The state of the Nigerian economy was a various financial system that used to be the satisfaction of Africa. It was flowing with natural minerals akin to gold, tin, bitumen, coal, natural gas and salt as well as agricultural produce ranging from our local cassava to the grown-for-sale cocoa and rubber trees. The discovery of oil in the late sixties brought about an financial boom like no other. These instances had been characterized by adequate meals, elevated salaries, moderate government amenities, high requirements of dwelling and even higher incomes. Neighbors and residents had been living in a paradise or what you’ll be able to call a well-organized society.
Nonetheless, these times are gone and are changed by a new era. An period 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 term, “Financial recession!” but do we know what it really is?
A recession is when the economy declines significantly for at the very least six months. That means there is a drop within the following five financial indicators: real GDP, income, employment, manufacturing and retail sales. It’s really a catastrophe.
I am delighted to have been availed this alternative to share my ideas and insights on the primary concern of the financial recession we’re at the moment faced with in Nigeria Consulting. I’ll like to start out here by saying that I’m a strong believer within the entity called Nigeria. I still hold that our place and place because the Heart of Africa is just not in doubt, as we develop into more influential in spearheading the drive for a more sturdy 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 subject reasons, think that we might have misplaced it.
Are we troubled? Sure, and it is unfortunate that we discover ourselves where we’re now. Is it over? I do not think so!
Thus, Nigeria needs to diversify the economic system if she needs to recover out of this present blow. Being an oil dependent financial system has to this point compounded our woes. So, more than ever before, it’s time to give other sectors considerable attention and uplift. There are a whole lot of sources that are not being adequately utilized. These ‘untouched’ areas should be brought to life to be able to ease off pressure on the oil sector. Although, the impact of diversification won’t be instantaneous but it’s one that will have constructive outcomes in the not-so-distant future.