How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k - Politics

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How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k - Politics - Nairaland

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How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by eejo(m): 8:26pm On Aug 07

How did Nigeria economy growing at 11 percent in 2010 fell to 3.1 percent in 2024. In addition, debt to GDP ratio of 9.6 percent in 2010 but 49.5percent in 2024. Winner announce on 9th August 2024

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by gidgiddy: 8:28pm On Aug 07

Years of mismanagement, what did you expect?

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Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Sefannova(m): 8:34pm On Aug 07

CORRUPTION BAD LOAN MANAGEMENT AND UNQUALIFIED LEADERS PLUS BAD CITIZEN ALSO BAD RELIGIOUS BELIEF AND PRACTICES

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Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Bobloco: 8:34pm On Aug 07

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Jostoman: 8:37pm On Aug 07

Let me consult google. Master strategy my foot. grin

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Reggaero(m): 8:39pm On Aug 07

Weak government

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by WhiteIverson: 8:43pm On Aug 07

1. New borrowing to fund the rising government’s budget deficits. Borrowing also discourages investors which stunts economic growth.

2. Exchange rate devaluation leading to increased valuation of existing and new external debts. This was a stupid decision made by the president. Inflation is factored in because suppliers are faced with higher import prices, which causes manufacturers to increase cost price and, respectively, market price as well.

3. Additionally, chronic issues such as corruption, poor infrastructure, and limited economic diversification have undermined Nigeria's resilience to external shocks, leaving us vulnerable to global market fluctuations.

4. Oil prices crashed in 2014. In a report by NBS, Nigeria received 95 per cent of its export earnings and 70 per cent of government revenue from the oil sector. Why economy no go crash? Lack of diversification at play again.

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Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by optionalY09: 8:44pm On Aug 07

partying when others are planning and building

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by abba09: 8:44pm On Aug 07

1. *Over-reliance on oil exports*: Nigeria's economy is heavily dependent on oil exports, which account for a significant portion of government revenue. The global oil price crash in 2014-2016 and subsequent fluctuations have severely impacted the country's economy.

2. *Lack of economic diversification*: Nigeria has struggled to diversify its economy, making it vulnerable to external shocks. The country's non-oil sector has not grown sufficiently to offset the decline in oil prices.

3. *Corruption and governance issues*: Corruption and poor governance have hindered economic development, discouraged foreign investment, and led to misallocation of resources.

4. *Security challenges*: The Boko Haram insurgency and other security issues have disrupted economic activities, particularly in the northeastern region, and increased military spending.

5. *Fiscal mismanagement*: Poor fiscal management, including excessive borrowing and failure to implement structural reforms, has contributed to the growing debt burden.

6. *Exchange rate fluctuations*: Nigeria has experienced exchange rate fluctuations, which have impacted the economy, particularly the non-oil sector.

7. *Global economic trends*: Global economic trends, such as the COVID-19 pandemic and Russia-Ukraine conflict, have also affected Nigeria's economy.

These factors have cumulatively contributed to the decline in Nigeria's economic growth rate from 11% in 2010 to 3.1% in 2024, as well as the increase in debt-to-GDP ratio from 9.6% to 49.5% over the same period

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Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Softmirror: 8:46pm On Aug 07

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Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Nakashima(m): 8:50pm On Aug 07

Oil wealth on infrasturucture and human capital
And i also think the global economic crisis which resulted in a decline of demand for nigerians crude oil from abroad

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by SamueItem337(m): 8:52pm On Aug 07

Alot of things has affected our economy
From mismanagement of funds to bad government and leaders, depending only on oil exports and we all know the prices of oil has crashed since 2014 which has greatly affected our economy since then

Fast forward to 2024 we are still yet to diversify our economy
And we keep borrowing from one government to another now leading to surge in debt
And we can't even see any meaningful things the government are using the money borrowed to do

In 2024 we are still having security problems as a nation which as greatly affected our economy
Farmers can no longer go to farm because of fear
And the government still haven't addressed this issue

There's a whole lot of things to talk about
But it all starts with the government
If they are ready to work Nigeria will change for the better

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by abba09: 8:58pm On Aug 07

over reliance on oil export and neglecting other sectors. from to 2010 upward the price of oil barrel drop to a very low price which affect the nigeria's oil export income.
corruption also plays a vital role in deflecting nigeria's economy as the country is battling with a lots of currupt leaders which all they care about is their personal interest and neglecting the country's poor masses.
government unstability. in Nigeria there is no stable government as the country changes leaders every 4-8 years and the leaders come up with their on strategy of economic reform thereby neglecting that of the former government.
security. insecurity also plays a vital role in ruining nigeria's economy as the country is suffering with alots of oil theft and piracy the government loses a lots to thieves and currupt individuals.
exchange rate fluctuation also affects the economy of the country making the price of things unstable as the price remain largely on dollar rates.
#low productivity, also ruin the economy of Nigeria as the country remain largely on importation of items neglecting the local production of things which after the price of items
#obstacle to investment, poor government policies and insecurity doesnt attract foreing investors and also doesnt not encourage local investors which affect the economy negatively.
#tariff barriers to trades high tariff and illegal extortion by government officials chase away foreing investors and crumble the local ones.
#poor infrastructure, such as lack of stable electricity also affect the economy negatively as much of the economic investment that boost the economy such as indsutrialisation remain largely on stable electricity which the country lacks.

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Colourblue: 9:05pm On Aug 07

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Nakashima(m): 9:16pm On Aug 07

you should have quoted him somewhere else

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by eejo(m): 9:19pm On Aug 07

check your account and network made you to have 20k. it is your luck

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by EmeeNaka: 9:20pm On Aug 07

9 years of devilish APC mismanagement

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Sefannova(m): 9:21pm On Aug 07

PLEASE HELP ME BRING MY BUSINESS TO LIFE MY MOTHER DEPENDS ON ME PLEASE. I NEED ONLY GENERATOR FOR NOW PLEASE

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by HellVictorinho6(m): 9:25pm On Aug 07

nigerians arent united enough 2 avoid or correct such crisis

Thatz d summary

eejo

am speaking as a philosopher who has faced insults,threats and curses so often.

when u ask such question, check how many different answers u get.

the diversity in thinking is 2much

such diversity may allow individual glory

but never national development

however i disagree with those that say whites are superior 2 blacks bcuz they base it on false generalization

if tinubu and past rulers av failed in govnans,does it mean no nigerian can get it right?

if av lost hope in nigeria getting beta,it means am not hopeful of bcoming d president.

in other words,if i must represent any party,then my philosophy concerning govnans/politics must lead 2 changes in d constitution.

u must change dat rubbish dat CANT/DOESNT stop u from dat nonsense u are doing as a nigerian politician.

my philosophy says we must bcom more united in thought and whats that thought?

The thought of how murny must be made/enjoyed as citizens of a country.

Citizenship by birth or by being family 2 sumone born here supersedes political alliance,religion,tribe,etc
Or any other thing dat shows u are nigerian

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Addme: 9:30pm On Aug 07

Congrats

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Colourblue: 9:31pm On Aug 07

Thank you sirrrr ❤️❤️❤️

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Addme: 9:32pm On Aug 07

Working on it

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by HellVictorinho6(m): 9:41pm On Aug 07

But eejo is asking y nigeria own worse dis way

So bad

And itz bcuz we arent united enough 2 succeed as a UNIT

Not every nigerian blivs in oil dependence

I know an old farmer dat keeps saying we must all farm

I disagree with him

Oil shud not be a problem

We shud be oil consumers/exporters

As well as agro producers/exporters

We av enough farmers

We jus need 2 be more united in thinking.

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Sandralight(f): 9:42pm On Aug 07

SIR eejo

It's mostly due to our poor governance, instead of competent individuals running the country, the country is run by individuals who think it's their turn, tribal sentiments.

Also there have been a fall in the demand of crude oil worldwide in which Nigeria mostly depends on for export, even in this case there have been people stealing our crude oil, cases of vandalism, even our refineries are been closed down, shocking for a country that depends on mainly crude oil to not have many refineries.

Then we have power supply, very poor power supply, many businesses have closed down due to poor power supply, many depends on fuel to keep their businesses but fuel prices are high and when you factor in the costs of running the businesses in Nigeira, they rather take their business somewhere else where there is regular power supply.

Then let also talk about agriculture products, due to insecurities, there have been a low turnout of agriculture products, farmers are quiting. This
Makes food products to be very expensive and also reduces our export of this products.

Floating of the exchange rate also doesn't help

All this causes a decrease in our economy and also the constant borrowing with no well executed plans for the money because of poor governance made our debt to increase

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Tokshadeen: 9:42pm On Aug 07

Lol. Most of our youths are no more interested in brainstorming or whatsoever, sad. 80% of the comments above me are AI generated. They don't have time to crack brain, chatgpt is their default solution.

OP do well to check out this AI generated answer and compare it to what most of the commenters have. Only few of them even did manageable editing.

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Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Addme: 9:46pm On Aug 07

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by AlphaNugget(m): 9:46pm On Aug 07

I so much love this man, may God continue to bless him.

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by Clairvoyancy: 9:46pm On Aug 07

The Simplest analysis to the first question is that, in 2011, there was free flow of money across all sectors (tho there are difference in amount), every sector from agriculture, banking, education, tech and the likes are all doing well economically cos the government in charge then isn't trapping funds like they are doing now, all they were interested in was just to swindle as many as they could, and that made every business sectors boom economically at their own pace.

As far the second question.... The increase in debt is in no way related to the number of times our government borrows money, neither was it caused by the amount of money borrowed from IMF.... If the funds being borrowed are properly channeled to the right investment, and repayment plan are seriously considered, this would have eased the tension on Nigeria economy by having more revenue, increase in tax return as there would be more job opportunities, high income generating infrastructure and good quality social amenities plus maximum securities to make all these things strives smoothly. But none of these happened, all borrowed money are siphoned by top government officials...

There's no need for big big grammar, if the issues can be solve, then watch Nigerian economy grow rapidly and tremendously...

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by concho(m): 9:49pm On Aug 07

Through the poll . He who fetches an ant infested firewood ……….

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by AlphaNugget(m): 9:49pm On Aug 07

Let me do my research on this.

I think you need to watch out for those who might want to seek the help of AI.

Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by GreenxGreen: 9:53pm On Aug 07

Send me my 50 k

Answer below 👇👇👇

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Re: How Did Nigeria Get To This Level Of Economic Crisis From Best Answer Wins 50k by RealityKings: 10:08pm On Aug 07

On it sir

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