I am always left to wonder when the Nigerian economy will see the green lights again. While many will say the economy was better 20 or 30 years ago I personally doubt. As I will always say, numbers reveals a lot and I can pick as much needed backup from here to prove every of my points. Before getting there, we can without doubt say the current economy is rampaging or perhaps the worst is coming too early. I can testify to this when considering how I used to purchase food items and other things with currencies like N5 Naira and N10 naira notes.
In short, I have been privileged to use the coins. Going shopping was always something that one returns with a big bag and enough coin change (not me but my parents, I had no money by then). Can we now say we were running a better economy by then. A souring soup takes procedures, it all starts when you either fail to warm it or put it inside the freezer.
source
Let's backdate a little to the history of Nigerian Naira. It dates back to January 1st 1973 when it replaced the Nigerian pounds at 2 Naira equivalent for 1 pound. As of the 1970's and early 80's, the Nigerian economy was thriving, beating the dollar all the way in market price. My imagination was how N0.66 naira was equivalent to $1 dollar. What went wrong? From my research I will say 'easy money and greed'. It all started when crude oil was discovered. What happened here? A shift in economic mentality. Before then, the Nigerian economy was reliant on agriculture with manufacturing and services adding to the economic progress. During this era, N1 naira could buy up to $1.90 depending on market fluctuations. Nigeria was a major exporter of agric products. It is very surprising that between 1980 and 1986, just six years the value overturned.
Can we now see more behind the scene drama? I like spending some time with the elderly so I could gain more insights of history. I could remember an elderly man inside a vehicle once telling me how he bought land with N10 Naira in his early years. It is something to behold because without doubts, even in a good economy, inflation will still play its part. It is happening even to the US economy, just that theirs is bearable when looking at a slow pace movement. Nevertheless, if what he said spans between now and the late 80's, the crash was already on.
Another of such conversations once happened with my elderly friend, he told me about life in the good old days. Trust me he was talking within 20 or 25 years ago. When I first listened to the storylines I enjoyed it and wished I was there but the fact remains it was an unforeseen countdown. The only advantage I would have was the early opportunity to raise my brand at a cheap rate. I am just wondering if I would have been an entrepreneur or just one flirter, hahahaha.
source
The survival economy has fully been triggered courtesy of 'crude oil business gone wrong'. 1 dollar now is swinging around N1,500 to N1,600. Those who have been in the market will even say the Naira is even gaining some strength when considering this price rose to N1,900 some months ago. It is funny and also painful when you are inside the entire chaotic environment.
I often raise the question of 'are economists not in the government house?'. If agriculture worked, why then are the government not putting the needed effort to revive this sector. We go again, news headlines keep capturing this progress daily. You can't fool numbers I always say, who are these media industries working for? We know how influence can play a huge role here, some get their paycheck by pushing the order.
To conclude, let me add, the current drastic economy fueled by market shifts many years ago is resurfacing to deter the Nigerian market. Was there anything wrong in discovering oil? No, but it in turn poisoned the people. Easy looting and mismanagement took the front seat and after many years of cover ups, we can't anymore. Will the economy get better sooner? This relies on one depending on supernatural interventions because from the physical perspective, nothing much has been done to salvage the situation. We all know how the ember season always raises product and service costs to the roof. Nigerians are getting so used to buying high, something I won't be applauding because it is not intentional, they are living in a survival economy.
Posted Using InLeo Alpha