Covid-19: 10 Reasons why Nigerians Will Be Poor in 2021

Covid-19: 10 Reasons why Nigerians Will Be Poor in 2021: The covid-19 pandemic has caused significant damage on the most populous black nation on earth, before the pandemic, the nation was not faring well economically.

I was onec regarded as the “poverty capital of the world” a description showing how bad things were before the rage started

Nigeria is not only the country affected by covid-19; many African countries share same fate as well. The devastating effect posed by this virus is one that will spell doom to Nigerians as we approach 2021

A Nation with a population of about 200 million persons, coupled hyper-inflation is a disaster waiting to happen

The Government is putting palliative measures to cushin the effect of the pandemic, but these measures are only but for a short time, as millions of Nigerians don’t seem to understand the situation at hand

Measures inplaced currently to addressed the Covid-19 pandemic:  

The Nigerian Youth Investment Fund (NYIF)

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See Nigerian Youth Investment Fund (NYIF): Application Ongoing-Apply Here

The Survival Fund

See Survival Fund: General Registration Starts 28th with Crazy Stages & Requirements

Loan from NIRSAL National Microfinance Bank (NNMFB)

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See Massive Recruitment at NIRSAL National Microfinance Bank (NNMFB)-Apply Here

CNB Loan

See Beneficiaries Of CBN’s AGSMEIS Loan Share Their Testimony-Video

SMSEME Fund

Agri-Business/Small and Medium Enterprise Investment Scheme CBN’s AGSMEIS Loan etc

High Unemployment Rate:

The nation is facing explosing in the numbers of persons unemployed, the pandemic has displaced many out of business.

With the numbers of young persons graduating yearly from the nation’s higher institutions, we can only hope for the best

Apparently, more than 60% of the population is jobless, and the rate of crime persist, little is done to address the situation as the economy struggle to gain relevance in revenue generation

Dramatic Increase in Fuel Price

The nation will see poorer folks as we approach 2021, already the government can not continue subsidsing oil, the need to remove oil subsidy became paramount

Increase the fuel price is tantanamount to increase in the general prices of goods and services

As we speak, there is an upsurge in the domestic markets, with food price climbing all time high. This is just a preview of what to happen come 2021, if radical changes are not done

Rising Inflation

The rate of inflation in the 2nd and 3rd quarter of 2020 is a bomb waiting to explode, if this continue beyond this year, Nigerians will see the naira “worthless”

More local contents need to produced, a situation where there are money is chasing few goods and services will push the economy nagetively skeword and the larger population suffers    

High Cost and Low Standard of Living

Due to the affarmentioned reasons, majority of the population will be living below one dollar a day

The cost of living will be hash on many, plunging millions into strict poverty and helplessness    

Rising External Debt

Nigeria’s external debt has risen twice fast since 2015, the government has borrowd to finance projects and recurrent expenditures

How does this make Nigerians poor come 2021? When a government borrows money, she must pay back in a due date. Some of Nigeria’s debt will mature in 2021

Meaning, financing these debt will take some chunk of the national budget in 2021

Money meant for other popose will be used to finance and service debt, denying the government the opportuinity to pend on the economy as planned

Life Expectancy to Drop

According to 2015 data from World Health Organisation, Nigeria’s male and female life expectancy are 52years and 56 years respectively, meaning an average Nigerian is expected to die before he/she turns 60.

This has dropped in 2020 when the latest data is released, life expectancy is now less than 50 years for the both sex- a situation largely attributed to poor governance, healthcare, etc

Insecurity in the North West & East/ Farmers & Herders Crises in North Central

To be continued

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