These 10 tips will help you survive the forthcoming recession

The world has been taken by a storm- COVID-19. In addition to its devastating impact on human lives, the virus and its associated impacts have resulted in a sharp drop in crude oil prices to below US$20 per barrel in April from US$70 per barrel at the start of 2020. The implication of this drop will be felt on the Nigerian government’s revenue for 2020, given that oil revenue accounts for over 60% of government income....

Continue Reading

Covid-19, Crude Oil Price and their impacts on the Nigerian Economy

On the 28th of April 2020, I (Wilson Erumebor) was interviewed by Africa Business Radio and we discussed the effect of the crash in crude oil price and the outbreak of Covid-19 on the Nigerian Economy. Below is the transcript of the interview. Interviewer: This global pandemic has defined 2020 and Nigeria is no exception. What is your opinion on its impact on the economy so far?  It is unfortunate that the world is experiencing such pandemic right now,...

Continue Reading

Understanding Nigeria’s N40 trillion Consumption Expenditure

In May 2020, the National Bureau Statistics (NBS) released 2019 Consumption Expenditure Pattern in Nigeria. According to the NBS, the purpose of this report is to portray household consumption expenditure types by food and nonfood items at the national, zonal level, and state level, and also the urban/rural split. Total consumption expenditure for 2019 in Nigeria was N40.2 trillion. While expenditure on food accounted for 57%, non-food expenditure had a share of 43%. This brief provides...

Continue Reading

Five reasons why Nigeria’s next economic recession will be worse than ever

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 low as US$50 pb and a possibility of falling further, in addition to wavering oil production, the finances of the Nigerian government and the country’s exchange...

Continue Reading

Three Scenarios for Nigeria going into 2050

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 pressure on social amenities, infrastructure, food security, human capital and jobs. With these in mind, how prepared is Nigeria for this demographic emergency and what...

Continue Reading

Nigeria’s Closure of Land Borders; What Next?

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 officials of Benin Republic and Niger and proposed several conditions for the countries to adhere to. Some of these include the compliance with the rule...

Continue Reading

Wilson Erumebor’s Interview on Spark Magazine

Wilson Erumebor, The Economist With over a decade of experience working with organizations that focus on Economic and Social research, Industry research, Policy advocacy, Consulting and Credit ratings, Mr. Wilson Erumebor in his interview, was open to addressing some of our concerns on poverty and how skill empowerment and social reforms through good governance can provide possible solutions to alleviating this. PROFESSIONAL BACKGROUND Currently the Senior Economist with the Nigerian Economic Summit Group, Wilson Erumebor focuses on research...

Continue Reading

Are younger Nigerians optimistic about the country’s future?

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 the third most populous country in the world. 67% of this population will be below 35 years which results in about 270 million people. This...

Continue Reading

These six sectors are crucial for Nigeria to tackle unemployment

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 economy has created less than 1 million jobs per annum since 2015. This jobs deficit as well as the growing entrants into the labour market...

Continue Reading

Here’s how increase in prices affects the average Nigerian

When prices increase faster than income, the purchasing power of individuals becomes eroded. This has been the case of Nigeria for several decades. The Consumer Price Index (CPI), which is simply an accumulation of prices has shown an astronomical increase over the years. Between January 2009 and August 2019, the CPI increased by 228%, fueled by higher food prices, falling exchange rate and increase in the price of fuel among other factors.  On the other hand,...

Continue Reading