Nigeria is the largest economy in Africa with a GDP of $ 487bn in 2015, according to the World Bank. The country asserted the mantle of the continent's largest economy in 2013, following a rebasing exercise. However, its large population means that Nigeria remains a comparatively poor country in per capita terms, with a lower GDP per capita than several of its sub-Saharan neighbors. Following a real GDP contract of 1.5% in 2016, the IMF forecasts that growth will reach 0.8% in 2017 and 1.9% in 2018. While growth began to pick up in the first half of 2017, Nigeria still has much work to do. However, there is the sentiment that the economy has turned a corner and has begun to see a silver lining. Devaluation of the naira, rising inflation, the drop in oil revenues, the slowdown in oil production, and the leader softening of growth,
In The Nigerian Rice Economy the authors assess three options for reducing this dependency - tariffs and other trade policies; increasing domestic rice production; and improving post-harvest rice processing and marketing - and identify improved production and post-harvest activities as the most promising. These options however, will require substantially increased public investments in a variety of areas, including research and development, basic infrastructure (for example, irrigation, feeder roads, and electricity), and rice milling technologies.
This paper discusses outlook and risk for Nigeria. Its economy has been hit hard by global developments that have aggravated longstanding development weaknesses. Macrofinancial outcomes are closely linked with the price of oil. Policy uncertainty has amplified the impact of global developments. The large permanent terms-of-trade shock requires a significant macroeconomic adjustment. It is important to initiate urgently an integrated package of policies centered on a fundamental change in the nature of government; reducing external imbalances (including real exchange rate realignment); further safeguarding the resilience and improving the efficiency of the banking sector; and implementing structural reforms for inclusive growth.
The Nigerian economy is at a critical juncture. A weak pre-crisis economy characterized by falling per capita income, double-digit inflation, significant governance vulnerabilities and limited buffers, is grappling with multiple shocks from the COVID-19 pandemic. Real output is projected to contract by 3.2 percent in 2020, with a weak recovery likely to keep per capita income stagnant and no higher than the 2010 level in the medium term. Policy adjustment and reforms are urgently needed to navigate this crisis and change the long-running lackluster course.
An urgent Penguin Special investigating the 2014 mass-kidnapping of 276 schoolgirls by the world's deadliest terrorists On 14th April 2014, 276 girls disappeared from a secondary school in northern Nigeria, kidnapped by the world's deadliest terror group. A tiny number have escaped back to their families but many remain missing. Reporting from inside the traumatised and blockaded community of Chibok, Helon Habila tracks down the survivors and the bereaved. Two years after the attack, he bears witness to their stories and to their grief. And moving from the personal to the political, he presents a comprehensive indictment of Boko Haram, tracing the circumstances of their ascent and the terrible fallout of their ongoing presence in Nigeria.
This Selected Issues paper analyzes mobilization of tax revenues in Nigeria. Low non-oil revenue mobilization is affecting the government’s objectives to expand growth-enhancing expenditure priorities, foster higher growth, and comply with its fiscal rule which limits the federal government deficit to no more than 3 percent of GDP. There is significant revenue potential from structural tax measures. A broad-based and comprehensive tax reform program is needed in the short and medium term to address these objectives and generate sustainable revenue growth by broadening the bases of income and consumption taxes, closing loopholes and leakage created by corporate tax holidays and the widespread use of other associated tax expenditures, as well as creating incentives for the subnational tiers of government to raise their own source revenues.
The English-language branch of the Nigerian film industry, Nollywood, has become the third largest in the world. Nollywood films saturate Nigeria and have spread across the African continent, achieving an astonishing extent and depth of cultural influence. They are the most important modern cultural form to come out of Africa. In this book, Jonathan Haynes aims to map out the cultural terrain of Nollywood films much more comprehensively and ambitiously than has been to date. He in effect establishes a canon for Nollywood films. The book is organized around the historical development of Nollywood film culture, which is explored with close attention to the recent history of Nigeria. Throughout the book, genre (defined with reference to common usage in Nigerian film markets) is the principal framework. Thus after establishing a sense of the material and social circumstances out of which Nollywood was born and exploring a few landmark films, Haynes analyzes the durable set of themes and plot types that dominate the industry and reveal deeply embedded tensions in contemporary Nigerian life. These genres include family films and romances, village films, cultural epics, political films, films made in or about the Nigerian diaspora, and campus films. Haynes concludes by offering some remarks on the future of Nollywood, exploring the buzz around a New Nollywood of films with higher budgets fit for international film festivals and widespread screening in cinemas in Nigeria and abroad."
The Nigeria Urbanization Review serves the critical and timely purpose of understanding the challenges and opportunities of urbanization in Nigeria. The country’s rapid urban population growth and expansion is examined in relation to the account of its recent urban economic growth in order to seek for ways to finance urban development, particularly the provision of urban public goods and services. The objective of this analytical program is to provide diagnostic tools to inform policy dialogue and investment priorities on urbanization. This report serves the critical and timely purpose of focusing attention on the challenges and opportunities of urbanization in Nigeria. The executive summary at the front summarizes the key trends of Nigeria’s urbanization and sets out a framework to structure core urban challenges in view of underlying causes. Detailed analyses follow in the subsequent four chapters. In Chapter 1, the dynamics of Nigeria’s urbanization process are presented, with particular attention to the country’s rapid urban population growth, the very large-scale urban expansion, and the stubborn persistence of high levels of urban poverty, inequality and regional disparity. Chapter 2 provides an account of Nigeria’s recent urban economic growth, in view of the nature of the concentration of economic activity across the country’s states and cities, and of the limited performance of urban and regional economies in generating higher levels of employment and improving business climates. Chapter 3 turns to description and assessment of land management, urban planning and housing provision procedures and systems, which face a variety of challenges with regard to costs, affordability, capacity, equity and efficiency. Finally, Chapter 4 deals with the financing of urban development, particularly the provision of urban public goods and services, which is in need of both substantial finance and institutional and systemic improvements and reform.
Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.
In Religion and the Making of Nigeria, Olufemi Vaughan examines how Christian, Muslim, and indigenous religious structures have provided the essential social and ideological frameworks for the construction of contemporary Nigeria. Using a wealth of archival sources and extensive Africanist scholarship, Vaughan traces Nigeria’s social, religious, and political history from the early nineteenth century to the present. During the nineteenth century, the historic Sokoto Jihad in today’s northern Nigeria and the Christian missionary movement in what is now southwestern Nigeria provided the frameworks for ethno-religious divisions in colonial society. Following Nigeria’s independence from Britain in 1960, Christian-Muslim tensions became manifest in regional and religious conflicts over the expansion of sharia, in fierce competition among political elites for state power, and in the rise of Boko Haram. These tensions are not simply conflicts over religious beliefs, ethnicity, and regionalism; they represent structural imbalances founded on the religious divisions forged under colonial rule.
