That's a very valid point, John. I think Tech development has helped diversify Nigeria's economy lately, esp with the rise of startups and fintech. There is still lots of work to be done though.
While I'll acknowledge the economic challenges,obviously due to the reforms,however Nigeria is a lot more viable than it was 5 years ago.you see people tend to look at inflation for example and seem to think it's all doom,inflation is just a symptom of a more serious underlying causes such as deficit,debt,etc.people also forget that economic crisis tend to have begun long before its apparent to the ordinary citizens.i could go on but this seems enough
There are no reforms of any sort ongoing in Nigeria today, what we have is an extreme level of economic mismanagement by Tinubu and his gang of corrupt and incompetent ministers
@@obiflex Thanks for pointing out the economic mismanagement. The current administration seems quite clueless and insincere with their economic approach though. I wish their were even real economic policies and plan they are working with. Its kinda living one day at at time, or spaghetti on the wall approach.
@boomboom8993 Thanks for your great comment! You're right that inflation is often a symptom of deeper issues like deficit and debt, and economic challenges don't appear overnight. How do you mean that "Nigeria is a lot more viable than 5 years ago" though? Lots of foreign investments have disappeared within that 5 year period. Middle class became a thing of the past too. I may be wrong, but I'm curious what you mean.
@@REVALUATEWITHFOLA it may seem that we are in a worse predicament but belive it or not Nigeria has been broke for about a decate plus now. Now everybody likes to talk about corruption and yes I agree its a factor, however our non oil income was just abysmal. Now like this administration or not, they are implementing what we should have done ages ago... Taxation. It's that simple as a citizen I feel the pain too. Nigerians don't pay tax, and yes there are people in my dads generation.. I'm talking 1950s who lived all their lives without paying a single Naira as tax. It was that bad. Removal of subsidy which is largely responsible for the massive inflation we suffer was obviously necessary. Imagine how much we had to borrow, it wasn't even sustainable had we wanted to continue. Things are a lot complex that people take it to be
I'm not going to pretend to know much about Nigeria, but when oil is 80% of your exports, then like Canada, there will be times of boom and bust. Right now I read revenues are WAY up. But agriculture is a big part of the economy, but industrialization means far more jobs in that sector. I read that 50% of graduates with high grades are unemployed. So it doesn't look like education is 'the' problem. But you look at countries where oil wealth is shared more, and they tend to not have these regular cycles of boom and bust.
Thanks Mike for your great comments. Great question, and you've touched on a crucial issue! While it’s true that economies dependent on oil experience boom and bust cycles, where revenues soar when prices are high and plummet during downturns, the "resource curse" goes deeper than just economic cycles. For "resource curse", a country rich in natural resources fails to even translate that wealth into long-term, sustainable development. The wealth tends to get concentrated in the hands of a few, often leading to corruption, poor governance, and social inequality. This makes the country more vulnerable during the inevitable busts. Nigeria, for example, has struggled to diversify away from oil since the 1960s. While there are bright spots like agriculture, the lack of industrialization and job creation in non-oil sectors contribute to high unemployment. Even among educated graduates. Education alone isn’t the only problem, but without industries to absorb skilled labor, it adds to the crisis. Thanks for bringing this up!
While I'll acknowledge the economic challenges,obviously due to the reforms,however Nigeria is a lot more viable than it was 5 years ago.you see people tend to look at inflation for example and seem to think it's all doom,inflation is just a symptom of a more serious underlying causes such as deficit,debt,etc.people also forget that economic crisis tend to have begun long before its apparent to the ordinary citizens.i could go on but this seems enough
@boomboom8993 Thanks for your great comment! You're right that inflation is often a symptom of deeper issues like deficit and debt, and economic challenges don't appear overnight. How do you mean that "Nigeria is a lot more viable than 5 years ago" though? Lots of foreign investments have disappeared within that 5 year period. Middle class became a thing of the past too. I may be wrong, but I'm curious what you mean.
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Nigeria needs to diversify it's economy
That's a very valid point, John.
I think Tech development has helped diversify Nigeria's economy lately, esp with the rise of startups and fintech. There is still lots of work to be done though.
Good to see Niyi
Ikr! 12 years later.
Lovely conversation, dear people. Amadou is from Niger.
Thanks very much EJD. Glad you like it.
While I'll acknowledge the economic challenges,obviously due to the reforms,however Nigeria is a lot more viable than it was 5 years ago.you see people tend to look at inflation for example and seem to think it's all doom,inflation is just a symptom of a more serious underlying causes such as deficit,debt,etc.people also forget that economic crisis tend to have begun long before its apparent to the ordinary citizens.i could go on but this seems enough
There are no reforms of any sort ongoing in Nigeria today, what we have is an extreme level of economic mismanagement by Tinubu and his gang of corrupt and incompetent ministers
@@obiflex Thanks for pointing out the economic mismanagement.
The current administration seems quite clueless and insincere with their economic approach though. I wish their were even real economic policies and plan they are working with. Its kinda living one day at at time, or spaghetti on the wall approach.
@boomboom8993 Thanks for your great comment!
You're right that inflation is often a symptom of deeper issues like deficit and debt, and economic challenges don't appear overnight. How do you mean that "Nigeria is a lot more viable than 5 years ago" though? Lots of foreign investments have disappeared within that 5 year period. Middle class became a thing of the past too.
I may be wrong, but I'm curious what you mean.
@@REVALUATEWITHFOLA it may seem that we are in a worse predicament but belive it or not Nigeria has been broke for about a decate plus now. Now everybody likes to talk about corruption and yes I agree its a factor, however our non oil income was just abysmal. Now like this administration or not, they are implementing what we should have done ages ago... Taxation. It's that simple as a citizen I feel the pain too. Nigerians don't pay tax, and yes there are people in my dads generation.. I'm talking 1950s who lived all their lives without paying a single Naira as tax. It was that bad. Removal of subsidy which is largely responsible for the massive inflation we suffer was obviously necessary. Imagine how much we had to borrow, it wasn't even sustainable had we wanted to continue. Things are a lot complex that people take it to be
I'm not going to pretend to know much about Nigeria, but when oil is 80% of your exports, then like Canada, there will be times of boom and bust. Right now I read revenues are WAY up. But agriculture is a big part of the economy, but industrialization means far more jobs in that sector. I read that 50% of graduates with high grades are unemployed. So it doesn't look like education is 'the' problem. But you look at countries where oil wealth is shared more, and they tend to not have these regular cycles of boom and bust.
Thanks Mike for your great comments.
Great question, and you've touched on a crucial issue! While it’s true that economies dependent on oil experience boom and bust cycles, where revenues soar when prices are high and plummet during downturns, the "resource curse" goes deeper than just economic cycles.
For "resource curse", a country rich in natural resources fails to even translate that wealth into long-term, sustainable development. The wealth tends to get concentrated in the hands of a few, often leading to corruption, poor governance, and social inequality. This makes the country more vulnerable during the inevitable busts.
Nigeria, for example, has struggled to diversify away from oil since the 1960s. While there are bright spots like agriculture, the lack of industrialization and job creation in non-oil sectors contribute to high unemployment. Even among educated graduates. Education alone isn’t the only problem, but without industries to absorb skilled labor, it adds to the crisis.
Thanks for bringing this up!
While I'll acknowledge the economic challenges,obviously due to the reforms,however Nigeria is a lot more viable than it was 5 years ago.you see people tend to look at inflation for example and seem to think it's all doom,inflation is just a symptom of a more serious underlying causes such as deficit,debt,etc.people also forget that economic crisis tend to have begun long before its apparent to the ordinary citizens.i could go on but this seems enough
@boomboom8993 Thanks for your great comment!
You're right that inflation is often a symptom of deeper issues like deficit and debt, and economic challenges don't appear overnight. How do you mean that "Nigeria is a lot more viable than 5 years ago" though? Lots of foreign investments have disappeared within that 5 year period. Middle class became a thing of the past too.
I may be wrong, but I'm curious what you mean.