Over the last decade, by its sheer resilience, the Nigerian economy has survived two recessions and a once in a lifetime global pandemic. In addition, headwinds have manifested in the fallouts of global financial crises as well as new shifts in international arrangements which have sparked tensions and wars, such as the War in Ukraine. For an economy such as ours that is heavily vested in agriculture, extreme weather resulting from climate change has exacerbated domestic tensions due to scarcity of shared resources, even as these changes further undercut global harvests, lowering food production, increasing shortages, and causing prices and instability to rise.
As a whole, the global economy has been slow to resolve and adapt to these new conditions. Supply chains remain unreliable. Production is suppressed. Trade costs have increase. Political tensions spread. During this period, the nation’s average economic growth has been positive, but not robust enough to translate into significant improvement in the socio-economic condition of the people.
