The imperative for export diversification Recent data by the National Bureau of Statistics shows that crude oil accounts for over 80% of what we export. There are lot of reasons why this is a problem, not least because it makes our economy extremely vulnerable to the fluctuations in oil prices. Recall that Nigeria’s 2016 recession… Read More Crude oil rises from 71% of Nigeria’s total exports to 83% – How do we remedy this?
Recently the Nigerian Bureau of Statistics announced that Nigeria is officially out of a recession after recording a positive growth rate of 0.55% after five consecutive quarters of negative growth rates. This is good news and should hopefully be a turning point in our economic fortunes. However before we get too carried away, I believe… Read More As Nigeria exits the recession, here are four key lessons!
Over the last couple of weeks, a lot of details concerning how Nigeria’s former Minister of Petroleum, Diezeani Alison Madueke, allegedly embezzled public funds have emerged. The stories are mind-blowing, to put mildly, one of them is that she awarded lucrative contracts to her cronies who were neither qualified nor even executed them. In return for… Read More #Fixing Nigeria’s oil: What the Diezeanigate really teaches us.
Hi blogfam! It’s the second edition of ‘What’s hot’ (first edition), I know I had said it would be weekly but with the look of things, fortnightly seems more realistic for now. let’s get cracking, shall we? Falz vs yahoo boys So last week, Falz, a Nigerian musician, was under fire on twitter for saying… Read More What’s hot? Vol 2. Falz vs Nigeria’s moral fibre, Buhari’s voice note and Nigeria’s oil governance.
On Monday June 12, 2017, Nigeria’s 2017 budget was finally signed into law after several months of the drama that has come to characterise Nigeria’s budget process. As a Twitter user put it ‘In 2016, we were looking for the budget to get it signed while in 2017 we were looking for who would sign… Read More 5 things you should know about Nigeria’s 2017 budget.
I was 6 years old when Nigeria’s last ‘strong man’ General Sanni Abacha died, as young as I was then, I still have vivid memories of the day of his death. I was sitting with my dad when the news broke on the radio, shortly afterwards there was so much jubilation on the streets, people literally… Read More Democracy day in Nigeria: 18 Years Later, To What Extent Has it Delivered on its Promise?
About two weeks ago, I started a series on economic diversification for us to understand the factors responsible for Nigeria’s economic structure. Today, we would be looking at one of the major problems facing resource dependent economies like Nigeria and which also undermines efforts at economic diversification – the natural resource curse. Oil was discovered in Nigeria… Read More Economic diversification in Nigeria (part 2): Understanding the natural resource curse