Jumat, 30 Maret 2018

Economic Recession in Nigeria Country

The state of Nigeria's economy is a diverse economy used to be the pride of Africa. It flows with natural minerals like gold, lead, asphalt, coal, natural gas and salt and agricultural products from our local cassava to cocoa and rubber trees grown for sale. The discovery of oil in the late sixties brought an economic boom like no other. Those days are marked by adequate food, increased salaries, moderate government facilities, high standards of living, and even higher incomes. Neighbors and residents live in paradise or what you call a well-organized society.

However, that time has been lost and replaced by a new era. An era filled with little employment, lack of medical care, bad roads, bad airports, inflation, deflation, poverty, hunger, sadness and a lot of suffering and hardship.
This era is called an economic recession. We hear the term, "Economic recession!" but do we know what it really is?

The recession is when the economy declines significantly for at least six months. That means there is a decline in the following five economic indicators: real GDP, income, employment, manufacturing and retail sales. This is really a disaster.

I am delighted to have taken this opportunity to share my thoughts and insights on the main concerns of the economic recession we are facing in Nigeria. I want to start here by saying that I strongly believe in an entity called Nigeria. I still think that our position and place as the Heart of Africa is undoubtedly, because we become more influential in spearheading the drive for a stronger continent that can defend its territory among other continents. This is to alleviate doubts in the minds of my compatriots and others who, for whatever reason or subject, think that we may have lost it.

Are we troubled? Yes, and it is unfortunate that we find ourselves where we are now. Is it over? I do not think so!

Thus, Nigeria needs to diversify its economy if he wants to recover from the current blow. Becoming an oil-dependent economy has so far aggravated our misery. So, more than ever, this is the time to give attention and the appointment of other sectors. There are so many resources that are not being adequately utilized. These 'untouchable' areas must be revived to reduce pressure on the oil sector. Although, the effects of diversification may not be instantaneous but it is one that will have positive results in the not so distant future.

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