According to The Economist, the number of Nigerians who want to relocate abroad rose from 36 percent to 52 percent between 2014 and 2018, making it one of Africa’s highest numbers.
According to the report titled “Nigeria’s Economy is caught in a Rut,” Nigerians are grimacing as inflation is at 18 percent, with food inflation at 23 percent, the fastest in two decades.
According to the report, more than half of Nigerians are underemployed or unemployed.
Nigeria’s economic woes are also a factor in the country’s troubling rise in crime.
According to Jose Luengo-Cabrera of the World Bank, more people were abducted in the first four months of this year than in the entire 2020 year. Banditry attacks and financial crimes are becoming more frequent among youths as their fight to survive intensifies.
Boko Haram in the northeast; a long-running conflict between farmers and cattle herders in central Nigeria; and sporadic unrest between government forces and Igbo rebels identified as Indigenous People of Biafra (IPOB) in the southeast.
Last year, GDP per person fell for the first time since 2015, when oil prices collapsed.
Power outages are becoming more common. Roads are often in terrible condition, and ports are often clogged.
A container would cost $4,000 to transport 20 kilometers from Lagos’ port to the city, which is around the same as shipping it 12,000 kilometers from China. The stalled reforms in Nigeria are a good representation of the country’s issues. For decades, oil income has been used to subsidize petrol and power.
Many Nigerians have had enough, and nearly half of the population is attempting to migrate to a more stable region.