How have over-reliance on foreign products change Nigeria.

[TOZZIBLINKZ]

Nigeria Nigeria is a developing country that is presently under the state of destruction this is because the Nigerian economy is not finding a way to produce its own goods and services so as to sell to other economy important to make economic revenue . Nigeria over-reliance on the petroleum industry have made a lot of Nigeria neglect other sector about our economy ranging from agriculture and goods production . No wonder its citizens and people rely on the importation of foreign products most of this one product are essential and consumer goods which the consumer needs for basic survival .

Due to the over-reliance on the importation of foreign product the rate of skill creativity in Nigerian youths have been reduced . This is actually true because a lot of people have think that since Nigeria is importing goods and services from other country then there is no need to create our own ways to boost revenue production and economic productivity . Thereby increasing the cost of goods and services , decreasing the cost of living , and finally it also decrease the standard of living because most imported goods and commodities are imported with high price rate and when these goods are being sold to inhabitants of the Nigerian country it is being sold for a high price .

 

[Setho]

When it comes to economics the most important metrics about a country and how you can be able to survive very well is that you should be able to consume exactly how you are producing or you should not be importing more than You're exporting.

Nigeria is one of the countries that would have benefited a lot if the gross domestic production was something that the leaders had been looking out for a long time . The country has a lot of potential especially when it comes to agriculture but there is still a large number of the population that believes that food from foreign sources are usually superior to their own . This actually tells a lot in the country's finances because a lot of money is going to be spent in importing of this kind of foods .

Over-reliance on foreign product has also created a massive brain drain in the country. This is because people are always going to leave the country in order to search for companies that are producing the things that we are. This means that companies abroad are always going to be looking for young and top talents that she would have otherwise stayed to develop the country.

 

[CALVINDOL]

It is totally true the business activity of importation have actually affected the Nigerian economy not in the good way but in a negative way . Nigerians are so used to the habit of importation and because of that we have become over dwelled in the commercial activity of importation . And because of this we do not have the development and growth idea to our economy produce and manufacture our products and services so that other economies and country can also import from us . It is assumed and considered the only thing that Nigeria exports to other country is petroleum and even if we do have the agricultural sector it is not hundred percent effective if you have to capitalise on that .

The over-reliance on foreign products which also leads to the importation of goods and services from other countries other people using it by yourself have made a lot of Nigerians to leave their home countries to go to other countries because Nigeria is actually not make any growth and development agenda to what's the production and manufacturing of its own goods and services and this has made majority of its citizens to leave the Nigerian soil to go to other places to find greener pastures .