If you are a regular reader of the blog, you will recall I
did a piece on living in trying times, you can get it here. Without mincing
words, Nigeria’s economy is going through difficult times and this is not just
peculiar to our dear country alone, it is a worldwide issue. With the dwindling
oil prices, major oil producing countries have been adversely affected, and
countries with major dependence on this commodity with Nigeria topping the
chart are having serious economy crises.
The current global economy down turn is caused by the
following: The slow and declining growth
in China and the Euro zones, raising global terrorism cases and increase in the world oil supply and if you
remember from the law of demand and
supply , that the higher the supply the lower the price and Nigeria as a country
cannot do anything about it, what other oil producing Countries like ours are leveraging
on is diversion into other produce such as Agriculture, IT, Mineral resources etc.
which Nigeria is yet to properly take advantage of, and utilizing the external reserves to handle
projects and reoccurring expenditure. The mismanagement, and looting of our
reserve does not give the country the option of falling back to make use of the
external reserve hence our urgent need to loan funds from IMF.
