One of the most glaring issues is the soaring inflation that has left the average Nigerian struggling with the rising cost of living. Basic commodities, from food to fuel, have become increasingly unaffordable, leading to widespread economic hardship. Inflationary pressures stem from a combination of factors, including mismanagement of resources, policy inconsistencies, and a lack of concrete economic strategies.
Bola Ahmed Tinubu, at the helm of affairs, appears uncertain about steering the nation towards economic recovery. The administration’s evident incapacity to formulate effective micro and macroeconomic policies has worsened the situation, resulting in a significant depreciation of the naira’s value. With the naira hitting an unprecedented low of over N1000 to $1, this economic degradation surpasses the worst expectations of Nigerians, leaving the populace grappling with severe consequences.
Unemployment has also soared to unprecedented levels, painting a grim picture of the nation’s workforce. Despite promises of job creation, the reality on the ground tells a different story. The private sector, burdened by unfavorable business conditions and an unstable economic environment, struggles to thrive, leaving a growing army of unemployed youth inits wake. The consequences of this unemployment epidemic are far-reaching, contributing to social unrest and heightened crime rates.
Crime, kidnappings, and terrorist activities are making a comeback, while the fight against corruption, once a headline issue, has faded from the public discourse. Although past efforts may have been perceived as mere window dressing, recent institutional actions targeting corruption have had a psychological impact on the Nigerian populace.
Make God help us
The economic situation in Nigeria is terrible and needs urgent attention as the country is at the verge of collapsing.