Friday, 12 August 2016

Forget the 2016 Rio Olympics! Here are the 5 things Nigerians are interested in [LIST]

The ongoing 2016 Olympic games taking place in Rio De Janeiro, Brazil is the number one topic on the lips of many people around the world.
But in Nigeria, the bad economy being experienced in the country is the number one topic as the recession bites harder in Africa’s largest population.
Screen Shot 2016-08-12 at 7.22.32 AM
The situation is even made worse because the Nigerian delegation to the games were practically left on their own to fund all the logistics involved in their participation.
Below are 5 things that Nigerians are more interested in at the moment than the Olympics games.

1. Fuel price increase imminent
Oil marketers in Nigeria have raised an alarm over the imminent increase in the price of petroleum products due to dollar scarcity.
The United States dollar hit an all-time high last week, as it exchanged for N400 at the parallel market making it difficult for the marketers to sustain their current mode of operations.
The marketers have warned that if the situation is not urgently addressed, the pump prices of petrol will not remain at the approved rates.
2. State governments can’t pay salaries
Twenty-seven (27) states out of 36 cannot pay salaries of their staff. In spite of the bailout fund they received from the federal government, the states have failed to meet up with their obligations to their workers.
The situation is so bad that some states are owing their workers up to a year and the state governors has constantly reminded everyone that there is no where they can source for funds.
3. Massive lay-off of workers in banks and financial institutions 
Two months ago, three Nigerian banks cut down on the number of their employees. Skye Bank Plc sacked 175 of its employees, Ecobank sacked 1,040 and Diamond bank fired 200 of its workers.
The banks were obviously strangulated by the harsh economic realities that is not favourable to their business and survival in an otherwise collapsing economy.
At the rate the Nigerian economy is going, there is more downsizing to come in different sectors of the economy.
4. Niger Delta Avengers
Militant group, Niger Delta Avengers has organized a couple of acts of sabotage against oil facilities in Nigeria. They have threatened to do everything to make oil reduce to zero in the country.
The group justify their actions with the fact that different oil companies, which operates in the Niger Delta, are responsible for environmental pollution. And the residents of the area do not receive any benefits from the sale of natural resources in the region where they live.
The activities of the group has dominated the headlines and their actions or in actions is on the lips of virtually all Nigerians.
The Niger Delta Avengers says it will cripple oil production in NigeriaThe Niger Delta Avengers says it will cripple oil production in Nigeria
5. Nigeria’s plunging currency
The new dollar rates has triggered the increase in the prices of food commodities and raised the cost of living in the country generally.
Recently, fourteen (14) international airlines withdrew their services from Nigeria due to low patronage and the unfavourable dollar rates.
South Africa has also overtaken Nigeria as Africa’s biggest economy in dollar terms. The change in status of both countries was attributed to the appreciation of the rand, South Africa’s currency, and the devaluation of the Nigerian naira.
There is literally no conversation in Nigeria today complete without the mention of dollar rates.
Naira rises against dollarThe naira/dollar exchange rates is a major topic in Nigeria these days

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