An Exploration of the Current Nigeria’s Economic Realities

Abstract

Nigerian current economic challenges needs urgent investigation to proffer permanent solutions that will facilitate growth. This paper seeks to explore possible avenues that will remedy the current Nigerian economic situation. Since the study is explorative in nature, the explorative research design was employed in order to obtain sufficient information through secondary data. Views from economic expect and professional bodies about the economy formed part of this study.  The study also looked at the economic challenges of five countries namely, Venezuela, Argentina, Turkey, Lebanon and Sudan to see how they approach their own economic predicament to give Nigeria an insight on how to handle their current economic situation. From the views of expert, the study discovered that Nigerian problem is as a result of consistent rise in inflation rate, over dependent on oil exports, bad governance, lack of investment, removal of oil subsidy among others.  Similarly, the study discovered that the five countries applied price controls, increases interest rates, seeks assistance from IMF and reduces government spending as measures to combat high inflation rates.  The study recommend among others, that government should diversify the economy by focusing on other sectors of the economy such as the agricultural sector, education, and healthcare sector.