The Economic Concerns in my Country #2// 20th July 2024

Welcome again to my blog friends. It is another special time to tell us about the economic situation in my country. Ordinarily, many would think after one month of writing the first publication on this, that the second publication would come with a little negative effect on all indices. But let's see if that's the situation. Be it negative or positive, simply relates to the government's action and inaction so far.

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The new administration has shown so much incompetency in their actions so far. Something isn't right with the fact that all policies aren't citizen-friendly given the hardship on the ground. The situation is rather worsening daily instead of seeing an improvement from a supposed proactive government.

I will be giving some simple examples and news flashes here and there that show worse days ahead instead of light at the tunnel end. There is a scheduled unity nationwide protest that shows displeasure with the present-day economic hardship. Citizens are planning a peaceful protest and I do hope this is not hijacked in any form or has a resemblance to the end-SARS protest. It won't be anything funny if it repeats itself.

The cost of things is seemingly growing astronomically and there are no evident control measures that they will revert their trend. We can barely feed as before or cater to other needs. This is the worst food inflation has brought to us. 90% of our income is spent on food and still, this does not keep us till the next income date. This shows that falling sick, having emergencies, and other crises may seem difficult to handle.

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In the market this week, a lady was beaten up due to theft-related matters. She stole one of the items she was supposed to purchase. When the shortage was noticed by the seller, she was searched and apprehended. This can only be attributed to the biting economic hardship evident in the human quest to survive by all means.

The rate of criminality can not be overlooked in all of this. In a situation where unemployment is on the high, people tend to create a survival instinct for themselves. The overwhelming and overbearing pressure this imposes on everyone is heartbreaking given the government's ineptitude to handle anything. We are faced with our God.

Taking about our mineral resources would be anothesoirelydo new publicrude. This has been bastardized with so much heavy-?aden corruption iprivately in it. A situa in fact,re upfront salesAfricartgages are made with our daily production output and unguarded loans chigh-handedWe cried before now that we didn't have refineries h3nce why we export crudes only to import them back for local consumption. Now,ofe have a private owned refinery, infact the biggest in african, but we do not have Parallel supplies due to the mortgages and other high handed corruption.

I forgot to mention the exchange rate.the last time but this I will include going forward as it is a key determinant on our inflationary rates.

Official window: NAIRA/USD
1560 NGN / 1 USdollar

Online/Parrallel Market Rates:
1730 NGN / 1 USdollar

This is my story for this month. I hope to come back again.