The state of Kaduna was founded in 1912 by British colonial ruler Lord Frederick Lugard. Throughout its colonial history, it served as the political, administrative and economic centre of the north of Nigeria. As an academic centre with many tertiary educational institutions, Kaduna earned the nickname “the Centre of Learning”. In recent years state authorities have worked to develop Kaduna’s...
Africa Economy
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Nigeria faced new economic headwinds in 2020. While the country’s growth has traditionally been stymied by issues such as electricity shortages, bureaucracy and a lack of transparency, the pandemic added a new set of challenges. GDP contracted by 1.9% in 2020, reversing a three-year period of consistent – albeit moderate – expansion. Youth unemployment, a long-standing challenge for Nigeria,...
Chapter | Country Profile from The Report: Nigeria 2022
Nigeria is the 14th-largest country in Africa by land mass and is culturally diverse, with a population of more than 200m spanning over 250 ethnic groups. It is rich in natural resources, with some of the largest proven oil reserves in Africa, and has a strong agriculture sector, with major exports including rubber, cocoa, peanuts and palm oil. The country gained independence in 1960 and...
With a population of over 200m, Nigeria is a large and diversified economy, despite the government’s reliance on oil and gas revenue. While the Covid-19 pandemic and subsequent oil price crash caused a contraction in economic growth in 2020, it also led to rapid digitalisation across commerce, education and communication. This shift is expected to put Nigeria in a favourable position for recovery in the medium term.
Following on from a year in which supply chains and international travel were severely disrupted, 2021 saw an increase in global cooperation, as institutions, businesses and governments alike sought to work together to find solutions to some of the world’s major challenges.
Economic update | Africa: Year in Review 2021
8 Dec 2021
Driven by a combination of higher commodity prices, the relaxing of lockdowns and a recovery in global trade, Africa has had some success in overcoming the recession provoked by the coronavirus pandemic and returned to growth in 2021.