GOSSIP-Japanomics
Since the return to democratic governance in 1999, Nigeria has undergone significant economic reforms and policy changes. The middle class has played an active role in that process, advocating for good governance, accountability, and economic development. The rise of the telecommunications sector and the expansion of the banking & financial services, along with more recently the technology industry, created new opportunities for the middle class, including employment, entrepreneurship, and investment.
READ MORE https://punchng.com/nassembly-plans-quick-screening-private-sector-demands-forex-reforms/
However, the worsening economic situation in Nigeria has seen spending power curtailed and disposable income eroded, leading to a reduction in the size of the middle class. This has been exacerbated by an exodus largely to Canada, the United States, the United Kingdom, and Australia in a term colloquially known as “Japa”. Japa (pronounced “jak-pa”) is a Yoruba word that means to run away from danger and has popularly encapsulated the general sentiments of the youth in Nigeria. In this article, we examine the role that the Nigerian middle class has to play in driving economic development and explore some of the consequences of the “Japa” movement.
