NIGERIAN ECONOMY HIT HARDER BY CORONAVIRUS PANDEMIC AND CRUDE OIL PRICE FALL.


It is no longer news that Nigerian economy has been paralysed as a result of lockdown of its major cities like Abuja and Lagos. Intrastate restrictions of movement, partial lockdown of some other areas, closure of schools, institutions and other places of learning have affected the economics activities in the country.

Consequently, crude oil price fall has given the country a blow to its economy. Because crude oil is the major source of income to the country.

Further more, challenges are bound to come. But what matters most is the ability to tackle such and come out of them strongly. In an emergency situation like this, it is a time that calls for sober reflections. Transparency and honesty should be the order of the day.

Importantly, Nigerian government has no money or other source of income to carry out its day to day activities, hence borrowing money from International Monetary Fund (IMF) becomes inevitable, since there is no other means of survival.

However, the time of politics is over. This is the time to face the reality. Therefore the money when borrowed should be channelled to most pressing needs like food and fuels such as Premium Motor Spirit (PMS), Automobile Gas Oil (AGO), Gasoline (propane) and other useful petroleum products productions. To be realistic, if Nigerian government is able to provide food and fuels at an affordable price to the satisfaction of its citizens, it will be better.

There should be fire brigade approach to the construction, completion and commission of modular refineries in the country. Nigerian government should as matter of urgency legalize the illegal refineries by giving their owners operational permit and ensure that there is high level of safety put in place for such refinery. This is to satisfy local demand.

Be patriotic to suggest the way forward for Nigerian government in this critical period.

An Article

This is an article on African policy

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Published by Ernest I.

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