A central conundrum of Nigeria’s past decade of 7% average annual GDP growth has been the consistent rise in unemployment, poverty and inequality of distribution of wealth. Although the conclusions of the rebasing exercise, unveiled in April 2014, lifted per-capita income from $1555 to $2689, this new accounting will no doubt sound hollow to the more than 60% of...
Nigeria’s banks have been through some challenging times in recent years, but for all their travails, they have turned in an impressive performance and continue to present a compelling narrative to foreign investors. However, the challenging times are not over just yet. West Africa’s largest banking sector – accounting for 74% of regional banking assets and now fully...
As the continent’s largest economy, Nigeria plays a central role in West Africa both diplomatically and economically, and nowhere is this more evident than in the influence it exerts within ECOWAS – West Africa’s economic and trade grouping. ECOWAS was founded in 1975 and its charter revised in 1993 with the mission of promoting economic integration through monetary and...
Nigeria is in the midst of its third and longest attempt at sustained democratic rule, with the latest landmark coming with the 2015 presidential election, which saw the country’s first peaceful handover of power in more than three decades. The March poll, which involved a new biometric identity system, saw Muhammadu Buhari, a candidate from the All Progressives Congress...
Nigeria’s rich ethnic and religious diversity, coupled with its resource wealth and poor governance, has at times contributed to localised incidences of violence, ranging from an insurgency in the oil-producing Delta region starting in the 1990s to tensions between villages in the country’s “middle belt”, where Muslim and Christian populations regularly mix. Rarely are...
There is no shortage of superlatives to describe Nigeria. It is Africa’s most populous country, the continent’s largest oil producer and a top destination for foreign investment. As of April 2014, Nigeria is now the continent’s largest economy as well, as a result of an overdue revision in its GDP calculation.
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