Episode Overview:
In this episode of Econ with Dr. A, Dr. Abdullah Al Bahrani, an Associate Dean and Associate Professor of Economics at the Haile College of Business, dives deep into the personal impacts of macroeconomic changes, with a spotlight on the inflation crisis in Nigeria and its repercussions on students. Joined by students Michael, Fawwaaz, and Fred, the discussion unfolds the real-world implications of economic theories, focusing on the soaring inflation rates in Nigeria and their direct effect on the students' lives and education.
- Michael Bawaji: A sophomore studying engineering physics and mechatronics engineering technology at NKU, and the 2024 sophomore junior homecoming king.
- Fred Smal: Also a sophomore at NKU and a fellow under Dr. A, Fred brings a personal connection to South Africa and reflects on his observations of the economic challenges faced by his peers from Nigeria.
- Fawwaaz: A research assistant at Northern Kentucky University, Fawwaaz is deeply involved in research on economic issues, including the integration rates of immigrants in the USA. He brings to the table a firsthand perspective on the challenges international students face due to inflation in their home countries.
1. Personal Impacts of Inflation: The conversation begins with a focus on the personal experiences of students from Nigeria, detailing how the rampant inflation rate, hitting 28.9%, and the consequent rise in the cost of living and education, affects them directly. Michael and Fawwaaz share their struggles with the depreciating value of the Nigerian Naira and the financial burdens it places on their families.
2. Economic Analysis: Dr. A analyzes the situation by discussing the causes behind the inflation in Nigeria, including government reforms and the removal of subsidies. The discussion delves into the broader implications of these economic policies, such as increased transportation and energy prices, and the attempts to balance the budget and reduce government debts.
3. Global Context: The conversation contextualizes the Nigerian situation within a global framework, drawing parallels with other countries facing similar economic challenges, such as Argentina. This global perspective underscores the universality of economic challenges and the importance of understanding macroeconomic principles.
4. Educational Impact: The dialogue also covers the significant impact of inflation on educational expenses for international students, with tuition rates effectively increasing by over 100% for Nigerian students due to currency depreciation. This part of the discussion highlights the additional hardships faced by students in accessing education abroad.
5. Policy Implications and Hope: The episode wraps up with a look at the potential policy measures to mitigate these economic challenges and the importance of hope and economic education in navigating through economic crises. The guests and Dr. A discuss the role of government communication in maintaining public trust during economic downturns.
The Takeaway
This episode of Econ with Dr. A not only sheds light on the statistics behind inflation but also humanizes the economic discussion by bringing forward the stories of those directly affected. It serves as a reminder of the real-world consequences of economic policies and the resilience of students facing these challenges head-on.
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Impacts of Inflation on Students from Nigeria- Michael Bewaji and Fawwaaz Abdulazeez