Browsing: Economics

Immediate-past Governor of Anambra State, Peter Obi, has revealed Nigeria’s major economic problem and states that if the country manages to avoid it, things might transform for the better.

We still depend on our foreign exchange earning on oil export. We still import everything. The president does not use anything Nigerian. The same with ministers and governors. So we are back to ground zero.

Because of the size of Nigeria’s economy at $568 billion GDP, it is easier to earn money than in Ghana that has a GDP of $51bn. Economic activities in Nigeria are ten times higher than in Ghana. Before a Ghanaian can earn 100 cedis equivalent of 8000 Naira, a hardworking Nigerian can earn 80,000 naira. That is economics for you!