This should be sad news to many Africans, because the one-time ago soaring eagle of Africa, the heartbeat of the Sub-Saharan Africa and the giant of Africa is now becoming a dot in the global sphere.
Some Africans reading this might be wondering how this affects them, please let me elaborate.
It is quite obvious, that the lovely Green Queen of Africa was slowly becoming wretched, not long after the Federal government couldn’t resolve the recurrent terrorist killings in north, and when the same government announced that it was going to remove all fuel/oil subsidies.
I suddenly realized something must have been wrong; or else why would a sane government that is quite aware of global economic downturns and much aware of the relative African poverty surge, among other developmental issues try to encourage more economic hardship for its citizens?
Well it’s quite simple. “The Green Queen” is almost experiencing what King Louis of France, the husband of the famous Marie Antoniette endured: about to be broke.
Bloomberg had reported in 2011 that Nigeria registered a loss of 7.4% in the third quarter, and also its borrowing value is very not favourable at the moment, simply meaning that we were likely to face a recession and we also had problems coming out of it.
Without taking proper actions, Africans are going to be literally asking for foodstamps from other foreign countries and we might need to mortgage our lands, – which is our most viable resource as the renowned Julius Nyerere once noted.
To migitate these woeful realities, both social and business enterprises in Africa need to collaborate and probably adopt some smart market bonding strategies that will provide survival and resurgence to its citizens.
And if we don’t eventually do this, our various business investmentsnwill slowly become collaterals handed over to foreign groups.
I simply believe we can do a lot more, if we Africans just put heads together and help ourselves.
And we’ll live purplly ever after.