Bitcoin Key To Unlocking Nigerian Recovery From Recession

President Buhari has just unveiled his latest plan to get Nigeria back on track in terms of economy. While not much has been reformed so far under President Buhari, the latest plan, the Economic Recovery and Growth Plan has outlined the main aims which will allow the economy to grow out of the current recession. Main aims have included the diversification of the economy which has been dependent on oil for much of its capital, into other forms such as international trade, and considerable support is planned to buoy the Naira by increasing the liquidity of markets.

buhari to benefit from bitcoin ?

The Economic Recovery and Growth Plan has also outlined how Buhari aims to reduce the countries dependence on imports as he aims to create a exporting power by implementation of the plan itself. Lack of economic direction and the inability to harness entrepreneurship among the young have been pointed as the two biggest factors hindering potential growth. While the plan will inevitably help the economy itself, many have highlighted the potential of Bitcoin and such cryptocurrencies in aiding the recovery process

‘We must become a nation where we grow what we eat and consume what we produce. We must strive to have a strong naira and productive economy,” Buhari said. The Senate President, Bukola Saraki, pledged the support of the legislature to making the document work.

In terms of tackling corruption, Bitcoin has been heralded as incorruptible. Partly due to its blockchain platform, all transactions are public and can be viewed by anyone on demand, vastly restricting the opportunity for profiteers to potentially rob the state. Being one of President Buhari’s campaign pledges, the crpytocoin may prove its worth as the incorruptible currency.

Furthermore, lowering the inflation rate has become critical to the success of the plan itself. Only with a lower inflation rate will the purchasing power of the Naira increase against the likes of the dollar, but while liquidity remains restricted, demand will constantly be higher than supply hurting the exchange rate. With Bitcoin technology the potential for Forex has been blown wide open as the likes of NairaEX allow rapid conversion of your Naira into Bitcoin which can be used internationally to purchase Dollars or even Pound Sterling.

Written By

Hi I'm Aleppo Allesadero a experienced bitcoin user and educator. Having worked for over a year in the bitcoin journalism ive seen bitcoin grow from strength to strength asserting its power against fiat currency. Hopefully you too can learn about this exciting new prospect which may help transform the way we see finance and economy on a daily basis.