Changes in the Nigerian Business world Since the President Buhari

No doubt there has been great changes in business, since the inception of a new and extreme Presidency.

Here are some of the few changes the policies of this government have managed to rain down on their beloved Nation.

1)   The Devaluation of the Naira: After the presidency strong-willed on not giving in to letting the naira fall, It finally happened. But if this was done sooner, it might have saved a lot of money spent on the black market purchase.  Oil price continue to dwindle as the Niger delta militants attacks have also caused a big downfall in Nigeria oil exports

2)   Increase in food/ commodity prices: there has been significant increase in all prices of goods. Even the prices of locally produced goods are hiked due to cost of fuel and transportation and also materials needed to produce that commodity. In a country that has 33% of its population below the poverty line, it can only mean that majority of the Population is suffering.

3)   Ban on Importation of More Items: The world bank estimates that removing import ban would lift 4million Nigerians from poverty, the presidency rather prefers to shore up the currency and stimulate domestic production. The economist says “History has shown this would not work”

4)   Tightened and expensive smuggling: Smugglers spend up to one million naira for a large truck of goods to bribe their passage through.

5)   Increased new businesses:  While Nigeria is seeing a new rush in entrepreneurship, not much attention is being given the sector especially in this time of economic crisis.