Where is Nigeria’s Thriving Middle-Class in 2021? The Youth Want to Know

A truism of economies is they tend to thrive when they have a large stable middle-class. In the mid-2010s, one of the most aggressive facts promoted about the Nigerian economy was that it had created a large and thriving middle-class. Many observers were sceptical but were called naysayers. Today we are all concerned about the future of our economies which has become incalculable due to the uncertain impacts of COVID-19; rising inequality, growing poverty, upward concentration of wealth, and climate change. Nigeria is facing such concerns and has a serious youth immiseration and deprivation problem. And yes, the middle class and the less well-off are the hardest hit. Upward mobility for the youth has become a phantom.

Continue reading

The New Economy If You Are Not Rich 

How COVID-19 could push 49 million into extreme poverty | World ...
As we approach the uncertain aftermath of the COVID-19 pandemic, many developed and developing societies remain shaken, disrupted and precarious. Jobs and austerity are the main tacit or stated socioeconomic fear of most people. The political economy of despair we are witnessing never enters the perception or the historical heritage of a nation, place or people with positive reception. We accept COVID-19 as a global pandemic is a tragedy. Most will survive it, but the death toll remains staggering and the caused disruption colossal in many countries. Our daily transactions, interactions and relations society and the economy rely on had to cease indefinitely, but for how long?
The problem for most citizens around the world is the survival of their regular economic and social expectations. Individuals have had to deal with many trenchant uncertainties at once, unawares. Jobs, businesses, opportunities, property, status, privileges, leisure and rights, many aspire to or worked so hard to attain are now looking like the glimmers of a past era. Yet, in our free-market-oriented world, orthodox economic theory demands everyone without exception must be rational in their actions. Rational cannot prevent winter or make disasters disappear instantly. To ask robust rationality of citizens under conditions of despair or even prosperity is quite a stoic demand. The political economy of despair under the current paradigm is never complete without the contradictions it produces.

Continue reading

%d bloggers like this: