In previous years, Nigeria had been known, as the Giant of Africa. She had maintained that position for a very long time, mostly when Agriculture was the source of Finance for the entire nation or the world at large. Agriculture at the moment was dependable. Things in the country were moving smoothly.
Nigeria's Economy started getting bad and noticeable when Change got promised in the Political Administration of APC in 2015. Prices of goods, commodities, and services started getting very expensive, meanwhile, the minimum wage remain the same. Families that can sustain themselves with the minimum wage of $18/month couldn't
buy a bag of rice because it had increased from $15 to $50. It became a struggle for survival. The devaluation of Naira to the Dollar in the APC administration happens rapidly and
looks like it is every day.
On the 31st of March, 2020, The Nigerian Government(Federal Government) under the Administration of APC, borrowed a sum of $3.48billon from China at the rate N1.125.68Billion.
The repayment year for the loan is 20years with an additional 7years grace period. From the current performance in the economic and financial growth, Nigeria is set to lose her assets
due to the failure of repayment of Debt in Time. Uganda, Kenya, and Zimbabwe have had to r fair share of asset losses because of the same debt from china.
Nigeria at now, do not have any resources that can repay the loans to China, only assets can be used for that leverage and what is worth that amount in revenue that Nigeria can give:
International Airport
SeaPort
Toll Gates and even Federal Government Industries can be lost to this debt.
How Can Nigeria come out of this mess?
Sooner or later Nigerians may become slaves to foreign Nations.
The problem of the matter is that just one man in Nigeria has the amount sitting in his Bank account, even though these funds may rise from somewhere else, the money will be shared amongst
people in power and keep making the country fall into more debts that cannot be recovered in hundreds of years if the same caliber of people remains in power.
Nigeria has spoiled everything. Our economy has getting worst. How can Nigeria economy raise while our government don't want to change their mentality. If Nigeria government change their mentality,things economy will be fine.They can't pay China until they reason normal.
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That's the fact Brother. We need a mental change first before an economic change.
Yes. That's true
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