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)
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)
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