Global Economy Contracting, Prices Rising- MURIC
An Islamic human rights organization, the Muslim Rights Concern (MURIC), has alerted Nigerians that the economy of the world is contracting while prices are rising everywhere. The group concluded that shrinking economies all over the world should be a lesson for Nigerians to stop blaming their leaders for the current economic situation in the world.
It also advised the youth to make themselves assets to the country instead of making themselves liabilities.
The outcome of MURIC’s review of economies around the world was contained in a statement issued on Monday, 26th February, 2024. The statement was signed by its Executive Director, Professor Ishaq Akintola.
“As a result of the hyper-inflation which is currently being experienced in Nigeria and the attendant hunger, anger among the citizenry and frustration among the masses of our people, MURIC did a review of the global economy to find out experiences in other parts of the world.
“The world has not seen anything near this since the Great Depression of 1929 – 1939. In the seventy years since 1950, the world economy has experienced four global economic crises (1975, 1982, 1991, and 2009) but none has been as terrible as this.
“Britain recently revealed a 0.3 percent contraction in the fourth quarter of 2023 and has officially entered a recession. Also, two of the world’s leading economies, Japan and the UK, recently entered recession. Of course this reveals the financial struggles that most countries have been facing after the Covid-19 global pandemic (https://economictimes.indiatimes.com/small-biz/trade/exports/insights/charting-the-global-economy-uk-japan-fell-into-recession-at-the-end-of-2023/articleshow/107789836.cms?from=mdr).
“The war between Russia and Ukraine catapulted the price of wheat beyond the rational. Bread became gold in average homes around the world. Riots broke out on the streets of Paris, Frankfurt and other major cities of the world. Britain changed three prime ministers in twelve months.
“Even China is facing a banking and real estate crisis. Pope Francis just moved all of the church’s financial and liquid assets from all other banks to the Vatican Bank over this same global economic crisis (https://www.catholicworldreport.com/2022/08/23/pope-francis-instructs-vatican-entities-to-move-all-funds-to-vatican-bank-by-sept-30/). There are food shortages all over the world.
“These are signs of a global recession. Sometimes we are faced with helpless situations. That is when we must make the best out of the situation. The tough gets going when the going gets tougher. It is not an isolated Nigerian phenomenon. It is not a product of bad leadership.
“We must confess that social media, as volatile as it is, helped us in this task of reviewing economies worldwide. It provided us with some video clips in which we saw real life experiences of people concerning prices of goods in their countries of residence.
“One of the video clips reviewed by MURIC showed a middle-aged man who drove into a fuel station in the United Kingdom (UK). He bought 29 litres of fuel but he was shocked when he saw the cost was 50 British pounds. He was livid with anger and he complained bitterly.
“In another video clip, a man who is probably a Nigerian living in the United States (US) went into a mall to do some shopping. He found that the label on a single plantain was one dollar.
“A simple conversion exercise will show us that the 29 litres of fuel which cost 50 British pounds in the UK is equivalent to N100,000 (one hundred thousand naira) while the plantain which was bought at $1 in the US is equal to N1,700 (one thousand nine hundred Nigerian naira).
“It proves that fuel is cheaper in Nigeria than in Britain even after the increment. Plantain, and other food items by extension, are also cheaper in this country than in the US. At least one litre of petrol in Nigeria is still around N650 and 29 litres of that will come down to N18,850 and we are still buying five or six plantains at N1,000 depending on the size. It means what will buy just one plantain in Britain will give you five or six in Nigeria. Allah bless Nigeria.
“Another video clip called attention to certain major signs in global economy. It showed that in 2023, exempli gratia, the British pound fell to its lowest level against the dollar since 1985. Ditto for the euro which is currently at its 20 year low. The US had two lowest Gross Domestic Product (GDP) quarters. By definition, this is a recession.
“A member of MURIC who ‘japa-d’ to UK just last year with his wife and three children has been raining a plethora of complaints down from his place of sojourn. He called us specifically to advice Nigerians on the true situation of things outside the country.
“He regrets bringing his kids to Britain as they now constitute a liability. He cannot afford their school fees and the children have to stay at home. Consequently, his wife, who would have been earning additional income to support the family could not do so because she has to remain at home to take care of the children. They know that British police will knock on their door the moment any of those kids starts crying. No one dares abandon children at home in the UK.
“Nigerians already caught in the web of ‘japa’ syndrome are therefore advised to ‘japada’ (i.e return home), particularly if things are worse in the foreign country. Come back to help in the restoration of the Nigerian economy instead of building that of another country.
“Now, before you join any anti-inflation demonstration, before you burn a government property, call your friend, brother or sister in the ‘japa’ entrapment to ask them how much is a litre of petrol, a bar of bathing soap, one stick of banana, etc, over there.
“Ask them how they are coping with electricity, water, parking and other bills. Their response will make you realise that we are being spoon-fed in Nigeria but we do not appreciate it.
“Things are rough across the world. It is not an isolated Nigerian phenomenon. It is not a product of bad leadership. Let us therefore not demonise our current leaders for a circumstantial global economic issue over which they have no influence.
“MURIC has great respect for all our founding fathers. They are incompatible with our current leaders and we will not denigrate any of them for any reason. But even if we bring back all our beloved past heroes and founding fathers, Alhaji Ahmadu Bello, Alhaji Tafawa Balewa, Chief Obafemi Awolowo, Dr. Nnamdi Azikiwe, they will have a daunting task on their hands because they cannot operate outside the global economic system which is already toxic.
“The world is now a tiny global village and Nigeria is not an island. Stop wheat from coming out of Ukraine, stop oil from coming out of the Middle East, stop raw materials from coming out of sub-Saharan Africa and the world will stop breathing. It is called globalization.
“Nigerians should therefore learn to stop the blame game and become proactive and productive. Above all, we all must strive to become assets of sorts to the country, not liabilities relying on what the government can do for us without any attempt to do something for our dear country.
“In the face of the current hardship, MURIC advises Nigerians who have the means presently to have cash reserves enough for six months living and business expenses, reduce or completely stop all unnecessary expenses, avoid unnecessary yet costly trips outside your comfort zone, suspend involvement in all social gatherings and clubs, cancel subscriptions that you never use, minimise high interest debts and find something extra to do which will fetch you additional income.
“Whatever you do, anyway, do not allow bitter politicians and frustrated elements to make you demarket or destroy your country.”
