The Nigerian economy and the dangers of a mono-economy

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man-counting-naira-nigerian-economy

Speaking on the Nigerian economy: “Poverty tripled between 2008 – 2009, inflation rose from 6% in 2007 to 15.1% in 2008, and the food price index grew by 16.6% in 2009 to 26.5% in 2010.after recording a decline of 18.1% in 2008?”

External reserves also dropped by almost half over 2 years?

And despite all that, we still did not learn to wean ourselves off the dangers of a mono-economy?

I can only hope this current crisis finally makes us learn/understand that we cannot just depend upon what we have depended upon for decades: rising oil prices. Our importation addiction must also be curbed by all means possible.

To put our economy on a solid foundation, we have to increase the volume and value of our non-oil exports. Manufacture a lot more locally to sell to our vast home-grown market. Grow our own food so the nation is food sufficient – save forex by importing less Western goods/food. Improve our schools and universities so middle-class and upper class parents no longer believe the only option is to educate their kids overseas. Fix our hospitals to stop medical tourism. Maybe mandate that uniforms for children in public schools must be made from local textiles etc etc etc

We must buy Nigerian to grow Nigeria. ~ Bucky 2016

**All figures quoted are from this link. The article was written in 2013. It is eye-opening.

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