Everywhere is currently flooded with the price of the dollar and fuel rising too high that has directly affected the price of foodstuff and so many things in the market and BTT is not left out as so many threads is now centred about our current economic situation.
My question is, how does this whole trend help reduce the price of dollar?
Wouldn't this public talks about how bad our economy has become tarnish our image and reputation in the public space? Or could it possibly make our leaders more concerned and set up strategies to help reduce the hardship on the citizens?
Are you asking why people are responding to this crisis or how they are responding to it? If your question is why, I will tell you that people are responding due to the current situation, which is tied to the high rate of the dollar. Unfortunately, Nigeria is a country that engages more in importation than exportation. This means most of the products we export are semi-finished or raw materials, which we then need to import back as finished products since we lack the machinery to manufacture them ourselves. Consequently, we end up buying these products in foreign currency like the dollar.
For example, Nigeria is one of the top 10 oil-producing countries globally, with vast oil reserves. Our oil sector contributes 70% to our economy. When the oil sector suffers, it leads to hardship, difficulties, and a depressed economy for Nigeria. Since we buy imports in dollars but sell them in naira, there's a systemic problem where we lose out, benefiting those purchasing our oil but suffering when buying back finished products in hard currency.
As for the how, people react to the situation when basic commodities become increasingly expensive by the day. There's a significant increase in the prices of everyday items like rice and petrol, making it challenging for individuals, including business owners, to afford transportation. The minimum wage does not align with the current cost of living, with items like cement priced at 10,000 Naira per bag and rice over 50,000 Naira per bag.
As a result, people are advocating for the government to address local problems and not to prioritize external interests. The government needs to engage with grassroots communities to understand their issues and implement initiatives to alleviate poverty. People are hungry, and the government's lack of action is pushing them to respond through protests, interviews, social media, and other means to air their grievances.
The government must focus on solving these issues promptly, keeping its promises, and engaging with the people effectively. Nigerians are enduring and persevering, but the situation is worsening, and the government needs to address these issues to prevent further deterioration.