Tag Archives: economy

The McKinsey Report on Nigeria’s Economic Growth





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.





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.


Nigeria: The Young and the Unemployed


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.


MTV Base Interview with Aliko Dangote: Africa’s Richest Man

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.




Porsche and Luxury Brands Come to Nigeria



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.


Fuel Subsidy Protests: Soldiers Called in to Lagos

Governor Babatunde Fashola of Lagos State condemns deployment of soldiers in Lagos State:

Negotiations between government ad workers’ unions:

The “Occupy Nigeria” Movement and Phenomenon


I still do not understand why the government did not phase in the fuel subsidy withdrawal in installments; incrementally increasing the petrol price – rather than doubling the price overnight!  Clearly the government did not understand or anticipate that such a move would cause mass protests, especially among the technology and social media young generation who have spread their message and anger via social media.