2019!ABERRATION OF ECONOMICS IN NIGERIA

2019!ABERRATION OF ECONOMICS IN NIGERIA

BY ABDULMUMINI ADEKU.

PHOTO CREDIT:VARIOUS SHOTS OF THE POPULAR BALOGUN MARKET IN LAGOS,NIGERIA COURTESY OF GOOGLE SEARCH

If Adams Smith ,famed father of Economics and his other illustrious contemporaries were to be alive  then even they will be shocked to find out that Nigeria can defy their theory of the laws of Demand and Supply.

In a brief chat with The News office Desk of the E.N.M.Paedia Express Multimedia Group of Lagos,Nigeria ,an impeccable source who had a contact with the open but informal market on the 24th of December,2018 ,a day to Christmas said that he was at a big loss as to how to explain the nation's economic woes .

According to him,his experience with the open market shows that there were lots of food based commodities nearing roof top pricing sitautions but quickly added that with a little or no consumers to buy them .

He noted that there were even several cases of people been pleaded with to buy some of this commodities but to no avail.

In his works contained in his literary masterpiece  titled:The General theory of Employment ,interest and Money ,the Economist ,John Maynard Keynes believed that the economy should guide all as if the government does nothing a depression will certainly occur and this could continue for a very long time  and could even get worse in the process.

According to the Oxford African Encyclopaedia ,Keynes  noted that nations should produce and yet that should encourage industry and business to produce more of goods.

He had said that when there was a depression the government ought to think seriously of reducing taxes  it receives so that people have more cash or money to bring in more goods.

This should encourage business and industry to produce  more,with more of the people been able to find jobs .

He also said that government should spend more money on public works like the construction of roads as this will invariably help to provide more jobs and give the people money to spend as the government will not be receiving enough cash from taxes t pay for these public works.

The government can borrow from the Central Bank while the latter should make things easier for commercial banks to lend money to businessmen .

Since Keynes ,there have being no large economic depressions as the last big depression was in 1929 before his ideas were developed and then universally accepted..