Many undergraduates in Nigerian universities dabble in internet fraud. Nicknamed “yahoo-yahoo” after the international web portal and search engine, this perfidy has become a way of life for the young con-artists. Many of these fraudsters – dubbed “yahoo-boys” – have become filthy rich.
Militant group Niger Delta Avengers have called for a referendum on the dissolution of Nigeria, according to ABC News. Niger Delta Avengers comprise of militants that attack oil pipelines to counter pollution and supposed exploitation on that part of the government and international oil companies. President Muhammadu Buhari has not responded to the referendum demand thus far.
President Muhammadu Buhari intends to meet with representatives in the oil-bearing Niger Delta as militants destroy pipelines, according to International Business Times. People in the region have long complained that foreign oil companies pollute the environment and offer little economic benefits to locals.
The Niger Delta comprises of over 7.0% of Nigeria’s landmass, with many ethnic groups inhabiting the region.
To restore domestic economic stability, President Buhari seeks to navigate between both the US and China. His first steps encourage hope.
Recently, President Muhammadu Buhari concluded a successful visit in Beijing. From China’s standpoint, South Africa has served as Africa’s prime representative in the BRICS alliance. However, Nigeria is the region’s most populous and largest economy.
Nigerian President Muhammadu Buhari has planned a four-day trip to China this week to secure infrastructure loans and foster closer ties, according to The Wall Street Journal. Nigeria’s economy has suffered from factors, such as lower crude prices and a slow-down in Chinese demand. Presidential spokesman Femi Adesina stated that 18 months would pass before the West African nation will see a recovery.
While most parents caution their children that it is important to get all of their vitamins and minerals, few probably realize the important role that advice can play in a nation’s economy. According to a World Bank Specialist on Welfare Economics (Professor Foluso Okunmadewa), Nigeria loses an estimate $1.5 billion from its gross domestic product (GDP) each year due to vitamin and mineral deficiencies.
As Nigeria’s economic challenges are rising, the IMF has been increasingly vocal. What is really needed are policies that are in the interest of most Nigerians.
According to the International Monetary Fund (IMF), Nigeria’s external challenges are substantial and deteriorating. Due to the reliance on oil revenues, the general government deficit doubled to 3.3 percent of the GDP in 2015. Meanwhile, exports plunged 40 percent, which caused the current account deficit to climb to 2.4 percent of GDP.
After a year in office, President Muhammadu Buhari has failed to kick-start the economy, but he presses forward. Corruption, depleted foreign reserves, and lower oil prices remain an impediment to progress, but the new president has time to make additional reforms. Nigeria also suffers from a skyrocketing unemployment rate that has forced many people to turn to crime and religious extremism.
Nigerian industry has suffered for many years thanks to the influx of less expensive items from abroad. This has effectively killed a number of local industries in the African nation; however, due to recently secured measures from the World Trade Organization (WTO), several of these dead industries may be resurrected once more.
President Muhammadu Buhari has approved a measure that consolidates state bank accounts under the central bank, according to Reuters. The move not only reduces the amount of borrowing, but also hampers graft and corruption by allowing the government to keep a watchful eye on the treasury. Nigeria is an oil-producing nation that has suffered immensely due to lower oil prices, forcing the government to make reforms.
