Dreaming of Wakanda

  Nigeria is a country that is rich in natural resources such as oil, natural gas, coal, and minerals. However, despite its abundant natural resources, the country has been struggling with economic development for several decades. One of the major reasons for Nigeria's economic woes is the phenomenon known as the natural resource curse. In this article, let us examine the natural resource curse and its impact on the Nigerian economy by exploring the challenges faced, and proposing strategies to mitigate the adverse effects and foster sustainable growth in Nigeria. The natural resource curse is a phenomenon where countries that have an abundance of valuable natural resources experience economic stagnation or even decline instead of economic growth. The curse is generally caused by too much of the country’s capital and labor force concentrated in just a few resource-dependent industries. By failing to make adequate investments in other sectors, countries can become vulnerable to decl...

  Nigeria, the largest economy in Africa, has been struggling with high inflation and low growth rates for a decade or more. Inflationary pressures and low growth have resulted in significant economic instability, making it difficult for businesses and individuals to plan and invest for the future. The government has employed various monetary policies to combat inflation and stimulate growth, but the results have been far from satisfactory. In this article, we will explore the monetary policy regime in Nigeria and its effects on the economy. Monetary policy refers to the actions taken by a central bank to regulate the money supply and interest rates in an economy. Think of monetary policy as a way for the government to influence how much money is being spent and borrowed, and how much it costs to borrow. The Central Bank of Nigeria (CBN) has employed various monetary policy tools, such as the adjustment of the cash reserve ratio (CRR), open market operations (OMO), loan to deposit ...

  Capitalism, as an economic system, has undoubtedly contributed to economic growth and development in Nigeria and around the world. However, as discussions on economic systems continue to be debated, amidst a range of socioeconomic issues faced by a significant portion of the population, this article seeks to explore why capitalism has not been as effective in tackling the various developmental and socioeconomic challenges faced in the country. Capitalism as an economic system is characterized by private ownership of the means of production and the pursuit of profit through market exchanges. In a capitalist system, resources, such as land, labor, and capital, are primarily owned and controlled by private individuals or entities rather than the state or government. The driving force behind capitalism is the market, where goods and services are bought and sold based on supply and demand. Whilst capitalism is not a perfect system by any means, it provides the potential to enable upwa...

  Inflation is a phenomenon that has plagued Nigeria's economy for several decades. The country has experienced several periods of high inflation, which has had a significant impact on the standard of living of Nigerians at all levels. This article will explore inflation in Nigeria, from its colonial past to the present day and examine approaches that may be effective in tackling this faceless thief of value. Copyright: Evan G. Schneider all rights reserved During the colonial era, Nigeria's economy was mainly based on agriculture, with most of the country's wealth being generated from the export of cash crops such as cocoa, groundnut, and palm oil. However, this changed with the discovery of crude oil in the 1950s, which became the mainstay of the Nigerian economy. The oil boom of the 1970s led to rapid economic growth and development, but it also had unintended consequences, including high inflation. Oil boom, inflation boom The first major inflationary period in Nigeria...