Nigerian Economy Takes a Dive

After months of denial, the Nigerian government has finally come to terms with the fact that its country is experiencing much of the same economic crises as many other developing countries. Bloomberg recently listed the Nigerian Stock Exchange as having the 2nd worst downturn in the world, and this dropoff has affected not only the poor, but the wealthy as well. Additionally, many doubt that the Nigerian government has the capasity to deal with or even address the catastrophe in the making. Most banks have stopped loaning money altogether, and the country's budget is projected to shrink drastically from last year due to much lower prices of crude oil, which is the last thing that the government needs when trying to deal with an economic crisis. Compounding the problem, the country's infrastructure is in shambles and militants are disrupting trade. If the country is to quickly and successfully recover, reforms must be instituted from the top down that encourage foreign investment. This is essential in bringing in much-needed revenue to overhaul Nigeria's broken economy.

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