Nigeria, an oil-driven economy has continued to be at the mercy of the global market as the reduced oil prices is adversely affecting the country’s earnings. The Naira keeps slipping and performing so badly against the Dollar, thereby heaping more pressure on the nation’s economy.
Paul Alaje and Kalu Aja eloquently simplifies the stories behind the data – taking audience on a journey, through relatable examples of the metrics, implications and solutions to the problem.
Alaje emphasized Nigeria’s dependency on the global economy, stating,
“We (Nigerians) are dependent on the rest of the world!” He went on to speak about the importance of addressing the Naira devaluation issue, saying,
“With this economic virus, if anybody is telling us a lie or partial truth that it does not matter to us that we should devalue our Naira, then the person is not telling the whole truth or he wants an economic fall for us (Nigerians).
” He also pointed out that a significant portion of what Nigerians consume is imported, underlining the need for self-sufficiency.
Meanwhile, Mr. Kalu Aja raised concerns about Nigeria’s financial situation, stating, “We (Nigerians) are in serious trouble in terms of we do not have the money to pay our bills.” While he suggested diversifying the economy by focusing on clean energy solutions, particularly by producing ethanol from cassava, which has a global demand and can reduce pollution, Mr. Aja, however, highlighted the potential benefits of this approach for Nigeria’s economic stability and self-reliance.
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