Nigerians on X analyze the country’s economy
On Friday, 25th of October, an X user with the username @ndekekwe posted an analysis of Nigeria’s economic situation using air and water transportation as key metrics:
“Good People, our economic indicators in Nigeria have severely diminished. I just completed my back-the-envelope village boy study and the results are troubling. Three indicators:
– The number of active aircrafts parked in Nigeria’s leading local airport at 9pm have dropped by more than 30% from Jan 2023 numbers.
– The number of ships coming to Nigeria have dropped, and most troubling, ships continue to depart Nigeria largely empty. Ask your friends to climb the tallest buildings in Marina Lagos and count occasionally over a week, how many are coming and leaving, and how loaded they are.
-International traffic in Nigeria’s main airport – MMA Lagos – is off by more than 50% compared to Jan 2023 numbers. To do that, ask people who work there to take photos at 8pm WAT, and send them to you from Monday to Sunday.
If supply chain is the engine of commerce, the implication is that if our supply chain is seeing a significant drop, it does mean that our economic activities have reduced. Again, this is not a scientific study, but this is one way I have been using for years to provide a quasi-independent evaluation of where things are.
We need to quadruple our efforts to avert economic paralysis.”
What are Nigerians saying about this?
@tonyajah
Nigeria under the present administration is experiencing an economic paralysis. Some people will still argue.
@PeterObiUSA
Yet on Arise TV, I watched coordinating minister of economy Wale Edun and CBN Gov. Cardoso talk up how our economy is doing well with increasing gross reserves in the Nigeria Investment section at the sidelines of the IMF/World Bank conference in Washington DC yesterday.
This snapshots are an important indicator of were things really stand in the economy and a predictor of where they are going.
Until we address government corruption, currency stability, affordable energy prices , steady electricity, and solve insecurity in Nigeria, there can be no easy way out of this.
@Despapi
These observations are concerning and highlight significant shifts in Nigeria’s economy. Declines in aviation activity, shipping volumes, and international traffic suggest reduced economic activity and potential supply chain constraints.
To reverse these trends, we need targeted policies that boost trade, support local industries, and attract foreign investments. Strengthening supply chains and incentivizing exports could provide the stimulus we urgently need to sustain Nigeria’s economy.
@Gr8ofnnetwork
But many Nigerians complained that our import is too much. Your fellow economists said we import almost everything. So, if our foreign dependency drops, why worry? Nothing goes out (export) because apart from crude, nothing to give others. So, equation balance
@Chukyjunior
On the flip side, our air should be fresher & experience improvement in quality.
At least on environmentalists’ charts, we’ll start going up as vegetation overruns abandoned built up facilities and we witness a growth in vibrant ecological ecosystem where nonexistent before!
@momoduoladapo
even the roads are empty. I met a senior staff of Ahmadu Bello University yesterday and learnt from him that he’s packed his prado at home and opted for an Electric bike to run around town. If big man dey improvise wetin poor man wan do?
@captfaj
Taking pictures at the old terminal at 1am where very few airlines operate..will produce a picture like this…Heathrow looks like this at 1am…please share actual passenger numbers…,also take picture of the new terminal at 7pm when most international flights are checking!!!!
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