NewStats: 3,265,234 , 8,186,087 topics. Date: Saturday, 14 June 2025 at 12:57 AM 733539

RealityKings:
On it sir

u

1.economic mismanagement by the corrupt political elites.

2.low Agricultural productivity as a result of nefarious activities of armed bandits and also poor investment in Agriculture.we mostly practice subsistence agriculture in dis part of Africa government has neglected agriculture so much by not investing heavily in it through purchase of machines(large scale farming) and also empowering farmers with farm input,money etc
3.
majority of the citizens are not productive enoughwhich strains the economy.


I think ive tried my best so help me God.I will be so delighted if am the winner but even if am not congrats to the proposed winner.Theres always another time


01

Our leaders failed to make hay while the sun shined. They did not take advantage of the natural resources we have in Nigeria to build our economy. Even to invest or save for tomorrow, they did not. These are the reasons we are facing challenges like this. Unfortunately, they keep repeating the same mistake thereby subjecting the country to more problems.

[quote author=Tokshadeen post=131389372]

Lol. Most of our youths are no more interested in brainstorming or whatsoever, sad. 80% of the comments above me are AI generated. They don't have time to crack brain, chatgpt is their default solution.

OP do well to check out this AI generated answer and compare it to what most of the commenters have. Only few of them even did manageable editing.

eejo:
How did Nigeria economy growing at 11 percent in 2010 fell to 3.1 percent in 2024. In addition, debt to GDP ratio of 9.6 percent in 2010 but 49.5percent in 2024. Winner announce on 9th August 2024

I wanted to write an elaborate answer but since it's not complex. In 2010, Nigeria economy was growing at 11 percent due to good monetary policy and developing SMES and also soft TAXATION but subsequent years like 2011, 2012 saw a gradual drop until in 2013 where a little gain was made.
This made Nigeria the largest economy in Africa that year. This increase was because of the contribution of the non-oil sector. for instance industries like telecoms, information technology, music, online sales, airlines, and film production.

We often focus on Agriculture as the dominant of the non oil sector but agriculture in recent years has faced alot of heavy challenges from flooding to herdsmen causing insecurities and destroying crops.

Now debt to GDP ratio is even higher than 49.5percent in 2024 because the past years had been solely on borrowing, poor monetary policies, reduced encouragement of SMES and now sudden subsidy removal policy which only lead to skyrocketing prices and more inflation and higher debt profile

Right from time, the nation's growth was INTENTIONALLY and DELIBERATELY omitted from the way Nigeria was designed to function.

Both present and past istrations ran the country down to this point. After all, they really do not care if the country collapses or not.

eejo:
How did Nigeria economy growing at 11 percent in 2010 fell to 3.1 percent in 2024. In addition, debt to GDP ratio of 9.6 percent in 2010 but 49.5percent in 2024. Winner announce on 9th August 2024

Economic Overview
Between 2000 and 2014, Nigeria’s economy experienced broad-based and sustained growth of over 7% annually on average, benefitting from favorable global conditions, and macroeconomic and first-stage structural reforms. From 2015-2022, however, growth rates decreased and GDP per capita flattened, driven by monetary and exchange rate policy distortions, increasing fiscal deficits due to lower oil production and a costly fuel subsidy program, increased trade protectionism, and external shocks such as the COVID-19 pandemic. Weakened economic fundamentals led the country’s inflation to reach a 24-years high of 31.7% in February 2024, which, in combination with sluggish growth, has pushed millions of Nigerians into poverty.

Following a change in istration in May 2023, the country has been pursuing bold reforms to reestablish macroeconomic conditions for stability and growth. The petrol fiscal subsidy was partially eliminated, and FX reforms have led to the unification of FX markets and to a market-reflective exchange rate. To alleviate the inflationary effects of these reforms on the most vulnerable, the government has been implementing temporary cash transfers to reach 15 million households. Efforts are also being made to tighten monetary policy and refocus the Central Bank of Nigeria (CBN) on its core mandate of maintaining price stability.

The continuation of the reform momentum is essential for Nigeria to reap its full benefits. The dissipation of the reforms’ initial shock and the stabilization of macroeconomic conditions will instill a sustained but still slow growth in the non-oil economy, while the oil sector is projected to stabilize. Higher growth rates will require structural reforms. Exchange rate liberalization should contribute to both fiscal and external balances. Inflation is expected to gradually decrease on the back of monetary policy tightening and exchange rate stabilization. As a result, poverty rates are expected to increase in 2024 and 2025 before stabilizing in 2026. Risks to Nigeria’s outlook are substantial, especially if reforms lose momentum or are reversed. Risks include relatively weak monetary policy tightening, failure to address imbalances in petrol pricing and to raise non-oil revenues. Rising insecurity, adverse climate shocks, and popular discontent with inflation would also dent economic recovery.

Development Challenges
Despite having the largest economy and population in Africa, Nigeria offers limited opportunities to most of its citizens. Nigerians born in 2020 are expected to be future workers 36% as productive as they could be if they had full access to education and health, the 7th lowest human capital index in the world. Weak job creation and entrepreneurial prospects stifle the absorption of the 3.5 million Nigerians entering the labor force every year, and many workers choose to emigrate in search of better opportunities. The poverty rate is estimated to have reached 38.9% in 2023, with an estimated 87 million Nigerians living below the poverty line — the world’s second-largest poor population after India.

Spatial inequality continues to be large, with the best-performing regions of Nigeria comparing favorably to upper middle-income countries, while the worst performing states fare below the average for low-income. In most areas of Nigeria, state capacity is low, service delivery is limited, and insecurity and violence are widespread. Infrastructure gaps constrain access to electricity and hinder the domestic economic integration that would allow the country to leverage its large market size, which is aggravated by trade protectionism. Emerging problems such as the increased severity and frequency of extreme weather events, especially in the northern parts of the country, add to these long-standing development challenges.

Recent reforms offer a launching pad to a new social compact for Nigeria’s development. Strengthening macroeconomic fundamentals will allow structural reforms to be pursued and economic growth to be restored. The current low social and economic equilibrium could be switched to one marked by a better funded and more effective State that provides efficient public services, public goods, and a conducive economic environment for the private sector to flourish and create more quality jobs for Nigerians.

eejo:
How did Nigeria economy growing at 11 percent in 2010 fell to 3.1 percent in 2024. In addition, debt to GDP ratio of 9.6 percent in 2010 but 49.5percent in 2024. Winner announce on 9th August 2024

1. Nigeria's economy grew at a rapid rate of 11 percent in 2010 due to high oil prices, increased oil production, and strong economic reforms that attracted foreign investment.

2. However, the economy started to slow down in the following years due to various factors such as falling oil prices, security challenges, corruption, inadequate infrastructure, and policy uncertainties.

3. By 2024, Nigeria's economic growth had slowed to 3.1 percent due to a combination of external and internal factors, including global economic slowdown, fluctuating oil prices, political instability, and lack of diversification in the economy.

4. The decline in economic growth rate highlights the importance of addressing structural issues, implementing reforms, diversifying the economy, improving governance, and enhancing infrastructure to sustain long-term growth.

eejo:
How did Nigeria economy growing at 11 percent in 2010 fell to 3.1 percent in 2024. In addition, debt to GDP ratio of 9.6 percent in 2010 but 49.5percent in 2024. Winner announce on 9th August 2024

In his recent address, Tinubu said he encountered a situation where 98% of Nigeria's revenue was used to service debt. It was the absent-minded Buhari who left everything in the hands of people that didn’t believe in Nigeria and just drained the country dry before ing it over to Tinubu. He has made his own secret deal with them to never prosecute them.

Buhari and his group never believed in Nigeria; they only used it like thieves who came in by accident. 10% of that man's loot could stabilize this country. That is our former president and petroleum minister (who sold our oil in advance and did not include fuel subsidy in the 2023 budget).

MARINE SPIRITS

eejo:
check your and network made you to have 20k. it is your luck

Good evening, sir. I'm a student in dire need of food stuffs. I would appreciate anything, sir. I have been surviving on garri for the last two days, I have no hope till next week

thank you God would continue to bless you sir

Dspsalvate:
MARINE SPIRITS

Lol, hunger kept me awake

GreenxGreen:
Send me my 50 k

Answer below 👇👇👇

Those two gangsters, knowingly or unknowingly ruined this country's economy for their selfish ambition (to be president).

@eejo

Currently reading this

Why nations fail.

Everyone is writing big grammar.

Nigeria economy has been bastardized by bad leaders; Buhari and Tinubu.

Jonathan had a clearer vision than them even though they both fought him and wrestled power from him.

Jonathan worked with the best brains as ministers, some of whose names re still mentioned and re highly regarded till date. For example Ngozi Okonjo, Sanusi Lamido,Bart Nnaji, etc.

But there is no single buharis minister that stood out because he used these positions to compensate his cronies even when they are incompetent. Imagine having a minister of communication that studied Islamic studies.

Buhari killed the economy and tinubu is burying it. Currently there is no clear cut policy on revamping our economy. Following on the heels of Buhari, his kitchen cabinet is appointed based on nepotism and not excellence.

The engine of his government is run on propaganda. And propaganda does not build economy. Propaganda scares investors away.

Buhari didn't have the will power to fight insecurity. Tinubu too has shown that he is not ready to do that too. And we know that the present food shortage was majorly caused by insecurity which these two presidents have paid deaf ears to.

Every time they claim they re sharing rice or money to the masses, all in a bid to loot. Economy does not grow by sharing rice. Economy grow when u teach the people how to fish instead of giving them fish.

eejo:
How did Nigeria's economy grow from 11 per cent in 2010 and fall to 3.1 per cent in 2024? In addition, the debt to GDP ratio of 9.6 per cent in 2010 but 49.5 per cent in 2024. Winner announce on 9th August 2024

Well, as a well meaning Nigerian, without any bias to any Political group, neither am I a lover of lies, I would say that the drastic decline in Nigeria's economic growth rate from 11 per cent in 2010 to 3.1 per cent in 2024 surely reflects a complex interplay of factors - including shifts in governmental economic strategies, the subsidy removal which wreck havoc's to our businesses, the exchange rate surging from N148. 91/US$ to 1,593.95 NGN as of today; the current incompetence of the present government to work on the Naira and work on the exportation of home grown products should also be noted, you can also read the news on Dangote's outburst against the government on how they neglected him and instead are importing and weakening our currency and value as a nation.
Furthermore, the surge in the debt-to-GDP ratio from 9.6 per cent in 2010 to 49.5 per cent in 2024 signals potential concerns regarding the current istration's financial health insight and long-term economic stability for the country. This escalation can surely be attributed to the constant borrowing, economic stressors, and the ineffectiveness of debt management approaches. These trends highlight the need for a thorough evaluation of Nigeria's economic policies and fiscal practices to address underlying issues and pave the way for sustainable economic advancement.

eejo:
How did Nigeria economy growing at 11 percent in 2010 fell to 3.1 percent in 2024. In addition, debt to GDP ratio of 9.6 percent in 2010 but 49.5percent in 2024. Winner announce on 9th August 2024

I'm an ordinary Nigerian. I don't have big English to back up.

Nigeria fell due to the greediness and selfishness of our leaders. And also by the ignorance and illiteracy of the population.

eejo:
How did Nigeria economy growing at 11 percent in 2010 fell to 3.1 percent in 2024. In addition, debt to GDP ratio of 9.6 percent in 2010 but 49.5percent in 2024. Winner announce on 9th August 2024

Incompetent leaders with no vision

To answer this question, there are two key factors to understand which is Economic Growth and GDP. Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and rendered in a specific time period by a country or countries.

In 2011 Nigeria Domestic output was 4 billion and this indicated a GDP growth of 7.4 per cent. What was the science behind this growth? Goodluck Jonathan implemented some polices like encouraging farmers which pushed agriculture to 40% of Nigeria's gross-domestic product.

The main drivers of inflation in Nigeria are food prices (AGRICULTURE) and transportation cost(CRUDE OIL/subsidy) . The moment these 2 are unstable, the GDP growth which has been gained 2011,2012,2013,2014 and early 2015 was lost.

In 2015, 2016 and 2017 there were series of attack on the agriculture sector like the farmers and herdsmen clashe. Then Nigeria borrowed $4.34 billion from China, then US and also the IMF. There is an adage that says, "he who goes ah-borrowing goes ah-sorrowing". The more a country borrows the more you have to pay back. This led to Nigeria high debt profile from 2016,2017, 2018,...till 2024.

Are u writing term paper in school?

eejo:
How did Nigeria economy growing at 11 percent in 2010 fell to 3.1 percent in 2024. In addition, debt to GDP ratio of 9.6 percent in 2010 but 49.5percent in 2024. Winner announce on 9th August 2024

The answer to this question is lack/inadequate investment in human development and weak institutions

All over the world, societies are developed and stable through intensive investment in human development, all prosperous are built on ideas , this ideas will not materialize until full attention is giving to them. Here in Nigeria, good ideas are neglected by the government and those concerned for political gains or greed. For example, I you present an idea to government or individual concerned they will not listen or look into it unless it is something that can give them immediate gain. Sometimes, they will not care to to look or access your idea. For Nigeria to come out of this mess, we must collectively develope useful ideas which are productive and useful for the overall wellbeing of our society. C'mon Nigerians are known to be intelligent all over the world in almost every field.

Then the issue of weak institutions can hinder this development, no wonder our GDP is in a mess and getting messier, if our institutions are strong, there will be minimal level of corruption, let me chip in here that our problem is not corruption cos corruption is present in every society, it is the strong institutions that checkmate it and keep it low. For example if say our judiciary is working well and not cash and carry, every individual will think twice before doing or saying anything, but so far, everything goes.


In summary, I will liken the situation to placing a big jar on the ground, our government is supposed to be filling it, that is investing in human development, the content in the jar will now be our GDP, so the more the government or individuals concerned are filling it, the more the content(GDP) in the jar looks healthy, our institutions will be holes under the jar, so the more the holes are closed and tight, the more the content in the jar remains, while things like corruption will stand by the side, the level of leakage from the jar will then determine how much vices like corruption and insecurity etc will get the content from the jar.

In conclusion, the major reason for the economic Crisis is lack or inadequate investment in human development, while weak institutions are responsible for making the problem worse

submission closed and winner will be known in the morning. 50k will be transfer to the winner number.

eejo:
submission closed and winner will be known in the morning. 50k will be transfer to the winner number.

Ok sir

.

eejo:
submission closed and winner will be known in the morning. 50k will be transfer to the winner number.

Fingers crossed

eejo:
submission closed and winner will be known in the morning. 50k will be transfer to the winner number.

cool

Following

eejo:
How did Nigeria economy growing at 11 percent in 2010 fell to 3.1 percent in 2024. In addition, debt to GDP ratio of 9.6 percent in 2010 but 49.5percent in 2024. Winner announce on 9th August 2024

Wow, It seems I'm late for this quiz, Im just logging in to nairaland for the first time since morning, bad luck, well congrats to the incoming winner but I'll still drop my own since I'm also affected by the bad economy, no need to run to chat gpt.
To me we are suffering so badly all these currently cause of two reasons, the fuel subsidy removal by president tinubu without any plan to curtail the effects after and non pegging of the naira during trade yes there has been other strong factors leading to this by the years like corruption (the biggest) insecurity, bad economic policies like closing our borders, investors and companies leaving the country, huge national debt that is still increasing due to more loans, over depending on fuel when we have other trades to work on strongly too, high unemployment rate and creation of jobs for citizens to boost our economy but the main reason why we are currently worse off than this time last year currently is those two to me sir, the fuel subsidy removal was meant to stop draining the budget and used for other things while the fuel will be more costly since subsidy is removed but we have not seen what they are using the money for while fuel has become very expensive and you know once fuel goes up it will affect almost everything, you can't expect me to pay high for fuel and come and sell my product to you without adding the cost what jwill be my gain? transportation goes up, food goes up, transportation goes up, rent goes up, companies using it to work will give you extra charges based on that, almost everything is affected starting from that, the thing is if you are removing fuel subsidy sir what is the plan to make sure the money will be used to do other projects that will help the citizens? Or is the money stopped so it can be stolen as usual, Omo.
Then my second one the non pegging of naira to dollar , For those who dont know what pegging means it means putting your currency on another nations strong currency to determine how your own will be stable in what we call fixed rate, the problem is we will just be paying more to defend the currency just like fuel subsidy but to the US this time, we were at a high level which means we were paying heavily to them, with the removal we have saved money meant to be paid there but our currency is now rubbish, I am sure if there was still pegging naira won't cross 1300 to 1 Dollar by now sir, we are going to 2k to 1 dollar as if we are one of those worst African countries when it's not like that, in a time of war when Ukraine and Russia are fighting that would also affect things you think wisely, it was at first working from the beginning when naira was appreciating but now the CBN can't defend naira again cause it has totally gone out of control, the naira is weak and you know if we want to import from other countries we'll use international exchange rates which means if we are converting from naira we'll pay heavily or if it's from our foreign reserve it will go lower since there's nothing much there, I must say sir this CBN governor was overhyped he has failed cause I don't know how we allowed this thing spiral out of control when it started sir, these two things have caused inflation, high price of things with a weak currency to spend and it's not like the salary for workers is much or it's not very hard to make money in Nigeria except if you want to do bad so we should not be surprised with all these things, removing subsidy for both fuel and naira fixed rate to the dollar only to be worse off cause we haven't seen the effect of what you used those money for to at least let people get small relief. This government just seems to almost the same from the former one.
Am sorry for my long post sir I just typed it in anger from my head so I didn't think to summarize it, everything is from my head no study, besides the quiz is closed so i just decided to drop my own saying. God save nigeria because it is not looking good.

eejo:
How did Nigeria economy growing at 11 percent in 2010 fell to 3.1 percent in 2024. In addition, debt to GDP ratio of 9.6 percent in 2010 but 49.5percent in 2024. Winner announce on 9th August 2024

Bad economic policies

eejo:
submission closed and winner will be known in the morning. 50k will be transfer to the winner number.

Whoever wins





We blame govment

Govment blame us like buhari
Did saying we youths including his kids are lazy


I see a fight btw govment and citizens and dat equals a failed state


We shudnt try 2 outsmart one another

We shud co exist as a unit


We are far from united as we speak


United we stand

Divided we remain with a wretched economy of wasted brains/talents



eejo