May 25, 2022

UCJ-UNILORIN

Official Website Of Union Of Campus Journalits, University of Ilorin.

DEALING WITH THE PREVAILING ECONOMIC CHALLENGES IN NIGERIA.

2 min read

By Ishowo Malik Ayomide.

We all understand that in Nigeria we are currently faced with so many challenges, too numerous to mention. One of the major challenges faced in Nigeria is “Poverty”; while some people will say bad leadership, others will say unstable power supply, lack of basic infrastructures, and still others would say poor leadership, hunger, unemployment, starvation, disease and many more. Just too numerous to mention.

It’s quite sad and unfortunate that so many homes and families in Nigeria are currently battling with this ugly challenge which appears to be an enduring trend among the already marginalized people.

However, the major cause of the current economic problem faced especially in Nigeria is the problem of “galloping inflation”, which represents a period of negative economic growth, high cost of living, and a decline in the size of the economy. It evidently adds to the problems of inequality and unemployment, and one of the indicators of inflation anywhere in the world is poor living conditions as prices of commodities continue to spiral negatively. Obviously, when demands fall as a result of sharp decline in purchasing power, firms are left with no choice but to shed weight by laying off workers. One of the principal authors of unemployment is swings in business cycle. The laid-offs and unemployed have less money to spend causing further falls in demand, and that can even lead to some health Issues as depression, anxiety and even high blood pressure become the norm. These are further complicated by unavoidable domestic challenges, leaving many victims to be demoralized, dejected and hopeless.

However, unemployment as a critical economic issue is not only restricted or peculiar to Nigeria, it is also affecting many advanced economies.

The prevailing economic challenges in any country, such as Nigeria, can also be made worse by rapid changes in labor markets. For instance, unskilled workers may find it difficult to gain employment in a high-tech economy. Unemployment, evidently is a major challenge because it comes with hard consequences. More significantly, it usually leads to very high personal costs, such as stress, alienation, depression, low income and feelings of failure as I said earlier.

Indeed, we are not incapable of dealing with the existing economic challenges. To surmount problems that resulted in the current national economic downturn, there is need to entrench focused leadership at all levels of government. An incompetent leadership can only reverse the already made gains thus making things really worse for an already depressed economy.

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