A Great Depression Is Coming To The Country

A Greater Depression Is Coming To The Country

A country where almost 30 million graduates are unemployed. A country where the school system focuses on breeding forth employees than entrepreneurs. A country where minimum wage is nothing but peanuts that can’t see a young man like me through in three days. What can you say of a country, where survival of the fittest is at its peak? The future is a nightmare to those who have refused to take control.

If I’m to make any speculation, it will be very easy. Graduates are with no jobs, being an entrepreneur is nothing but hell due to unfavorable economic environment. The only thing we can boast of is an epileptic power supply. If Ghana of yesterday can promise to bestow unto Nigeria an uninterrupted power supply, it shows that the Giant of Africa is no giant after all. Chinue Achebe was right, there was indeed a country.

The aim of this write-up isn’t to rubbish our dear beloved country, Nigeria. Far from it. Many people are in slumber, making irrelevancies a priority. A priority that will stuck them in oblivion. With what’s going on in the country, the future seems very bleak to me and only the blind will suffer it – those who have refused to see the reality before them.

The National Bureau Of Statistics (NBS) says that the country’s unemployment rate rose from 14.2% to 18.8% in 2017. The number of people with the labour force who were in unemployment or underemployment increased from 13.6M and 17.7M irrespectively in the second quarter of 2017. However, you and I know that this estimate are far from the truth.

Here’s what the first commenter posted on Vanguard in regards to this stats.

Economy depression

Marcus Garvey said and I quote, “Those who don’t know history are bound to repeat them”

The Great Depression which was regarded as the worst economic downturn in the history of the industrialized world lasted from 1929 – 1939. Some economic school of thought made numerous assertion that WWII took its link from the Great Depression. Immediately the depression ended, World War II began. What triggered this economic downturn was mainly the crashing of the stock market and like expected, over 50% commercial banks in US crashed down. Stock investors were hit the most and the lost was unimaginable.

The first sign that Nigeria is heading to a similar path began when recession came in because of low production, existence of few entrepreneurs in the country, looters, the fall in global fall in price of crude oil etc. In the event of recession, both the rich and poor cried. . Lots of businesses closed and thousands of workers were sacked. Pensioners weren’t left out. In fact, the highest suicide rate ever to record in the history of Nigeria was during the recession. Anyone who was seen around Third Mainland Bridge Lagos was seen as a potential suicide commiters Riots began to stir up in some parts of Nigeria as some tribes opted for secession. Little by little, war was cooking and the Federal Government fought to make sure it was averted. I think they succeeded, but there was more to fight.

If we don’t take a different turn now and learn from history, then a Greater Depression will hit. That is when you’ll know that recession is a child’s play. During the Great Depression, those who were speared were entrepreneur in the B and I quadrant.

B Quadrant, according to Robert Kiyosaki are entrepreneurs who have a big business with lots of employees. While I Quadrant are investors. Not those who invest in mutual funds, treasure bonds etc.. Those who invest into real estates, capital projects and numerous other concrete investments that spurs in passive income. These where the set of entrepreneurs who survived. Why do you think countries like the US are favourable especially to entrepreneurs with great ideas? They have learned from history. But Nigeria is yet to do the same.

The current financial crisis been faced in Nigeria didn’t stop at the continuous fall in global price of crude oil. Instead, the continuous rise in the exchange rate of major currencies like Dollar, Euro and Pound Sterling. A depression is coming and if the current administration fail in its attempt to avert this coming economic downturn, Nigerians will experience first class torment ever to record in history. The omens that tool place during the recession will triple and trust me, we’ll be made jest of by neighbouring countries who look up to Nigeria as a formidable competitor.

Choices have to be made if we must avert this coming Economic War. Measures have to be taken and in other to restore confidence. The banking industry and forex market had to be cleaned up. High interest rate, forex cartels and looters of our national treasure, who have contributed to this economic stagnation has to be hang in an open square. If I’m given the privilege, it will be an honour I will forever cherished.

If the Great Depression must be stopped, then Nigerians must be ready to speed less, save more and be more competitive. Our failed education system has to be reformed, reconstructed and invested in. Including agriculture and the mining sector. Entrepreneurs should have access to grants and loans that motivate them into starting up a business.

A president who’s an intellect in economic affairs and otherwise has to take the seat or at least, work with a team that knows what’s up. We don’t need to recycle old cargos that should be resting in peace in their respective undeveloped villages, we need vibrant youths who are intellectual and emphatic enough to rule.

Foreign competitors within the country has to be brought to a halt by giving a more favourable environment to our locally made goods and giving tax incentives. If this is done, our local goods will strive thereby improving the country’s GDP. If this is not done, this is discombobulated nation will keep dwelling in oblivion.

Recently, the governor of Abia State, Okezie Ikpeazu, sponsored some groups of shoe makers in Aba to China in other to enhance their skills in footwear making. That is a welcome development and I commend him for his efforts. If only other governors will follow suit, there will be so much development that we’ll be competing with countries like China and Japan. You think it’s impossible? Think again.

The future lies in you and I. If the government refuses to work, you and I can. Why I respect entrepreneurs is their lack of the entitlement mentality which seems to be embedded in every human. They don’t give a damn about the government owing them a job, good healthcare and retirement benefits. They take the bull by the horn and create their own future.

When the Great Depression began in 1929, only entrepreneurs in the B and I quadrant survived. Others perished financially and today, the impact of still felt and I doubt if it will ever go away. That’s what happens when you refused to take a path in finance education. Prepare for the worst. Education maketh a man!

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