What's the root cause of Nigeria's economic crisis? | Inside Story
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- Опубликовано: 17 окт 2024
- Nigeria is a resource-rich country, it has Africa's largest population and it's one of the world's top oil producers.
Yet, the nation of more than 200-million people has struggled with corruption, economic mismanagement and a weak currency.
A general strike this week is once again drawing attention to these challenges.
Union leaders want a higher minimum wage and blame recent reforms by new president Bola Tinubu for worsening the situation.
But can a general strike that's shut down the national electric grid and several airports force the government to change course on this issue?
Presenter: Cyril Vanier
Guests:
Khalil Halilu - Chief Executive Officer of Nigeria's National Agency for Science and Engineering Infrastructure.
Amaka Anku - Head of the Africa Practice of the Eurasia Group.
Hamzat Lawal - Anti-Corruption Activist and Founder of Connected Development, a civil society organisation which helps Africa achieve its sustainable development goals.
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#Nigeria #NigeriaStrike #UnionsStrike #NigeriaEconomy #NigeriaEconomicCrisis #NigerianLabourCongress #NLC #TradeUnionCongress #TUC #BolaTinubu
![GEEK TIMË [OFFICIAL AUDIO]](http://i.ytimg.com/vi/ry-6RvkH880/mqdefault.jpg)
Thanks that guy from Maiduguri he is the only one speaking the reality of Nigerians.
The girl is the only one who understands economics and what is needed to be done.
She keep on repeating liberal gimmicks which aren't going to work within the realities of Nigeria.
Thank you Hamzat you are the only one telling the truth about Nigeria's current situation.
$20 a month these leaders are wilding🤦🏿♂️
How do you have oil and still have no fuel
welcome to Africa
Very interesting and insightful. I appreciate how the host maintained control of the conversation and allowed each guest to speak, but also questioned and challenged their responses.
Nigeria in a nutshell: Nigeria exports oil and imports refined petroleum at a higher price.
wtf!🤦♂️
Our leaders are installed by foreign leaders and forced to do so,no one voted tinubu,he was put there by the US,
@@LexlutherVIIBLACK MEANS bLACK OF IDEAS or CONCEPTS TO IMPROVE LIVES
@@PerterAtherton A racist comment. Nigeria has more refineries than the UK and France combined. Corruption politician has intentionally sabotaged the refineries to import oil for their self-interest.
Amaka, yes not everyone has car ! But goods and services need to be deliver using fuel, Diesel has become the barometer of food prices in Nigeria.
Large population, very little taxes are collected, high import bill…….trouble.
Nigerians need to begin to produce more goods for local consumption and import less.
You won't find many Nigerians agreeing with you; they would rather demand money because they can. Imagine an unproductive population demanding to be paid like Germany - the most industrialised economy globally. That is why Nigeria is where it is; it has an entitled population.
Just finished watching Al Jazeera's amazing documentary on the origins of Native Americans. Now a half-hour coverage of the economic crisis in Nigeria. Only Al Jazeera. Whatever the merits of the coverage, there's a coverage.
If you are on minimum wage, you will not be able to afford a car not to talk of fueling the car.
Tinubu government is a death sentence to Nigerians
Let’s be truthful, our leaders over the years have brought us to this mess. The corrupt leaders majorly from two tribes - Hausa and Yoruba think politics is their entitlement with nothing to offer. I hope next election the citizens learn and vote properly irrespective of tribe n religion sentiments. This is a lesson to other nations. Countries do not develop based on tribes n nepotism.
The APC government has failed in Nigeria
They must be voted out
Not just voted out,but it's members must not be allowed to contest for any public office ever again,we don't want them morphing into or infiltrating other parties,apc should be voted out, disannulled as a party and then the individual members that have ever been in or sponsored or represented APC should be blacklisted from any thing leadership,even in their church or mosque they should not lead anything
Nigeria only rich people can win election because You are greedy people tinibu Who has belén stealing Nigerias money for a years u made him a president again then You deserver the outcome.this old IS a Big shame for Nigeria as a president
16:33 . Thank you for that statement hamza. some people are living in a bubble. That is certainly directed at Amaka living is the US and comparing the realities of her rich Nigerian friends and the theories in economic textbooks written by foreigners to the reality on ground in Nigeria. The problem is simple. The President, while he might appear to have the interest of the people at heart is simply INCOMPETENT at being a president. tell me why anyone would remove the subsidy on the first day in office without having provided initiatives to cushion the effect of the economy. That's like getting a single expo to an exam question without even knowing what question the expo solves and writing it anyway. He had no idea what the effects of removing subsidy would be and hence couldn't have prepared for it. probably same goes for his advisers.
Radial Islam the one causing slow economic growth in Nigeria..
The Hausa guy here says the mistake we made collectively as a country😂😂😂😮. I think he meant the mistakes made by the hausa leaders. Leave the citizens out. Then again the amount of money stolen from the country is no where compared to the subsidy. So no one should blame the country woes squarely on subsidy
Imagine, $20 a whole month
It's not the amount of money, it's the Purchasing Power of those $20. We need to understand the world.
@@bertranbelzor9037
Do think 20 dollar a month has a strong purchasing power? 😂especially when their currency is too weak 20$ is only 30,000 naira which is below a living condition. Just imagine one kilo of beef is 5,200 naira and you need to buy other stuff to survive for one month.
High population growth rate and over population are nigeria's biggest undoing.
Followed by financing , subsidising imports/ consumption instead of agriculture/manufacturing.
Nigeria has on going programs to convert vehicles into running on CNG. Finance msme, sme etc.
To build 1.5mbpd oil Refinaries and increase crude oil production from its current 1.45,bpd to 2.6mbpd. These will make a big difference.
CNG is cheaper than fuel,diesel,octane?
At the market a tomatoes trader said he did not buy tomatoes because he wouldn’t be able to resell them as the prices were too high
Good video.
As noted many times before, Al Jazeera English's expert guest lineups are some of the most thoughtful in the industry. Carefully balanced pertinence.
Biafra is the Solution period
Anaka is all wrong you can't explain Nigeria if you don't live in Nigeria
How else do you want her to explain Nigeria situation??
You guys are just wicked! Look at what your religious/ethnic bigotry has gotten Nigeria to
Hamzat, without fear or favour articulated the grassroots reality, Great Nigerian 🇳🇬
Amaka is pretty and educated
Halil is just another government appointee enjoying the largess and disconnected from reality
The major problem is the Nigeria Labour union has sold themselves so to those power, once they add peanuts to the $20 they run back to work because the workers are corrupt they have other avenues of making money in the office ether through bribe or other ways that’s why they can’t shut down for more than 2days. Can you imagine how do they survive on $20 per month? With $20 minimum wage one can’t afford a bicycle how more a used car because a used bicycle cost about $300
Minimum wage in africa you cant even look at cars :)
Removing subsidies will make things harder.
whats the root? Oil companies
I watched until I heard the words "Civil Society Organisation" 3:55, then switched away.
The govt guy has no answers. They took the subsidy and are doing what with the money????
Tinubu says it is the turn of the Yorubas to rule Nigeria. Igbos says it is time for Southern president. Well Nigerians are now enjoying what Yoruba/southern presidency has to offer!
Stop parroting this sectionalism
yea, bc sectionalism has done so much for nigeria since 1960. we are all nigerians suffering, get out your cave, it’s the rich, not tribes.
The problem with our leaders is disregard to the actual state of the citizens while trying to implement a policy. They live in an entirely different world compared to the actual Nigeria and expect everyone to be okay with what they are okay with.
You can’t bring about a radical change without mitigating its effects before hand or rather providing alternatives. The problem is beyond the current government.
People in power keep exploring the disease of religious, regional/ethnic differences among Nigerians which is obvious to the blind to continue on their journey of mismanagement and corruption.
God knows when this stops. Cos I don’t think restructuring or even dividing the country would solve the problems.
May be they need to recolonize the country. Shikenan!
😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭 😭
industrialization has to be lead by a working class, not the politicans & rich ppl lest history continue to repeat itself.
LOL.
Government should invest in industries and infrastructure in less developed states which would encourage people to move there. Also encourage solar the use of solar energy.
Too many mismanagement, the president still paying for his election expenses with Nigeria tax, you wouldn't see any improvement
Kenya heading the same imf and world bank are to blame.
The guy in Abuja is not in touch with reality, the lady in the U.S has no clue. Only the guy in Maiduguri is speaking the TRUTH. And Tinubu has no vision for Nigeria. He is only there to occupy space, hopefully, not for the next 8 years. Peace.
NLC. Toothless bulldogs.
If they believe removing subsidies is the solution…. Gas prices go up so will transportation prices that will affect the entire society. Imagine they are the poor do not have cars.
It is inevitably as the government cannot subsidize forever.
@@shauncameron8390 and the economy needs to improve before the subsidies can go away. The key is to promote production and consumption of local goods and become less reliant on imports. Imagine if many thousands of unemployed got support to grow vegetables, beans, eggs, chickens, goats, small manufacturing…. In rural communities. If more food is produced, prices will go down
🕳️
DRY,IYP Yoruba nation is out of Nigeria our President is OMOBOLAJI OLAWALE Akinola OMOKORE so Aljesera TV pls count DRY,IYP YORUBA NATION OUT of Nigeria
France go out , stop neocolonialism!
ISRAEL DID IT, 😤😤😤
The remedy for Socialism (which is always unsustainable) is Free Market Capitalism.
Keynesian economic theories (MMT) are socialist. The remedy for Keynesian policies is to use real money Austrian economics. Replace USD with Bitcoin that can’t be inflated (printed) away.
Socialism? Easy but brain-frozen conclusion. The United States and all of European capitalist countries subsidise agriculture annually in order of magnitude greater than the GDP of Nigeria for 200 years. Nigeria is well and truly screwed but that does not offer excuse for ludicrously reflexive and thoughtless conclusions.
how is socialisim always unsustainable?
@@Ehigator. it is way to hard to explain the difference between Free Market Capitalism and Socialism in a RUclips comment. Socialism isn’t sustainable because it inherently creates inflation when they inflate the currency supply to print money for gov spending when we don’t have any money. America is bankrupt. Free Market Capitalism is the remedy for socialism/Keynesian MMT theories.
@Theactualclips
The US wasn't after Tanzania. Or Madagascar. Or Mongolia. Or much of Eastern Europe. Or Burma. Or even Sweden when it had its own socialist experiment until the 70's. The US is not a valid excuse for tyranny and mismanagement.
Yes you did. It's not the West's fault that many socialist states couldn't survive without foreign aid to feed themselves after the governments killed off the producers and mismanaged the economy into ruin.
Among tankies and west-haters, that is.
That's the way it should be. If you're talking about Africa, we want to hear African Experts giving us Our Perspective and not your pseudo Western Experts to come with their arrogant view. When it comes to Africa, Western views are useless to us.
Countries like Malaysia, Indonesia, Vietnam, Thailand managed to become industrialized, why can't Nigeria reach an average level of industrialization to provide a decent living standard to its citizens ? Why ?
Nigeria is not a real country. It is an amalgam of irreconcilable ethnic nations that can't naturally co-exist.
In effect, is still a British colony by proxy, being managed by one favored ethnic group after another between the Fulanis and the Yorubas.
These ethnicities are obsessed with ethnic dormination than nation building.
The best for Nigeria is breakup into their constituent ethnic nations
Imagine Fulani cow herders are discussing how to improve Nigeria's economy.
How is the economy in your city with the non Fulani herders?
Seriously these people on the panel are not economist and have zero clue what are are speaking about.
@Theactualclips really? That explains why so many African economies are failing. Keep fooling yourselves. Keep trying to export all your skilled workers and keep your high import bills.
With such a large population and limited resources the key is to produce more and rely on more local produce. Part of the development plan should involve supporting production especially in rural communities. So if lots of tomatoes are grown in an area, support local farmers with water supply, greenhouses, factory to process tomatoes to reduce reliance on imported tomatoes.
Support for growing beans, rice, chickens, eggs, tilapia……
Support for industries
Cash is limited but develop rural communities- even if the focus only on one region every decade- infrastructure, schools, housing, factories, shopping plazas, water, electricity………. This is important, will take time but will reduce overpopulation in places like Lagos.
Invest in renewable energy such as solar energy. Encourage home owners to invest in solar panels and technology.
Now let us go to the rubbish the panelist were stating. Remove subsidies on gasoline and make gasoline more expensive - they do not realize that taxi drivers and bus companies will have no choice but to increase transportation cost impacting the poorest.
We need to change how we educate our people. Stop focusing on getting educated to get a job to using education to develop skills that can be utilized to produce something. Teach our children that they need to figure out what they can produce rather than a job they would love to have. The mindset must change.
Large population, very little taxes are collected, high import bill…….trouble.
Nigerians need to begin to produce more goods for local consumption and import less.
The elite make serious money on import permits. You don't need to build infrastructure other than a warehouse to make mad money.