POOR STATE OF THE ECONOMY ROOT CAUSES

Root Cause Analysis Diagram of the Poor State of the Nigerian Economy

In this short paper, I have adopted a methodology or approach called RCA (root cause analysis), to
assist in visualising and documenting for readers, some of the economic problems within the economy and this is not meant to be an exhaustive list. It gives stakeholders a high-level, visual perspective.

That said, Root cause analysis (RCA) is the process of discovering the root causes of problems in order to identify appropriate solutions. RCA assumes that it is much more effective to systematically prevent and solve for underlying issues rather than just treating ad hoc symptoms and putting out fires. 

The enables for the detection, of the root cause to the problem or occurrence and goes on to provide  knowledge of how to solve, compensate for, or learn from any underlying issues within the root cause.

Finally, we may use what we learned from the investigation to systematically prevent future problems or replicate successes.

Most of these are outside the scope of this short paper, but will also necessitate answers from various subject-matter specialists. I'm just interested in identifying and presenting some of the difficulties with the health of our economy in a pictorial manner for easy viewing.

Please see the diagram below. The major issue/problem is the economy's bad situation, labeled as Economic crises. 

The triggers or inputs into why the economy is in such a bad position are labeled as causes of the problem, as well as how these causes have shown themselves, which I have categorized as symptoms.

 Each of these symptoms can be studied further in order to provide appropriate answers.

Most if not all of these symptoms were obtained from analysis of available data from the NBS, national bereau of statistics:

Lekan Thomas

Is a Business Analyst and Electronic Engineer (with extensive expertise in assisting both public and private organisations  accomplish their goals), writes from Lagos.

 

      Twitter: @LekanThomas_Esq

      Insta: @lekanthomaz

 

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