Category Archives: Economics

How #Nigeria Has Improved in the Past 15 Years


http://www.bbc.com/news/world-africa-32075281

Emir Sanusi: Northern #Nigeria Needs Economic “Marshall Plan”


Interview with the new Emir of Kano Muhammed Sanusi II (AKA Sanusi Lamido Sanusi) about the Boko Haram insurgency in northern Nigeria.

Key points made by Sanusi:

  • Islam “preaches education for all adherents”.
  • Marrying young Muslim girls off at a young age is actually a cultural (not Islamic) practice “that is not consistent with the teachings of the (Muslim) religion)”.
  • Poverty level in northern Nigeria provides a fertile breeding ground for militancy. Says the same thing happened in the Niger Delta.
  • Boko Haram insurgency must be tackled via an economic “Marshall Plan” for northern Nigeria.
  • Says insurgency calmed down in Kano because of investment in infrastructure there.
  • “As long as people are gainfully employed they are not likely to jump into the bandwagon of insurgency”.

http://www.bbc.com/news/world-africa-29221283

The McKinsey Report on Nigeria’s Economic Growth


MGI_Nigerias_renewal_Full_report

 

http://www.mckinsey.com/insights/africa/nigerias_renewal_delivering_inclusive_growth?cid=other-eml-alt-mgi-mck-oth-1407

 

Nigeria’s “Boko Haram Economy”


http://www.foreignpolicy.com/articles/2014/07/15/the_boko_haram_economy?utm_content=buffer7be58&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

 

Interesting article in Foreign Policy about how the Boko Haram insurgency is fuelled by Nigeria’s bleak economic and demographic stats:

In Borno State:

  1. More than 98% of children aged under 2 are not vaccinated.
  2. 83% of young people are illiterate.
  3. 48.5% of children do not go to school.

Overall more than 60% of Nigeria’s population is aged under 25, and Nigeria spends less than 1% of its GDP on health (one of the lowest rates of health spending in the world).

 

 

Jumia – Nigeria’s Online Shopping Answer to Amazon


http://www.bbc.co.uk/news/business-24483600

 

Report on the growing online shopping sector in Nigeria.

http://www.economist.com/blogs/baobab/2013/11/shopping-nigeria?fsrc=scn/tw_ec/an_amazon_com_for_africa_

http://www.bbc.co.uk/news/business-24959254

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.

 

http://www.aljazeera.com/programmes/countingthecost/2013/08/201381514574696881.html

 

http://www.youtube.com/watch?v=t7gL3e3206E

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.

 

http://www.guardian.co.uk/world/2012/sep/10/nigeria-shoppers-rival-russia-middle-east?CMP=twt_gu

 

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”.

 

http://www.youtube.com/watch?v=LKQb-5Z4y9c&feature=youtube_gdata_player

 

http://www.washingtonpost.com/lifestyle/travel/air-nigeria-nations-second-largest-airline-collapses-as-industry-struggles-after-crash/2012/09/07/0b04f294-f937-11e1-a93b-7185e3f88849_story.html

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