A leading Nigerian economist has issued a stark warning about the potential economic fallout from the country's deteriorating relationship with the United States, suggesting it could have severe consequences for millions of citizens.
Professor Godwin Owoh, an accomplished economic consultant and policy analyst, expressed deep concerns that the current diplomatic tensions could significantly widen poverty levels and hurt Nigeria's economic growth prospects.
The Domino Effect on Nigeria's Economy
According to Professor Owoh, the rift with America could trigger a chain reaction of negative economic outcomes:
- Reduced foreign investment: American companies may hesitate to invest in Nigeria, limiting job creation
- Trade complications: Existing trade relationships worth billions could be jeopardized
- Currency pressure: The naira could face additional strain without US economic support
- Technology transfer barriers: Access to American innovation and technical expertise might be restricted
Impact on Ordinary Nigerians
The economist emphasized that the consequences would extend far beyond government circles, directly affecting everyday citizens. "When major economic partnerships suffer, it's the common man who feels it most profoundly," Professor Owoh stated.
He pointed to potential scenarios including:
- Higher prices for imported goods and essential commodities
- Reduced employment opportunities in sectors dependent on US partnerships
- Limited access to educational and healthcare resources supported by American aid
- Decreased remittances from Nigerians living in the United States
Call for Diplomatic Resolution
Professor Owoh urged both nations to prioritize dialogue and find common ground, noting that Nigeria's development goals are closely tied to maintaining strong international partnerships. He stressed that while Nigeria should pursue its national interests, completely alienating a key economic partner like the United States could prove costly.
The economic expert concluded that "strategic diplomacy, not confrontation, is what Nigeria needs to navigate these challenging times and protect the economic wellbeing of its citizens."
