Nigerians like to think they are smart and honestly being a Nigerian myself I agree – we are very smart, infact some of the smartest people on earth. The only thing be say our smartest no dey ever pass MMIA.

In less than a year, Oil prices have dropped significantly. Infact let me spell it out on plain terms, oil has lost an average of $80 per barrel since prices started dropping. For a country like Nigeria that is solely dependent on the oil revenue , this is not good news. Canada which leans heavily on its revenue from oil is already beginning to see a contraction in its economy and putting measures in place. Canada’s total population is 35 million people. We figure they can survive by selling ridiculously priced ski jackets to their American cousins.

Nigeria however has a population of over 170 million people with 1/10th the land mass of Canada and little or no exports, But do you see my brothers and sisters worried? Mbanu! Everything carries on like nothing is happening. Worst case scenario if the price of garri increases again, we will protest Buhari’s government abi?

Anyway, jokes asides, here are a couple of things we can expect if the oil crisis continues.

RISE IN UNEMPLOYMENT
Oil companies are already downsizing. This will have a spiral effect of course. As oil companies downsize, they will need less HR conulsting work, less consulting in general so expect consulting firms like KPMG, PWC to feel the impact. If you work in a firm directly related to oil or one whose major customers are in the oil industry, it is time to dust your resume or start thinking of a side gig. In the evergreen words of Pete Edochie, “He who has an ear, let him hear what the spirit is saying…” Oh wait that was the Bible I think.

BUDGET CUTS
When Alagba Bode’s salary was formerly N10,000 but now his boss has reduced it to N3,000, guess what happens to Alagba’s budget? It becomes ridiculously lean. Alagba Bode here is the FG and we are assuming that Alagba Bode has been delivered of his wasteful tendencies thanks to the new broom (GMB) in the house. Expect a lot of budget cuts but hopefully this means the era of wastefulness especially that of the lawgivers o over. For the average Nigerian, this also applies. It is a trickle effect and all those holidays to Disney World will have to take the back seat as parents struggle to pay school fees

NAIRA
Since the beginning of the oil palava, the Naira has heard it. From N170-N240 to a dollar in the past year, it has been a rollercoaster ride for this poor baby. Emefiele looks and sounds clueless so we cannot be very hopeful for magic from that angle. Also the American economy is showing some real strength so we can’t even blame the matter on CBN alone. We can onl

Businesses are going to pack up: Nigerians like American things. American movies, American clothes, Calvin Klein boxers, Ralph Lauren shirts, Tokunbo cars used in America and so on. As the Naira loses value against the dollar, the businesses importing this will have to either pass on this cost to their customers or die. Since Nigerians along with being smart are also Alaroros, expect some businesses to pack up which will in turn aid and abet point 1.

RISING COST OF LIVING
Nigerians import almost everything. Yes this includes Garri and since the dollar is the main for of exchange when doing business with other countries, a N10 cup of Garri will soon be going for N15. I saw on Twitter the other day that one biscuit we used to buy for lik N100 is now N200 and I wept for Nigerian children everywhere. If their parents are smart, as they are coming out from the womb, they will start bribing them with garri as something special.

The beauty of this whole thing is that Nigerians are resilient as well as smart. I expect that for every business that packs up, a few others will spring up to suit the new economic environment. I am especially hopeful that this new government is finally savvy and eager to grow the economy from the inside rather than through borrowing or importing.

Here is hoping.
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