Nigeria is experiencing major economic problems

Africa's most populous country, Nigeria, is experiencing major economic problems. The country is struggling with high unemployment and rising consumer prices. The number of people on the brink of poverty is still growing here. This is also due to a number of bad decisions by top Nigerian politicians and the covid-19 pandemic. Nigeria is a Member of the Organization of the Petroleum Exporting Countries and one of the five largest oil exporters in the world. A state with more than 200 million inhabitants, and thus one of the most populous units in the world. However, this country has been experiencing great difficulties recently. A number of bad political decisions, entrenched corruption and over-reliance on oil are just some of the problems currently plaguing the country. One of the biggest is the significant increase in poverty. The Bloomberg portal informed about it. The history of this country is strongly marked by British colonization and gained full independence only in 1960. For a long time, however, it fought a number of corrupt governments in the twentieth century. Nigeria did not gain hope until 1999, when, after several decades, it was possible to end the military dictatorship there and establish a democratic regime. However, the country did not experience the first completely fair and especially free elections ten years ago. However, Nigeria is now struggling with significant crime, high tensions and inter-ethnic conflicts, and is facing a significant increase in discontent from the young generation, which is the largest in the world after India and China. The state is heavily built on oil. However, if it is used less and less in the world, the problems in this country will continue to escalate. Oil and its exports currently account for about half of the state's state budget revenues. This commodity accounts for up to ninety percent of total exports, which is why there is a risk of a significant increase in poverty. Of the estimated 200 million people, more than 60 percent live on the border. Together with South Africa, Nigeria generates about half of gross domestic product in sub-Saharan Africa. The country also has significant, but still little used, natural gas reserves.