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.
The product of two years of work, recalibrated figures for Nigeria’s GDP, which shifted the base year from 1990 to 2010, were published in April 2014. As a result, the economy leapfrogged 10 places in global rankings, with 89% growth in GDP in one stroke. As in any rebasing exercise though, the new figures are a double-edged sword. The updated national accounts reveal...
With a balanced budget for 2014, Saudi Arabia plans to spend everything it expects to earn. However, the biggest influence on revenue is the price that the Saudi Arabian Oil Company is able to charge for a barrel of its oil, meaning there is a significant margin for error in fiscal planning. In 2013 the government earned more and spent more than it...
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