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REPORT: 7 States Contributed to $1.4bn Capital Importation in Q3
With a 12.86 percent increase, when compared to the second quarter of 2020, the total value of importation into Nigeria in the third quarter stood at $1,461.49m as only seven states contributed to this increase. The National Bureau of Statistics published that the largest amount of capital importation received was through other investment, accounting for…
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Pandemic, Recession and Inflation
Many countries including Nigeria are currently in recession. The year 2020 has been characterized by the coronavirus (COVID-19) pandemic. Its impact has continued to have a severe impact on businesses, households, and economies globally and one of its consequences is inflation. Though inflation affects all of us; but most importantly high inflation could be hostile…
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The Fall and Fall of the Nigerian Naira
According to the Central Bank of Nigeria (CBN), Nigeria’s currency, the Naira, fell by nearly a fifth of its value on the official exchange rate window, in the five months between March and August of this year from 305 to the U.S. dollar to 379 on August 21, for a roughly 24.3% decline. Nigeria’s currency,…
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Nigeria’s Spiking Food Inflation Continues Unabated
The prices of food items have increased by approximately 30 per cent in different parts of Nigeria over the last one year according to the Nigeria Bureau of Statistics, (NBS). The price of 1kg of onion rose from N202 to N270.59 showing a 33.38 percent increase. The average prices of local rice and imported rice…
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Poverty Alleviation: Unrealistic And Unproductive
The concept of poverty is that it hinders the development of a country. The world bank measures poverty in terms of daily spending of $1 to $2 per day per person. Previous administrations in Nigeria have continually made efforts to address the challenges of poverty through different programs and policies, some of them include National…
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Youth Empowerment: The Government’s Plan
The End SARS protest didn’t only tell the world about how youths were brutalized by the Nigerian Police Force, it also showed the level of hope the average Nigerian Youth have about the Nigerian system. Thousands of Youth gathered all over the world in solidarity asking for better treatment from its leaders. Protesters were not…
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Minus 6.1% Growth: The Steepest the Nigeria Economy Has Gone In 10 Years
Major Factors That Influenced The Economic Recession The reports released by the National Bureau of statistics on Saturday, November 21, stated that Nigeria has plunged into economic recession for the second time in 5 years. Considering that Covid-19 gave the citizens a fair share of ‘personal economic recession’ in the wake of 2020 during the…
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The Unemployment Crisis in Nigeria
In 2019, the Nigerian government said the unemployment rate would reach 33.5 per cent by 2020. Chris Ngige, Minister of Labor and Employment, said at the time that the incessant increase in the rate of unemployment in the country was alarming. According to him, the high unemployment rate shown in NBS reports at the time…
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Economy: Dependence Of Niger Republic and Nigeria
The border between Nigeria and the Republic of Niger is the longest among Nigeria’s neighboring countries. Both countries have a strong historical background, share a common language and religion across neighboring towns, and have been trading partners for decades. The Republic of Niger and Nigeria have always had strong historical and social ties as they share…