Category Archives: Economics

Jumia – Nigeria’s Online Shopping Answer to Amazon


Report on the growing online shopping sector in Nigeria.

Africa’s Economies: Nigeria, South Africa and Zimbabwe


Al-Jazeera report focusing on the economies of three African countries: Nigeria, South Africa and Zimbabwe.


Although Nigeria’s economy is typecast one-dimensionally about oil, Nigeria’s agriculture sector accounts for 40% of GDP. It also spends a whopping one-third of Nigeria’s federal budget on food imports.

Blackberry Targets Nigeria for Growth


Blackberry is facing fierce competition in Europe and America from smartphones like Android and iPhone. While Apple has been making headlines in Europe and America, Research in Motion (Blackberry’s Canadian owner), is looking to gain market share in Nigeria. There are four million people using smartphones in Nigeria, and half of those phones are Blackberries. In the next four years, that number is expected to hit 25 million.


Investing in Africa: Opportunities and Challenges


Sub-Saharan Africa will be home to seven of the world’s ten fastest growing economies in the next five years. At a recent Thomson Reuters event, U.S. Sen. Christopher Coons joins top African investment managers and business leaders before a live audience to identify key opportunities and ways to address risks, in a panel moderated by Reuters Editor-at-Large Sir Harold Evans. The video features local investors such as Yemi Lalude of Adlevo Capital and Bismark Rewane of Financial Derivatives Company Limited as well as a number of Africa focused foreign investors. Watch the video below.

Big Spending Nigerian Shoppers Besiege London

Good article in the Guardian about how Nigeria’s rising middle class are outnumbering most foreign shoppers in London.


Key stats:

*Nigeria has 142,000 visitors to the UK per year.

*US supermarket giant Wal-Mart sees space for 50 stores in Nigeria.

*Other big name brands like Apple see potential in Nigeria’s expanding economy and rising middle class.


Air Nigeria Employees Protest After Collapse of Airline


Report on protests by employees of Nigeria’s second biggest airline, air Nigeria, which has collapsed after allegations of huge debts. The airline’s owner Jimoh Ibrahim has fired around 800 of the airline’s employees, who are protesting and allege that they have not been paid for months.


Air Nigeria was formerly known as “Virgin Nigeria” when it was created as a joint venture between the Nigerian federal government and Richard Branson’s Virgin group of companies. Jimoh Ibrahim bought Branson’s stake and renamed the airline “Air Nigeria”.

How the Internet is Changing Africa

Good report in the UK’s Guardian newspaper about the explosion of the internet in Africa. Goof focus on the economic benefits it has brought to African businesses and how it has changed Africans’ communication habits.


A few stats:

*In 2001, a sim card cost approximately $100 and local calls cost 33 cents per minute.

*By 2009, a SIM card could be bought for $1.33 (a 98.6% reduction) and calls had reduced to 24 cents per minute.

*There are more than 100 million mobile phone lines in Nigeria.

*In 2009, more than 31 million Nigerians accessed the web, with 30% or more doing so via mobile phones.

Opposition to Nigeria’s New N5000 Naira Note

Is the new 5000 Naira note a good or bad thing? Some at the lower end of the income scale say a 5000 Naira note is superfluous since many Nigerians do not have enough money to make frequent use of it. Others argue that as Nigeria has a rapidly expanding middle class and upper class, the note will be of use to the higher income strata and will reduce bank costs of handling smaller denominations.

Google Helping Nigerian Businesses to Expand Online


Good piece by Al-Jazeera on Google helping young entrepreneurs in Nigeria expand their businesses by putting them online. While many legitimate ventures are launching websites and thriving as a result, the country’s reputation for internet fraud remains an obstacle.

The Growing Popularity of Golf in Nigeria

Nigeria is developing a number of new golf courses. The Cross River State government is investing over $200 million in constructing a new golf course, with the aim of growing its popularity and giving tourists something to do!


Golf is a sport/hobby that requires expensive equipment to play. In a country with many high net worth individuals, golf could potentially boom…



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