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Sunday, November 7, 2010

NIGERIA'S ECONOMY CHALLENGES

NBS in there just released statistic on global Economy survey ranking Nigeria’s economy 127, out of 130. Citing the following facts as the bases for the rating.
ð  The strength of our balance sheet which isn’t that strong.
ð  Our external and internal debt ratio whereby 85% of these is loan is external & concessionary.
ð  We are just in the process of citing a sovereign world fund
ð  Depletion in our excess crude oil account
ð  The external resources as fallen.
ð  Capital budget implementation problem.
ð  High unemployment rate in the country where over 60% of the eligible workers are unemployed.
But SMP also released there rating which shows that Nigeria is a stable outlook citing the following facts which if clinically analysis its positive for our nations development.
ð  In the last ten (10) years Nigeria has made the highest growth rating among developing countries.
ð  We have a good dealing on infrastructure which our government have taken it upon itself to develops our economy e.g. Transport, Power, Health & Primary Care, Education etc.
ð  The fact that we are willing to make changes is a stamp & credibility of the government to get it right and empower the Nigerian people e.g. electoral reform, judicial independence and war on corruption etc.
ð  Nigeria as a strong economic growth which is job creation driven.
ð  Removing barriers to credit which is to enable lending, investment and small/medium scale enterprise.
I believe in the current presidency of Dr. Goodluck Ebele Jonathan that after a successful eight(8) years in office Nigeria’s economy will & its overall External Index will rise by over 50%.