Understanding Business On The Streets of Lagos

2015 proved to be a very difficult year in Nigeria. Ngozi Okonjo-Iweala, Nigeria’s former Finance Minister warned, just before leaving office, that her successor would face a “difficult” year due to plunging oil revenues. She opined that the economy needs expert management to weather the storm. “We have a serious situation with a cash crunch,” she stated in an interview in Cape Town at the World Economic Forum on Africa. The main economic spender in Nigeria is “The Federal Government” and they are not spending any money, thus, the private sector is struggling to make any income. The second major economic spender in Nigeria is “The Oil Industry”, and they are also facing one of the most difficult eras in recent history.

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