Nigeria's Economy in 5 Minutes
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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The issue is the bad Government that's just it
Extraordinary video, well done
I would like to hear about the dark horse era
Jah?
Nigerian here and I'm here to tell you prices have risen over 100%… Everything is at least 90% more expensive
Everything has doubled in price…
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.
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.
Nigeria is the megumi of countries 😂
He was under no pressure that MF is just corrupt and wants to get as much as possible for himself
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
Where is all the oil money ?
Corruption destroyed Nigeria’s potential
Correction, the government are and the cause of the corruption.
** I am subscribed for this EXCELLENT content. WELL DONE.
nigeria is not even united half islam half christian
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.
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
So what exactly happened? Are you serious. African Politics, mired in corruption. What a surprise.
I'm Nigerian and very tired of everything, I wish I had enough to leave
Nigeria is poverty headquarters in Africa
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
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.
I hope Nigerians FINALLY wake up and realize LGBT people where never the ones keeping them poor
I love how y’all didn’t leave out our lovely president 🤭
Its so sad how Venezuela and Nigeria are so poor despite the massive oil they have.
Our problem is listening to world bank and IMF
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
Again the racists and antisemitic white country have to give food to this cheathawl country 😅😅
Excellent video. Well researched and perfectly captures Nigeria's economic reality in 2024.
At least they don't have a security and law&order problem. Haiti is so much worse off
the 6th most populated country in the world, with half of its population below 18 years old…..
Second economy in Africa when did we fall to second place?
Cool
As soon as I heard IMF & World Bank, I rolled my eyes
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.
Nigeria is the 2nd largest economy in Africa? So who is the largest?
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.
Removal of the fuel subsidy was not the mistake. The unsustainable subsidy was the mistake.
That’s what happens when you listen to the West.
Egypt economy next please
Nigeria's issue is corruption. It has a highly corrupt and irresponsible political class.
Overpopulation never goes wrong…
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!
4:41 Review your population table. India has 1.4 B not 1.4T, and Nigeria has 218M not 218B.
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.
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.