sadly, a one way economy coupled with the world economic crisis triggered by the dipping of Oil price from $140 to $44, Nigeria began to decline economically. However, this is not enough reason for the dilapidation of our economic walls. The corruption in the Nigerian Petroleum sector has contributed hugely to the current Nigerian financial crisis. The Naira bled profusely as a result of an accumulation of human errors.
In 2015, the value of the Naira relative to the Dollar crashed embarrassingly due to excessive dollars in the economy as a result of uncontrolled money laundering in the petroleum sector, fake arms deal, embezzlement of security funds and the deliberate assassination of Naira by the politicians.
The present government has been putting certain measures in place (like floating the naira) to strengthen the Naira in the International market. Some of these measures include the ban of dollar cash deposits in banks.
However, getting Nigeria out of an economic recession is not just an exclusive task for politicians or economists, you and I also have a role to play. Made In Nigeria products should be encouraged and patronized. We should learn to save for the rainy day and not live like there is no tomorrow. Each Nigerian should have a basic understanding of finance and economics so you can capitalize on opportunities because money can be made both in a down economy and in an up economy, if you know how.
If the present government continues its war against corruption with vigor, unveils policies and programs that help the poor, and take strategic steps to strengthen the naira, then the economy would have a natural kiss of life to advance from the “dying self” to the “living self”.
Yusuf Jimoh Aveda is a Network Engineer, System Support Administrator & Analyst, Web Developer and .NET Programmer.
A Technology Editor at http://www.therenaissanceng.com
Yusuf is also an On Air Personality, Creative Writer and Poet.
He blogs at http://www.exaltingquotes.blogspot.com