Understanding the Nigerian Economy and other Economic Issues that impact on Personal Income
Upcoming SlideShare
Loading in...5
×
 

Like this? Share it with your network

Share

Understanding the Nigerian Economy and other Economic Issues that impact on Personal Income

on

  • 751 views

A presentation on Nigeria's economic issues and its implications

A presentation on Nigeria's economic issues and its implications

Statistics

Views

Total Views
751
Views on SlideShare
751
Embed Views
0

Actions

Likes
0
Downloads
8
Comments
0

0 Embeds 0

No embeds

Accessibility

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

CC Attribution-NonCommercial LicenseCC Attribution-NonCommercial License

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Understanding the Nigerian Economy and other Economic Issues that impact on Personal Income Presentation Transcript

  • 1. Understanding the Nigerian Economy and other Economic Issues that impact on Personal Income
  • 2. Economic Issue: Unsteady and High inflation rate .
    • Implications:
    • High cost of goods and services.
    • You pay more than you ordinarily should and so it encroaches on your personal budget
  • 3. Economic Issue: Rate of increase in Personal Income trailing far behind inflation rate. Implication: Your income is fairly steady while prices rise arbitrarily – you spend against your plans.
  • 4.
    • Economic Issue :
    • Rate of increase in Personal Income trailing far behind inflation rate .
    • Implication :
    • Your income is fairly steady while prices rise arbitrarily – you spend against your plans .
  • 5.
    • Economic Issue :
    • Substandard & fake goods flood the market .
    • Implication :
    • Your assets break down or spoil easily and you have to replace so often – So you spend more than envisaged .
  • 6.
    • Economic Issue :
    • Poor or outright lack of infrastructural facilities such as roads, electricity, water etc .
    • Implication :
    • You spend more on maintaining assets.
    • You buy what should not have been necessary e.g. electric generators, borehole machines .
    • You maintain the unplanned assets e.g. fuel the generator and service and repair it.
  • 7.
    • Economic Issue :
    • - Lack of Social Security,
    • Implication :
    • It has been said that in Nigeria, the family is one of the main forms of insurance. Maintaining aged parents e.g. reduces the amount available for savings and investment.
    • Hard to do business.
    • Care of nuclear and also extended family members add pressure to personal income.
  • 8.
    • Economic Issue :
    • High unemployment rate .
    • Implication :
    • High rate of dependency: You care for others that you did not plan for. This increases the pressure on your income .
  • 9.
    • Economic Issue :
    • Social Status syndrome .
    • Implication :
    • “ Bigmanism”, showing off in friends’ circuit, in extended family meetings, at social gatherings; to neighbors.
    • Leads to unwise and irrational spending .
    • Unnecessary loss of hard earned income.
  • 10.
    • Economic Issue :
    • Polygamy
    • Implication :
    • Increases expenses .
  • 11.
    • Economic Issue :
    • Unsteady Higher Educational System .
    • Admission into Higher Institutions is difficult as places are few.
    • Implication :
    • Students having to stay longer in school at the expense of the parents.
    • Those who could afford it send their children to private institutions that charge cut throat fees .
    • Parents resort to sending their wards to expensive private institutions – double pressure on personal income.
  • 12.
    • Economic Issue :
    • Failure to distinguish between Capital and Profit in an investment venture .
    • Implication :
    • Eating up Capital of the business thus causing business collapse .
  • 13.
    • Economic Issue :
    • Fraudsters abound (e.g. Advance Fee Fraud alias 419, and Wonder Banks) .
    • Implication :
    • Loss of capital to fake business partners . Need to be vigilant
  • 14.
    • Economic Issue :
    • Corruption .
    • Implication :
    • You are made to pay for what you should not pay for – unnecessary additional pressure on your income .