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The economic woes currently plaguing Nigeria have tightened their excruciating grip on Imo state, leaving its citizens to grapple with the harsh realities of a struggling economy.
With traditional employment opportunities scarce, resourceful youths in Imo state are exploring innovative – and sometimes unorthodox – ways to earn a living, reflecting the state’s precarious economic reality.
As the economic situation in Imo state continues to deteriorate, a growing segment of the population is resorting to illicit means to make ends meet, a concerning trend exposed by local journalists.
According to an Owerri based economist, Dr Felix Ubochi Adindu, “this kind of situation, is usually the case in any country or state.”
Adindu said further that people as human beings find something to keep body and soul together, explaining, “that is the reason, every government should strive hard to provide job opportunities for the people especially the unemployed youths.”
Economic analyst Johnson Ezeagu Ibe weighed in on the crisis, painting a dire picture of a state gripped by anxiety and widespread hardship, with residents struggling to cope with the escalating economic pain.
The economic expert implored the state and federal governments to join forces and launch a comprehensive rescue effort, stressing that the situation demanded a swift and collective response to prevent further economic devastation.
According to him, “Nigerians need permanent measure to cushion the hardship and not all these temporary palliatives which is not going round.”
He noted that some unpatriotic top government officials have cashed in on the issued palliatives by cutting corners.
“Government should create jobs by establishing industries to accommodate the teeming unemployed people especially the youths,” he emphasized.
The economist noted, ” the most important thing government should do to get the economy running is to create a very peaceful atmosphere for investors, both local and foreign to come in.”
A worrying exodus is underway in Nigeria, with a growing list of multinational companies opting to exit the country and set up shop elsewhere, a move that has triggered a flurry of questions about the government’s ability to create a favorable business climate.
Read also: Imo State To Welcome Bank Of Industry Branch — Gov Uzodimma
The economic downturn has drawn criticism from business stakeholders, including Chief (Mrs) Agnes Okwuchi Udemba, who heads a major shopping mall in Owerri and contends that President Bola Ahmed Tinubu’s oil subsidy repeal has had a devastating impact on the economy.
She said, ” the removal of oil subsidy was a very bad gift to the people of this country by President Tinubu.
To soften the blow of the subsidy repeal, Chief (Mrs) Udemba advocates for the creation of a powerful pricing watchdog, legally equipped to tame the surge in costs and stabilize the market.
Chief (Mrs) Udemba further recommended that state governments establish their own agencies to collaborate with the federal body, warning that failing to do so would embolden economic saboteurs and exacerbate the crisis.
The economic downturn has taken a devastating toll, with countless individuals unable to afford medical care, resulting in needless fatalities, Chief (Mrs) Udemba lamented, urging the government to take swift action to alleviate the suffering.
