According to 2022 and 2023 data for 40 African countries, Egypt leads in the value of manufacturing output reaching $59.6 billion in 2023 despite a 21% drop from 2022.
Nigeria follows with $55.7 billion, while South Africa comes third with $48.8 billion.
When Olusegun Obasanjo took office in 1999, the exchange rate was ₦97 to $1; it was ₦128 under Yar'Adua in 2007. During Jonathan's tenure in 2010 it was ₦151 while it was ₦199 when Buhari was in office.
Despite efforts to let market forces decide the rate, the naira continues to weaken. Will the current administration turn things around soon?
Nigeria's manufacturing sector contributed 9.2% (₦3.37 trillion) to the total GDP in H1 2024, mainly driven by food, clothing, and cement, which make up a combined 79.5% of the sector's GDP.
Smaller sectors like Non-Metallic Products, Wood & Wood Products, and Motor Vehicles & Assembly could expand with targeted investments. The minimal impact of Oil Refining and Electrical & Electronics underscores the need for diversification.
While Agriculture and Telecommunications remain the largest contributors to Nigeria's GDP in H1 2024, the Finance & Insurance sector stands out with a 30% growth rate.
Other sectors, including Water & Waste Management and Mining & Quarrying, also experienced significant growth.
Nigeria's GDP in H1 2024 is driven by 22% from Agriculture, 19% from Information & Communication, and 16% from Trade, collectively accounting for 57% of the economy.
Total GDP grew by 3.08% during this period.
Nigeria, Egypt, and Morocco have consistently led Africa's diaspora remittance, contributing 67% of the continent's total inflows since 2000.
In 2023, African nations received $94.78 billion, with Egypt, Nigeria, and Morocco leading.
Here are the top ten countries since 2000.
Africa's remittance inflow nearly reached $100 billion in 2021, driven by contributions from Nigeria, Egypt, and Morocco, the top recipients on the continent.
Growing from $9.7 billion in 2000 to $97.6 billion in 2021, highlights the crucial role of the African diaspora.
Only 10% of Nigerians earn above ₦100,000, according to the Nigerian Financial Services Market Report. This aligns with most reports about Nigeria, and it's in sharp contrast to the narratives online.
The average price of cooking gas in Nigeria has increased significantly, from ₦370 per kg in early 2016 to ₦1,390 per kg in June 2024.
After prices peaked at nearly ₦1,500 in May 2024, they fell by 6.1% in June.
The contributing factors to the increase include global energy fluctuations, naira depreciation, supply chain disruptions, and changes in domestic policies.
Here are the average prices of cooking gas in Nigeria since 2016.
Prices of food items like tomatoes, yams, Irish potatoes, and brown beans have witnessed more than a 250% increase over the past 12 months in Nigeria. The country's headline inflation rate went from 24.08% in July 2023 to 34.19% in June 2024.
