The Economic Downfall in Nigeria

The state of the Nigerian economy was considered to be quite Restricted Diets diverse that used to be the pride of the African region. It was flowing with natural resources such as salt, natural gas, coal, bitumen, tin, gold and agricultural produce varying from the local cassava Slow Food Truck website to the grown-for-sale rubber and cocoa trees. The discovery of oil resources in the late 60s era helped bring a financial boom like no other. Such times were characterized by increases in salaries, adequate food, higher standards of living, moderate government facilities and higher incomes. Citizens and neighbors were living in a haven or what can be called as a well-organized society.

However, these times are now gone and were replaced by a new era. An era that came with fewer employment prospects, bad roads, less medical care, high inflation, poor airports, poverty, deflation, grief, hunger and a lot of hardship and suffering.

This period is referred to as a financial downturn for Nigeria – popularly called the ‘Economic recession!’

A recession is when an economy declines considerably for at least 6 months. This indicates a significant drop in the following 5 economic indicators such as income, GDP, employment, production and retail sales. It is certainly a catastrophe.

Nigeria has currently faced an economic downturn. The country holds a strong place and position as the Heart of Africa is not in doubt, as the nation becomes a lot more influential in leading the drive for a more vigorous continent that is being able to hold among the comity of other continents. This is beneficial to ease the doubts, if any, on the minds of the natives and others who, for any or the subject manner, consider that Nigerians have lost it.

Is Nigeria in Trouble? Yes, It is quite unfortunate that it is, but it is not over for sure!

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Hence, Nigeria must diversify its economy if the country wants to recover from this current financial blow. Being an oil-dependent economy has thus far compounded the woes. So, more than ever before, it is time when the country should give other sectors a considerable attention and uplift. There are a plethora of resources, which must be adequately utilized. The ‘untouched’ sectors should be brought to the spotlight as it will help ease off extreme pressure on the petroleum industry. Even though the diversification effects perhaps not be instantaneous, but it certainly will have positive results in the not-so-distant future for Nigeria.