Africa News Broadcast 
Africa may be the most endowed among all continents in the world, but the economies of its member countries are on their knees. An analyst named some indebted African countries occupying the front seats as Egypt, Cote Ivoire, Ghana with Nigeria leading in 2024.
A veteran businessman, Alhaji Sani Nasidi says the cause of Nigeria’s current situation may be attributed to the devaluation of its currency, the Niara against the American dollar.
Alhaji Nasiri lamented about the high cost of basic food items that leave the ordinary Nigerian helpless. He suggested that the only way out of the problem was to avoid an economy that depends directly on the America dollar.
As majority of Nigerians expect an immediate solution to the problems bedeviling the economy, President Bola Tinubu embarks on a bold set of economic reforms that he argues are necessary and will bear fruit in the future.
He started by removing fuel subsidies that have resulted in a jump of fuel and food prices as well as transport costs. Prices of imported goods that form the bulk of the Nigerian economy have also jumped through the roof.
A former Nigerian banker and financial analyst, Aminu Philip Yado, described how terrible high fuel costs impact Nigerians at large. “Transportation is one of the major factors that affects the cost of produce in the market,” Yado said. “When you go to the farm and you have to harvest and transport at a very high cost, there is no way you can come to the market and charge low. You would certainly have to charge profitably and sustainably.” he added.
Labor unions in Nigeria have found it necessary, on countless occasions, to add their voices to the other numerous calls, but without success. Prominent among their calls was how inflation erodes their salaries.
“The same inflation is what caused companies to run away from Nigeria because they would not be making a profit,” businessman Alhaji Sani Nasidi told anbnews.net
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