The dependency of Nigerian states on remittances from the federal government is well known. However these stats are a useful (and worrying) guide to each state’s internally generated revenue (IGR).
The states with the highest IGR in Nigeria are:
6. Akwa Ibom
You can read the full report from the National Bureau of Statistics here:
Report on the growing online shopping sector in Nigeria.
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.
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.
Good article in the Guardian about how Nigeria’s rising middle class are outnumbering most foreign shoppers in London.
*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.
Al-Jazeera feature on youth unemployment in Nigeria. Despite Nigeria’s fast-growing economy and rich natural resources, there do not seem to seem to be enough jobs to go around for the hordes of young graduates each year.
Demographics are not helping either. Nigeria also has one of the fastest growing populations in the world, which is set to double by the year 2035. Rising unemployment + rising population growth = big trouble ahead.
In other news, Dangote is apparently in talks with South African company Tiger Brands to sell a controlling stake in his flour company Dangote Flour Mills PLC for about $125 million dollars.
He also plans to spend $7.5 billion dollars in the next 4 years to expand his business.
Popping Champagne and speeding Porsches: Luxury brands come to Nigeria to target wealthy elite.
Moet and Louis Vuitton are already in Nigeria. Next comes Porsche who are opening showrooms in Lagos and Abuja.
Governor Babatunde Fashola of Lagos State condemns deployment of soldiers in Lagos State:
Negotiations between government ad workers’ unions: