Rams, chickens, and the price of survival
- The price of a ram for Eid in Nigeria has reached ₦400,000, exceeding the national minimum wage for several months.
- Over 70% of household income in Nigeria is spent on basic needs, indicating a survival economy rather than one of prosperity.
- More than $5 billion has been invested in African fintech startups over the past decade, yet the promised transformation remains unfulfilled.
The current state of Nigeria's economy reflects a critical need for a paradigm shift in how financial technologies are utilized. Instead of merely facilitating transactions, fintech should be harnessed to empower local production and innovation. This requires a concerted effort from both the government and private sector to create an environment conducive to sustainable economic growth.
