Over the years, merchants on agency banking platforms have played an important role in bringing the banking system closer to people. They also played a key role during Nigeria's cash crunch in Q1 2023. Despite their importance, there have been reports of people using them to commit fraud, prompting the government's recent decision to have all POS agents registered with the Corporate Affairs Commission. As of March 2024, 2.69 million POS terminals had been deployed, including those used as payment options.
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?
Between 2018 and 2021, adult literacy rates across African nations exhibited significant disparities. Seychelles and South Africa led with literacy rates of 96% and 95%, respectively, indicating a high proportion of literate adults. Conversely, Chad had the lowest literacy rate during this period.
These statistics underscore the uneven progress in educational attainment across Africa, highlighting the need for targeted interventions to improve literacy in lower-performing nations.
Nigeria was the seventh most populous nation in the world in 2020, with 206.1 million people. Projected to reach a population of 401.3 million by 2050, Nigeria will rank third after India (1st) and China (2nd). According to Institut national d'études démographiques' projections, Nigeria, Ethiopia, DR Congo, Egypt, Tanzania, and Kenya will be among the world’s top 20 most populous countries by 2050.
Between 2018 and 2021, adult literacy rates across African nations exhibited significant disparities. Seychelles and South Africa led with literacy rates of 96% and 95%, respectively, indicating a high proportion of literate adults. Conversely, Chad had the lowest literacy rate during this period.
These statistics underscore the uneven progress in educational attainment across Africa, highlighting the need for targeted interventions to improve literacy in lower-performing nations.
Nigeria's primary school enrolment has increased significantly, reaching 30.5 million enrolments in 2021. This highlights the country's efforts to expand access to education, with consistent annual growth in enrolments over the past two decades.
Notably, male enrolments have consistently surpassed female enrolments annually, but the gaps keep decreasing, signaling continued efforts towards gender parity in education.
Bitcoin has experienced a remarkable surge, with an increase close to $20,000 in just ten days to reach an all-time high (ATH) of $89.6K on November 11, 2024. This rapid rise depicts the potential of cryptocurrency markets, with Bitcoin leading the charge as the world's most recognised digital asset. The recent price movement shows a growing interest in Bitcoin as an investment asset.
Nigeria’s 13% oil derivation fund is primarily allocated to four states — Delta, Akwa Ibom, Bayelsa, and Rivers — which collectively receive over 90% of the fund annually. This funding is crucial for developing these oil-producing states, with Delta State consistently receiving the largest share in recent years. Other states, including Abia, Anambra, Edo, Imo, Lagos, and Ondo, receive smaller portions.
The 13% derivation fund is part of Nigeria’s revenue-sharing formula aimed at compensating oil-producing states for oil extraction's environmental and infrastructural impacts.
Note: Small allocations to Soku and Gbetiokun are also included in "others".
Nigeria's tax-to-GDP ratio remains significantly lower than regional averages, showing a gap in revenue mobilisation. While OECD countries reached a tax-to-GDP ratio of 34.2% in 2021, and even the African regional average stood at 18.8%, Nigeria's tax revenue represented only 6.7% of its GDP. This disparity emphasises the need for strategic tax policy reforms to strengthen Nigeria’s fiscal capacity.
In 2020, OPEC's oil prices dropped by 35% as global demand collapsed due to the COVID-19 pandemic. Two years of economic recovery followed before Russia, one of the world's largest oil producers and importers, invaded Ukraine in 2022. This invasion triggered global economic instability, resulting in a 21% decline in oil prices the following year.
Despite various cash assistance programmes, including the Conditional Cash Transfer (CCT) Program, and extensive macroeconomic reforms such as the unification of the exchange rate and the removal of fuel subsidies, poverty in Nigeria rose to 38.9% in 2023, leaving 87 million Nigerians in poverty.
Nigeria's tax revenue structure relies heavily on corporate income tax, which constitutes 35% of the total revenue, surpassing personal income tax and social security contributions. In contrast, the rest of Africa and OECD countries demonstrate a more balanced tax composition, with significant shares from personal income tax, VAT, and other tax categories.
This heavy reliance on corporate income tax highlights the unique fiscal structure in Nigeria, where other forms of tax contributions are less prominent. For those who wish to understand such fiscal models in depth or need support in presenting complex academic topics, services like hausarbeit schreiben lassen can offer professional guidance and structured academic writing tailored to economic subjects.
Nigeria’s national grid has experienced a record ten collapses/disturbances impacting power supply nationwide. From February to November, frequent disruptions have pointed out the grid’s vulnerability and the need for sustainable solutions to Nigeria’s energy crisis. These grid issues reoccur every 31 days on average, affecting households, businesses, and industries.
Madagascar, Burundi, and Mozambique lead Africa in female workforce participation, with rates above the global average of 48%.
The 2024 estimate ranks Nigeria 30th in Africa, with a female labour force participation rate of 52%.
