Nigerian Economy 2018 - Stagnated due to awful Socialist Policies

The Nigerian president is someone who openly favors socialist tendencies over developmental strides. Well, considering that the Nigerian president is one of the most powerful (in terms of constitutional and non constitutional powers) among all democratically elected rulers in the World, you can see how that might be a problem.

Since the beginning of the administration in 2015, several socialist policies, all done in the name of 'welfare' have been implemented to the popularity of the regime, and detriment of the rest of the country. Also the administration has imposed its philosophy on supposed independent economic agencies, ensuring a lack of dissent from government bureaucracy.

Some instances the government has shown its favouritism for socialism include:

Economic Dictatorship
A Refusal to float the Countries Currency because it wanted people to feel relaxed under a false sense of stability despite the crash of oil prices in 2015. This greatly backfired and led to an exodus of investments, galloping inflation and an even worse eventual devaluation. This market manipulation strategy, despite the warnings of top economic advisers, has caused a very slow recovery process from the shocks of oil prices that has seen Nigeria overtake India with the highest amount of poor people in the World (86 million).

Fraudulent Social 'welfare' Schemes

I call them fraudulent because they neither solve the problem of poverty nor is it even sustainable to maintain. Schemes such as the school feeding program and distribution of $15 monthly to a few select poor people are merely political gimmicks meant to increase popularity and by no means addresses the poverty issue.

Other instances of socialist inteferences include: government regulation in Privately owned national assets like power supply means that Investors are scared to put in their money in the fears of no returns.

It remains to be seen if the economic advisers will be able to save the economy before it becomes too late, as downhill seems like the only path we're headed.