According to a survey published by The Economist, the number of Nigerians who choose to move abroad increased from 36 percent to 52 percent between 2014 and 2018, making it one of the highest rates in Africa.
Nigerians are groaning as inflation is running at 18 percent, while food inflation is at 23 percent, the highest in two decades, according to the study titled ‘Nigeria’s economy is caught in a rut.’
More than half of Nigerians are underemployed or unemployed, according to the survey.
Nigeria’s economic troubles also contribute to the country’s alarming increase in violence.
According to Jose Luengo-Cabrera of the World Bank, more people were kidnapped in the first four months of this year than in the whole 2020 year.
Banditry attacks and financial offenses are becoming more common among youngsters as they struggle to survive intensifies.
In the northeast, Boko Haram; in central Nigeria, a long-running war between farmers and cattle herders; and in the southeast, violence between government forces and Igbo separatists commonly known as Indigenous People of Biafra ‘IPOB’ are ongoing.
Since 2015, when oil prices plummeted, GDP per person has dropped last year.
The frequency of power outages is excruciating. The roads are often in poor condition, and the ports are often clogged.
Transporting a container 20 kilometers from Lagos’ port to the city will cost $4,000, about as much as shipping it 12,000 kilometers from China.
Nigeria’s problems are well-represented by the stagnant reform. Oil revenue has been used to subsidize petrol and energy for decades.
Many Nigerians have had enough, and a whopping 52 percent of the country’s population is attempting to relocate to a more prosperous country.