INTRODUCTION
ECONOMIC MELT DOWN IN NIGERIA
Everybody is aware of the present economic melt down in Nigeria. The present economic problems has inevitably raised the issue of survival. In Nigeria today, the economic situation is been ramshackled and the vision 20-20 of the present administration cannot relegate to the background. Nigerias mostly are disenchanted with mention causes of economic melt down almost to a point of disillusion. One keeps wondering the way out without any ray of hope, but solutions would emerge with careful planning and execution of people-oriented economic policies.
But when asked, what were the causes of this predicament despite large amount of human and national resources already committed, the average Nigerian would be at a loss on the responses.
The federal government of Nigeria needs to address the basic economic melt down in the country for the survival of the masses in the area of unemployment, fiscal policy, consumption, distribution, production and others. For this country to cope with this crisis, certain decision have to be made including what to produce, how to produce and how much consumer goods that will satisfy human needs and desires of capital goods to be produced.
Furthermore, the negative commercial policies which Nigeria adopted causes economic meltdown. These policies do not agree with the changing economic realities as much. It pushes hardship into the door of the masses.
The level of corruption especially by the highly placed government offices, negatives and positive intentions to alleviate the sufferings experience in all quarters, as a result of the misplaced economic priorities. Also the home government tries to project infact industries which create a fresh problem because they end up not being able to subsidize these industries. We would then realize that home goods would be more expensive than foreign goods in the country.
Moreover, government lending is another problem of this country. Nigeria loans from foreign countries in cutthroat interest rates. Infact, that interest even becomes almost the same amount loaned.
Morestill, problems of subsidies which always elevate the price of goods and services as subsides are generally meant to reduce the cost of production but due to economic crunch subsidies are very small.
In addition Nigeria is endowed with natural resources like crude oil, mineral resources, timber and other, but because of the issue of bribery and corruption, the government couldn’t handle this effectively. Therefore, the governments and politicians should desist from this bad attitude so that the problems of this economic situation will be solved.
Economic meltdown is beneficial because the work on economic is meant for everybody because, there is need for good survival of the masses. But governments officials and politicians should benefit mostly in this reading list to identify the causes of economic meltdown and solutions to it. The compilation made possible through the various resources like Journals, Daily Sun, Punch, Vanguard and Sunews.
The compiler visited the Cyber café and his intellectual knowledge/guardian for his compilation.