More effective transaction processes and lower charges encourages Nigerians to seek cross-border employments amidst harsh local economic conditions. Jonathan Chester, President of Bitwage , says to Cointelegraph: “When it comes to the unbanked, now they have a way to receive international wages in a convenient and scalable fashion. There is nothing scalable or safe about needing to go to the same cash withdrawal location on every payday, to grab a bag of cash which you need to smuggle back home to hide underneath your bed.” The nation’s failing economy
The dwindling economic situation has seen young Nigerians lose their jobs mostly by being laid off by their employers. Fresh graduates litter the whole place seeking to be absorbed into a crashing labour market as the business environment presently reflects so much unfriendliness to operators within the sector.
The dismal gross domestic products (GDP) and job reports, besides the current high inflation levels (13.7 per cent) clearly show that the government’s economic policies are not effective and require an urgent review to avoid further plunge in economic activities, analysts have warned.
The National Bureau of Statistics (NBS) has released the nation’s economic scorecard for the first quarter of the year – GDP and Unemployment Reports. The GDP report depicts that the nation’s economy plunged into negative territory with a decline of 0.36 per cent year-on-year (y/y) in real terms. The growth rate is 2.47 per cent and 4.32 per cent lower than what was achieved in the last quarter of 2014 and corresponding period of 2015 respectively. In nominal terms, the total value of the nation’s economy was put at N22.26 trillion in the first three months of the year.
Assessing the Q1 GDP number, analysts at Eczellon Capital Limited stated that the first quarter figures have set the tone for the nation […]
