Afric-tv24 - Zamfara... By Afric-tv24 - Nigeria is facing economic disaster on a scale few nations have ever experienced. Most people are unaware of the easily observable signs of this emerging crisis. While we persist in our superpower mentality, we have quietly become a second-class country in many respects.
We no longer manufacture what we need to sustain ourselves, we import much more than we export, and we are selling off our assets and taking on massive debts to sustain a standard of living we can no longer afford.
What do Will Mean
Pumping Money into the Economy simply means entry of extra money from outside in the economy and this can happen only if The Central bank print more currency notes and this simply will create inflation in the economy as more money is now circulated people can afford goods at more rate which in turn inspire producers to increase the rates of the product.
In any country this could be a good option to encourage producers upto a limit but in a diversified country like Nigeria where accumulation of money is in few hands it is really disaster as now poor people can not afford that commodity or service. So inspite of pumping money in govt should concentrate on extracting money from rich either by increasing taxes for high income zone and reducing from low income zone or by increasing duties on luxury commodities.
Moreover export should be increased in order to balance the deficits in trade and this can be done by decreasing the duties on export plus encouraging the production of export oriented goods. Also, the distribution of money in the economy should be balanced by providing the basic amenities in rural areas plus working on the educational system and economics reforms of various kinds such as FDI should be paid heed.
Please we would like to Share Your Comment on economic disaster....
Government Pumping Money into the Economy..... Is the solution ideal for Nigeria Economic Problems?
