Frustration, resentment, anger and a likely protests will soon be held in West Africa nation, Nigeria as its economy hits a new low in recent years following the rising rate of inflation and monetary policies, rendering the local currency Valueless against foreign currencies
According to a new government statistics which shows inflation hits it lowest since 1996 at 29.9 percent as the dollar rises
to 1,524/1$. It further exposes the tough times for Nigerians because of government policies that has seen the removal of gas subsidies, hiking the prices of gas and transportation.
President Bola Tinubu has made efforts to fix the deteriorating economy to attract investors, saying the end of long gas subsidies which his administration can no longer sustained, as the country’s multiple exchange rates tallied, allowing market forces to determine the rate of naira against the dollar, which devalued the currency.
It is pertinent to note that the country’s GDP is mainly pushed by the information technology and banking, service sector, industry sector, manufacturing and processing businesses and agriculture.
The North seems to be far hit by the ongoing situation with farmers not able to practice in peace because of the high rate of violence while in lagos, the commercial centre, the high cost of transportation have resulted to many trekkers on the road.
Despite the current hardship, Nigeria remain Africa largest economy with over 220 million population.
