All tagged COVID

The Challenges and Importance of Saving as a Young Nigerian

The onset of COVID-19 profoundly impacted the world, and its effects are still palpable today. With some regions not having fully bounced back from the spiral effect of the virus, the recovery has been slow. The lockdown affected economic activities, strained our finances, and challenged the government to help people out of their financial misery. Due to the pandemic, the projected global economic growth in advanced economies is expected to slow down to 0.5% in 2023 from 2.5% in 2022, while emerging economies are expected to decline to 2.7% in 2023 from 3.4% in 2022.

The Economic Impact of Ride-Hailing Apps on the Taxi Industry

Imagine strolling the bustling streets of a metropolitan city and needing to travel to different places. Aside from subways, you have two options: hail a taxi, or use your phone to book an Uber/Lyft. Undoubtedly, many people would choose the latter. With just a click away, transportation network companies (TNCs) like Uber and Lyft have skyrocketed in popularity, providing consumers with an affordable and convenient way to get around to places. Unfortunately, these services have also had a negative impact on the traditional taxi industry, leading to a loss of jobs, and increasing the risk of monopolies in the transportation industry.