UMD NFLC Hausa Lessons/135 The Nigerian Economy and the Global Financial Crisis

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Overview

Lesson Title: The Nigerian Economy and the Global Financial Crisis This is a report about the state of the Nigerian economy.

  • Language: Hausa
  • Topic: Economics/Politics
  • ILR Level: 2+/3
  • ACTFL Proficiency: Superior, Advanced-High
  • This ACTFL rating is an approximation based on the ILR level
  • Modality: Reading
  • Learning Objective: Maintenance & Improvement
  • Subject Area: Language
  • Material Type: LLO
  • Publication Year: 2009
  • ObjectID: T8RHA05

Transcript


Source Text Translation

Rikicin hada-hadar kudi ta kawo wa tattalin arzikin kasar Nijeriya barazana

Cikin shirin yau za mu yi muku bayani kan barazanar da aka samu kan tattalin arzikin kasar Nijeriya, sakamakon rikicin hada-hadar kudi da ke addabar kasashen duniya.

Wakilin kamfanin dillancin labaru na Xinhua ya ruwaito mana labarin cewa, a wajen taron kwamitin zartaswa na tarayyar Nijeriya da aka yi shi a Abuja, hedikwatar kasar Nijeriya, bisa matsayinsa na taron karo na farko da aka yi cikin shekarar 2009, Umaru Musa Yar'adua, shugaban kasar Nijeriya, ya amince da cewa, yanzu an fara gano mugun tasirin da rikicin hada-hadar kudi ya kawo wa tattalin arzikin kasar. Shi ya sa ya bukaci gwamnatocin kananan hukumomin kasar da su dauki matakai don tinkarar barazanar rikicin hada-hadar kudi.

Shugaba Yar'adua ya ce, a wajen wasu abubuwa ne an fi samun ganin cewa rikicin hada-hadar kudi na haifar da barazana kan tattalin arzikin kasar Nijeriya, kamarsu kudin shiga da gwamnatin kasar ta samu na raguwa, kasuwar hannayen jari na samun tashi fadi, kuma farashin kudin Nijeriya wato Naira na dinga faduwa idan a kwatanta shi da dalar Amurka. Shugaba Yar'adua na ganin cewa, tattalin arzikin kasar Nijeriya na faduwa cikin wani mawuyacin hali, shi ya sa ya umarci gwamnatocin kananan hokumomi na kasar da su dauki matakai cikin sauri, don kauce wa tabarbarewar tattalin arzikin kasar. Bayan taron, shugaba Yar'adua ya sanar da kafuwar wata kungiya ta musamman don yaki da rikicin hada-hadar kudi, inda kungiyar na karkashin jagorancin shugaban kasa, kuma tana kunshe da manyan jigogin kasar masu kula da aikin kudi da tattalin arziki, da shahararren masanan tattalin arzki, ta yadda za a fito da matakai don tinkarar rikicin, da kuma daidaita ayyukan sassa daban daban na gwamnatin kasar.

Gwamnatin kasar Nijeriya ta fi samun kudi a wajen sayar da danyen mai. Shi ya sa faduwar farashin danyen mai a kasuwannin kasa da kasa ta sa gwamnatin kasar Nijeriya ta shiga cikin mawuyacin hali na samun raguwar kudin shiga. Ban da wannan kuma, yawan kudin kasashen waje da kasar Nijeriya ta ajiye a gida ya ragu daga fiye da dalar Amurka biliyan 60 na watan Augusta na shekarar 2008 zuwa kimanin biliyan 52 na karshen shekarar 2008. A halin yanzu, farashin danyen mai shi ne kimanin dalar Amurka 40 bisa ko wace ganga, bai kai dala 45 yadda gwamnatin kasar Nijeriya ta yi hasashe cikin kasafin kudinta na shekarar 2009 ba. Shi ya sa halin da gwamnatin kasar Nijeriya ke ciki a wannan shekara wajen aikin kudi na da wuya.

Haka zalika, tun daga farkon shekarar 2008, kasuwar hannyen jari ta Nijeriya ta kasance cikin hali mai wuya, inda aka dinga samun faduwar hannayen jari, musamman ma cikin karshen rabin shekarar 2008. Zuwa karshen shekarar bara, muhimmin maki na kasuwar hannayen jari ta kasar ya fadi da kashi 40%.

Bisa alkaluman da baitul'malin kasar Nijeriya ya bayar, an ce, zuwa ran 15 ga watan Janairu na shekarar da muke ciki, darajar kudin Nijeriya wato Naira ta fadi zuwa Naira 150 bisa dalar Amurka 1, inda faduwar ta kai kashi 26%, idan a kwatanta da farashin da na farkon watan Disamba na shekarar 2008.

Manazarta na ganin cewa, kafuwar kungiyar musamman ta yaki da rikicin hada-hadar kudi na da nufin cewa, za a samu sauye-sauyen yanayi kan manufar aikin kudi da ta tattalin arziki ta kasar Nijeriya, bisa kara jin radadin rikicin hada-hadar kudi a jikin kasar, wannan ka iya taka rawa mai kyau ta yadda kasar Nijeriya za ta samu nasara cikin aikinta na yaki da rikicin hada-hadar kudi.

Financial Crisis Threatens the Nigerian Economy

In today’s program we will provide you with an explanation of the threat the financial crisis that is plaguing the globe poses to the Nigerian economy.

A correspondent from the Xinhua News Agency tells us that at the Nigerian Federation’s first executive committee session in 2009, held in Abuja, the capital of Nigeria, Nigerian President Umaru Musa Yar’Adua agreed that we are now beginning to understand the negative effects the financial crisis is having on the country’s economy. Therefore, he has asked the country’s local governments to take steps to combat the threat of the financial crisis. President Yar’Adua said that, based on various indicators, there is a clear sense that the financial crisis poses a threat to the economy of Nigeria: government revenue is down, the stock market is in decline, and the value of Nigeria’s currency, the naira, is again falling in comparison to the U.S. dollar. President Yar’Adua believes that the manner in which the Nigerian economy is declining is troubling, so he has ordered the country’s local governments to act quickly to forestall a breakdown in the country’s economy.

After the meeting, President Yar’Adua announced the establishment of a special body to combat the financial crisis, under the leadership of the president, that includes the country’s important financial leaders and prominent economic experts, whereby steps would be devised to confront the crisis, as well as improve the activities of various departments in the national government.

The Nigerian government receives most of its income from the sale of crude oil. Because of this, the falling price of crude oil on the international market has caused a troubling decline in income for the Nigerian government. Meanwhile, Nigeria’s domestic reserve of foreign currency has declined from more than $60 billion U.S. dollars, in August 2008, to around $52 billion at the end of 2008.

Currently [early 2009], the price of crude oil is about $40 per barrel, below the $45 that the Nigerian government estimated in its budget for 2009. And so, the Nigerian government’s financial situation for the year is problematic. Moreover, since the beginning of 2008, the Nigerian stock market has faced difficulty; stocks have fallen again, particularly in the last half of 2008. Through the end of last year, the main index of the national stock exchange fell by 40%.

According to statistics provided by the Nigerian treasury, as of January 15 of this year, the value of Nigeria’s currency, the naira, had fallen to 150 naira to 1 dollar, a decline of 26% compared to the price at the beginning of December 2008.

Observers believe that the establishment of a special body to combat the financial crisis suggests that there will be changes in Nigeria’s financial and economic policy, given the distress the country is feeling from the financial crisis, and so this is a positive step by which Nigeria will be successful in its efforts to combat the financial crisis.

Notes

1. Nigeria’s Economy and Government

Nigeria is among the richer countries in Africa because of the country’s oil and natural gas industries. According to the CIA World Fact Book, Nigeria’s economy is largely based on oil; the government’s export of oil accounts for approximately 80% of the national budget. Nigeria also exports a large amount of cocoa, as well as staples such as corn, rice, and sorghum. Nigeria trades predominately with Western countries; the United States imports more than 50% of the country’s exports.

“Nigeria.” CIA.gov. Retrieved March 23, 2009, from https://www.cia.gov/library/publications/the-world-factbook/geos/ni.html

2. Nigeria and External Cooperation

Nigeria is the most populous country in Africa; it has an estimated population of 130 million inhabitants. To increase national development and economic growth, Nigeria has been a key player in the creation and implementation of a wide range of economic plans and practices at the regional, continental, and international levels. The Economic Community of West African States (ECOWAS) and the New African Partnership for Development (NEPAD) have opened opportunities for international trade and regional cooperation for West African states, including Nigeria.

3. More Information

a. Visit Wikipedia's entry on the Economy of Nigeria for more information about Nigeria's economy at this URL:

“Economy of Nigeria.” Wikipedia.com. http://en.wikipedia.org/wiki/Economy_of_Nigeria

b. To learn more about Nigeria and its recent and upcoming economic developments in response to the global financial crisis, visit the Economist’s website via this URL:

“Country briefings, Nigeria.” Economist.com. http://www.economist.com/countries/Nigeria/profile.cfm?folder=Profile-Forecast

Glossary

Hausa Explanation
sakamakon (lit: result, consequence) threat
dauki matakai take steps to combat
haifar da results in, because of
hannayen jari (lit: the hands of the Capital) income, money, currency
tashi fadi (lit: rise and fall) decline, down
mawuyacin hali troubling
tabarbarewar tattalin arzikin breakdown in the country's economy
haka zalika moreover, likewise
mugun tasiri negative effects
kudin shiga (lit: money that comes in) incomeKudin shigarefers to the money that that Nigeria makes from exports.
sauye-sauye changes
jin raddadin feeling distress
hada-hadar kudi (lit: money issues) financial crisis
barazanar tattalar arziki threat to the economy
wannnan kan iya taka rawa (lit: this can dance the same step as) this is a positive step