In 2020, Nigeria recorded its largest trade deficit of N7.38 trillion. The dollar value of exports significantly declined from US$122 billion in 2011 to US$32.8 billion in 2020. This brief examines Nigeria’s trade in goods performance in 2020 using recent data from the NBS....
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On Friday, February 28, 2020, Nigeria reported the first confirmed case of the Corona virus. Prior to this, Nigeria has been feeling the impact of the virus through declining crude oil prices in the international market. Oil price (Bonny light) declined from US$70 per barrel (pb) in January 2020 to US$50pb on February 28th, below the 2020 budget benchmark of US$57pb. With oil price as...
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At the "Nigeria 2050 Forum" hosted by the Nigerian Economic Summit Group during the Social Media Week in February 2020, Wilson Erumebor shared insights on Nigeria’s rising population and its implication on different aspects of the economy. Nigeria’s population is projected to rise to over 400 million by 2050, making Nigeria...
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By the year 2050, Nigeria’s population will more than double its current size to reach 402 million, making Nigeria the third most populous country in the world. Also, in 2050, 67% will be below 35 years and about 62% will fall in the working age group. This growing population will create...
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In August 2019, the Nigerian government announced the partial closure of land borders in the country. The move was accentuated into a full closure in October with the government citing smuggling and lack of adherence to ECOWAS treaty by neighbouring countries as reasons. A month later the Nigerian government engaged...
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Nigeria has a major unemployment challenge as unemployment rate rose steeply from 3.6% in 2006 to 23.1% in 2018. Nigeria's population is expanding at 3.2% per annum. Data from the NBS show that an average of 4.8 million Nigerians entered into the labour market from 2015 to 2018, while the...
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Have you ever wondered why despite achieving a high GDP growth in the 2000s, Nigeria still experienced increase in unemployment and poverty? From 2000 to 2012, Nigeria experienced high GDP growth rate which averaged 7.2%. However, during the same period, poverty and unemployment rate increased. One major reason is the pattern...
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