Post by Trade Coach on Jan 20, 2017 19:03:38 GMT 1
As the year 2017 rolls on, there is no doubting the fact that it may not be good morning yet on creation’s day for the average Nigerian businessmen/consumers whose purchasing power has continued to nose-dive.
Specifically, the last quarter of the year 2016 which looked hopeful abi initio, has remained a mixed container for Nigerian exporters and this is no thanks to the rapidly cascading national economy into full-scale recession. Indeed, the revelations emanating from all regulatory bodies and known economist analysts particularly the National Bureau of Statistics (NBS) have been rather scary and dreadful.
As it were, both micro and macro economic indices are pointing towards the negative zone. Manufacturers, importers and the likes are daily facing hard times in sourcing foreign exchange, while they are being confronted with ever rising cost of doing business in Nigeria. Infrastructural facilities continued to worsen and government efforts at fixing the economy remained feeble and inchoate. What a very terrible time to be and remain in profitable business in Nigeria.
In the face of all this unwholesome and unfriendly business period in Nigeria, the different agencies of government have not relented in charging multiple taxes to further pain the business outfits.
The pathetic situation of Nigerian consumers was aptly captured recently in a paper presented by the Managing Director of The Thy Global Investment Limited, Mr. Ismail Abdul Azees to members of some visiting team across the states of the federation and members of the senior staff of the company at its head office, Ota, Ogun State recently.
Also, the sky rocketing prices of food items continue to be another source of dreadful worry to an average Nigerian.We expect the increase in the inflation rate to continue as government continue to ignore all proposals to checkmate the economy anomalies.