Nigeria's Economic Problems

[Funke]

The fast rise in the cost of living among average citizens has come to be a burden to all citizens. Many attributes this inflation to the rise of dollar. But one can easily wonder how locally produced goods are directly affected by the dollar that is used at the international market.

What we lack in Nigeria is price regulation and monitoring to check mate the constant price monopoly by the marketers and producers. As federal government has failed , state governors should capitalize on indigenous production and distribution.

[Wiwo]

Despite the fact that,  this thread is economic related,  I feels it will be fair and better if you have this topic on the Nigerian local board here: https://bitcointalk.org/index.php?board=275.0  and if you take a read through that board you will find several related threads as to what the economic situations is in Nigeria right now.

But also note that there is a global meltdown and the aftermath effect of COVID-19 is really telling negatively on the economic condition of many countries around the world so Nigeria's own situation may not be totally different from other countries around the globe who are suffering economic crisis and rising inflation.

[Yamane_Keto]

Posting in the local board would be better, as most of us do not have data of the economy in Nigeria and government data may not be accurate.

Government intervention in times of crisis is good, but the type and manner of intervention will determine the impact of the measures that can be taken to solve the problem. If the government is part of the problem, it will not be part of the solution, and citizens must look for alternatives such as investment, converting part of the local currency into dollars, and long-term investment in Bitcoin.

governments in the world were affected by inflation after 2020, and few of them were able to succeed in providing growth, so do not expect quick solutions.

[sunsilk]

I have no idea how's the economy there in Nigeria but what I only know is that you guys are one of the biggest and quickest in adoption rate of Bitcoin.

Now, going on with the economy. It is not just Nigeria that experiences this problem but also other nations that have been constantly importing a lot of products and they're the ones that have been hit with this inflation and also in the quick rising cost of these products in the form of USD.

We've got the same thing in mind that if most countries including Nigeria will product their own things, have a food security and manufactures locally, that will somehow help to deal with the high cost of everything.