SAVING THE ECONOMY
SAVING NIGERIA'S ECONOMY FROM FURTHER DETERIORATION (this essay was originally written in 2021) The aim of this essay is to offer some prescriptions to Nigeria’s ailing economy in this adverse COVID-19 environment with its hydra-headed socio-economic implications. The negative economic impacts of this pandemic are well-known and need no highlighting here. In the last 6 years, the economy has been sailing through headwinds. It has witnessed two recessions in the last 5 years, first one in the second half of 2016 was induced by collapse in crude oil price in 2015/2016 while the recent one in Q3 2020 was triggered by a global pandemic. Official inflation figures also show that the general price level has been rising steadily in the last 2 years. Meanwhile, in response to a steep decline in forex inflows occasioned by the covid-19 pandemic, the CBN , last year(2020) ,devalued the official exchange rate twice from 308/$1 to N360 in March and from 360/$1 a...