NIGERIA’S ECONOMIC CRUNCH: RADICAL PROGRAMMES NEEDED TO END CAPITALISM-INDUCED CRISIS
NIGERIA’S ECONOMIC CRUNCH: RADICAL PROGRAMMES NEEDED TO END CAPITALISM-INDUCED CRISIS 1. Nigeria’s economy is in serious dire strait , no doubt. a. By the end of this month, ten manufacturing businesses will close shop according to Manufactturers’ Association of Nigeria (MAN), while over 50,000 jobs have already being lost in Abuja, according to Chair of Abuja Chamber of Commerce (Punch, 24/02/2016), all due to inability to access forex for raw materials and business activities. In fact, in December 2015 when dollar sold for less than N260 at parallel market, non-oil export fell by 25% month-on-month and 75% year-on-year, mostly driven by fall in food and mineral export (ProShare, 16/02/2016). By the end of this quarter, there are expected mass layoffs across boards. b. The current economic crisis exemplified by the revenue fall and foreign exchange crisis, is a product of many years of neo...
