Economic Meltdown in Nigeria: Without Toxic Assets?
Written by Paul I. Adujie
New York, United States
The world partied during the years of global economic boom and Nigeria did not join or was not invited; now, we are told that Nigeria is engaged in the heavy-lifting of cleaning-up the global meltdown? First of all, the multiple variables of the global economic boom and burst did not apply to Nigeria’s situation and circumstances and the bills which arose from a mostly western world splurge, should not affect Nigeria now.
Nigeria’s economy is insular, isolate and therefore insulated. How so? Why? When crude oil sold for more than $100 per barrel cost of transportation went up in Nigeria, even though we produce petroleum, and Nigerians did not fare any better, oil is now slightly above $70 a barrel, the price of plantain and a loaf of bread remained the same, high. Nigeria’s public infrastructures still decrepit worst.
If the wo...
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