Nigeria's Economy in 5 Minutes

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athompson

Joined: Mar 2024
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Nigeria's Economy in 5 Minutes


Nigeria is in an economic crisis. Inflation is sky-high, and the nation’s poorest are struggling to afford basic needs such as food and fuel. We analyse the reasons for Nigeria’s worst economic struggle in decades.

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46 Comments

  1. My electricity bill jumped from 5000 Naira last year to 155,000 Naira as at today. This is how crazy things have gotten in Nigeria. Unfortunately, people still receive the same pay. Which means the level of poverty has skyrocketed. Pray for Nigeria.

  2. I'm a Nigerian, I'll like to say this. The money generated from subsidy removal and the likes is been laundered and squandered by politicians. They borrow the money and simply share it. We are under extreme modern slavery.

  3. If you try to do things gradually the people will also protest. In the culture, it is often better to do things suddenly, but the government was incompetent in managing the process.

    There is no trust between the people and the government because there should not be. The government consists of crooks who would betray your trust. There is no economic belt tightening that they are a part of; instead they see it as opportunity to rake in ever more for themselves. That's not because the government of today is evil; it is because that's how Nigerians are — including those protesting.

    I've been very frustrated watching YouTube videos describing Egypt and some other African countries as going through economic difficulties when Nigeria's case is an existential one, yet people say nothing of it.

    Just last year April I was sent a good deal of dollars to finally get my life in order after decades in the doldrums. I changed it to naira at 725 to 1. Before I could figure out how to go about anything I realised the rate started to drop quickly. By June with Tinubu now in charge, it accelerated. Today it's now 1,628 to 1. For context, it was 365 to 1 in 2020 before Covid 19.

    I am unable to commit suicide anymore. But what must a man do. The money is substantially reduced in value and the business I tried to set up gets no patronage because it is a non-essential item and people can not afford to pay 5x what they were paying for same thing just 4 years ago, or 2.5 times just last year.

    This country has ruined many lives

  4. It's interesting in reality the Nigerian economy is still the largest economy in Africa and growing every year, but if you exchange it in dollars it's shrinking, which means Nigeria has to get away from the dollar and reduce imports, less dollar im the country means more stability for the naira but it should also be backed with gold, like Venezuela having large oil reserves makes the Europeans and Americans come after you.

  5. I was reading about various economies on wikipedia, and I was shocked to see that while 2023's GDP was ~$390 Billion, the forecast for 2024 was at ~$250 Billion and I was like "WTF is going on here , this must be an error or soemthing"

    but turns out the mumbers are actually true…

    like , accoarding to wikipedia , Nigeria had 3.1% GDP growth last year… but if the current forecast is accurate , Nigeria's economy will shrink by 36% this year ! -36% IN ONE YEAR

  6. Actually the economy all of a sudden is somehow getting better For example the Naira which people thought would pass 2k per Dollar is now on the Verge of going below the 1k per Dollar if it continues going, even the parallel exchange is higher than the official rate, very soon prices may go down ( Already seeming it for some product) and life will become cheaper, the president said this when he came into power to try and reawake the economy from an eight year slumber, it not rlly his fault

  7. You are not completely correct. Floating naira is the issue, not subsidy cuz subsidy is still on. At subsidy removal, $1 was 465 (official rate which fuel is imported) and fuel was pegged at 500 which means govt was paying 365 subsidy per litre. Now $1 is 1550, and fuel is 615. Who is paying the 935 to keep it at 615? Tinubu still pays subsidy,, a higher amount, even though he denies it. If tinubu wanted to float, he would have waited for dangote refinery to be at full blast. Then Naija will have fx supply. Crude oil sales will come in, dangote will export. Naija will have fx.

  8. Guess I'm among the lucky percent whos generation has enjoyed wealth

    I'm currently in my room with air conditioning cooled room while eating Rice and Beef watching this video
    I dont feel affected at all

  9. Inflation in Nigeria affects more than fuel and food prices because already, Nigerians spend as much as 50% of household income on feeding. As food prices are soaring, every other consumer goods keeps up with it because most Nigerians were already working to just feed.

  10. Is wasn't the right time to unpeg the Naira from the USD, Nigeria needed to increase its productivity making sure we don't rely on foreign goods, before unpegging the Naira from the USD.
    That was the wrong move, otherwise removing fuel subsidy was the very right thing to do.

  11. I conclude that there are several factors in play and that Nigeria is heading towards a direction. I agree with a comment here that the situation in Nigeria seem pretty complex!

  12. But, while you’re wagging your finger at Nigeria and other African countries, there are economic crises bubbling below the surface that will soon pop in the West, particularly in the US and UK. So, perhaps, you should do a video on them.

  13. Nigeria’s economic woes didn’t start under Tinubu. They began 45 years ago under Shehu Shagari and continued all the way to Nigeria’s last president, Buhari. But, Tinubu has made them even worse.