This is by no means an attempt to scare anyone. Nor, am I a prophet of doom; after all, I am offering a solution alongside. I have observed the Nigerian economy closely and critically since late 2015 and now, I have no option but to SCREAM sure doom for same unless Nigerians take their own destinies into their hands. Clearly, the governments at all levels may be well meaning yet they have so little to offer at this moment.

Before I go ahead, let me give a summary analysis of how Nigeria's economy is headed for certain crash if we all continue through the conventional paths: First, it is no longer news that the global crude market is in perhaps its greatest dispensation of crisis in history. All the OPEC economies are suffering from the direct effect of the artificial oil boom in North America and now in Europe. But Nigeria is perhaps the greatest victim of this shale fracturing revolution sweeping across the world. Why? Upon the inception of the shale fracturing implementation in the USA, the first country the US abandoned in the importation of crude was Nigeria. But, that wasn't just a case of Nigeria losing a market, instead she lost its biggest market for its principal (almost only) product offer to the world (the USA). So, while all the OPEC economies are not finding things funny, Nigeria seems to be the very worst hit (This is not just about Buhari or Jonathan. It's actually beyond what any of them could have handled). NOTE: Brent crude (Nigeria's kind) - as I write this - goes for $28.15/barrel.

Then, in the midst of all this very gloomy economic statistic, there is a part we could have handled but didn't: terrorist insurgency in the North East. This one challenge has strained the country's budget perhaps more than anything else since Nigeria's Independence. And why did this come just at the moment the economy was already challenged enough from beyond the shores? It is like someone who lost huge funds in a recent business and was still nursing the wound only to come back home to see his house in flames. While seeking to make up for lost fund, he'd still be looking for money to rebuild his lost home. Imagine the challenge!

These and more have added up to a situation where the Naira now hovers around NGN300 for 1 USD in the parallel market (the real value, that is). This is the melting pot of it all, and it's why I'm making this post. The value of the Naira is seriously sliding so much that if nothing is effectively done to hold it back, we'd surely wake up one morning to see ourselves where 1 USD exchanges for N1000 or more. It may sound remote now but remember that only in April 2015, a dollar was exchanging for 190 NGN in the parallel market.

So, what can we do to reverse the worrisome trend? To avoid boring you with much verbiage, here is the clear answer to this question: At this moment, it is a huge necessity for every Nigerian as an individual as well as for the economy as a whole that EVERY NIGERIAN BEGINS TO FIND A WAY TO EARN AT THE INTERNATIONAL (DOLLAR) RATES. If you are a Nigerian and your source of earning is limited to Nigeria, you are cheating yourself seriously. This is because, as a Nigerian, you depend at least 70% on imported products for your daily need. It means every 300 NGN you earn is spent as just 1 USD. If you earn 100,000 NGN monthly, this boils down to just about 330 USD. To keep body and soul together for the average Nigerian in a month should not be less than 500 USD. Meanwhile, you're earning 330 USD per month and it sounds big when it is rendered as 100,000 NGN. But figures don't pay your bills - the value behind the figures do. This is surely why you may collect that 100,000 NGN and you soon wonder where it has all gone to. The truth is that you were spending a trifling 330 USD and had a huge figure deceiving you.

Now, how many people even earn up to 100,000 NGN per month in Nigeria? So, if the above happens to you, imagine what's happening to many more. So, my advice: Let every Nigerian seek a way to begin to earn at dollar rates and this, AS SOON AS POSSIBLE - your stomach never postpones its demands on you; and neither should you postpone taking action to respond adequately to the demands. This will help you personally and the nation in the long run because bringing in more foreign exchange urgently is the only practical way to prop up the value of the Naira. These days, there are a couple of ways to earn internationally even if you are not computer literate. I add this because, many would think I only mean earning online. While earning online may require a steep learning curve, you can also earn offline but INTERNATIONALLY. What matters is that - whether online or offline - we are all contributing to bring in a large pool of foreign exchange into our country.

Adapted from here: http://thenairamathemagic..com.ng/2015/12/why-and-how-every-nigerian-should-start.html

Do what's next OP?

How do we enter this international market?

Thanks

checkolatunji:
Do what's next OP?

How do we enter this international market?

Thanks

Of course, these days, many ways abound. For example, you can get some ideas from the link I have shared at the end of the post. Thanks.