Nigeria Archives - Page 3 of 5

World Bank Pledges $2.1 Billion to Nigerian Rebuilding Efforts

For the past six years, Nigeria has fought an ongoing battle against radical Islamic extremist group Boko Haram in its northern region. The insurgency aims to carve out a caliphate from the northern Nigerian territory. Nigerian forces have scored a number of key victories, indicating an end to the hostility may soon be a reality. Nevertheless, Nigeria continues its struggle and seeks to maintain order and smooth operation of normal social functions in the area.

Buhari Vows to Get Nigerian Economy Back on Track

Newly elected president Muhammadu Buhari stated that Nigeria’s previous administration left the treasury “virtually empty,” according to Channel News Asia. The West African nation has suffered from such factors as rampant inflation and low oil prices, sending the economy into a tailspin. Nigeria is Africa’s largest and prosperous nation.

Could Nigeria Become the World’s Next Hot Tourist Destination?

Nigeria is an oil rich nation. While that has helped it grow into one of the largest economies in Africa, the recent downturn in oil prices has caused a significant pinch in the nation’s cash flow. This has led both the Nigerian government and outside economic thinkers to discuss ideas for ways, the Nigerian economy can not only solve its short-term financial problems, but also cure its nation’s dependence on oil exports for longer-term growth.

The Prospect of a Prosperous Nigeria

Nigeria’s huge economic potential is no dream. It will not materialize on its own. It requires determination. The Buhari era can make or break the path to the Nigerian dream. When retired Muhammadu Buhari took over from Goodluck Jonathan, it marked the first peaceful transfer of power between rival parties in Nigeria. Unlike most advanced nations and many emerging nations, Nigeria has extraordinary economic potential. However, even favourable demographics are of little value without productivity, growth, and jobs.

Nigeria Borrows More Money to Pay Bills

Nigeria remains in a tight spot as low oil prices force officials to burn through borrowing reserves to pay salaries. Nigeria derives 80 percent of its income from oil revenue, but it has seen a 50 percent decline in oil income. Further, the Nigerian naira has lowered in value despite efforts from the country’s central bank to support the currency with billions of U.S. dollars.

Nigeria’s Newly Elected President to Inherit Economy in Tailspin

Nigeria just elected Muhammadu Buhari as its new president. When he takes office, he will have his work cut out for him as he inherits Africa’s largest economy just as it begins the descent into a tailspin due to plunging oil prices.

Nigerian Election Hinges on the Economy

Terrorist organization Boko Haram is a primary issue in the upcoming elections in Nigeria, but the country’s declining economy is also on the minds of many voters. The government has yet to tackle high unemployment and rising costs.

Nigeria’s Naira Breached 200 per Dollar

The Nigerian currency depreciated another 2.2%, pushing it to 202.50 per dollar, the most since 22 December. The recent postponement of the Nigerian Election only reinforces the likelihood of further devaluation of the West African currency.

As National Challenges Persist, Nigeria Prepares to Vote (Part 2)

Unlike before, Nigeria’s elections are overshadowed by violent terrorism. It reflects an economic, ethnic and religious divide. It can be overcome – not by further violence, but by policies that will eliminate its raison d’être.

When Jim O’Neill and his colleagues at Goldman Sachs developed the basic BRICs criteria for rapidly growing large emerging economies, they concluded that a set of core factors – macroeconomic stability, institutional capacity, openness and education – could set the stage for growth.

As National Challenges Persist, Nigeria Prepares to Vote (Part 1)

As Nigeria prepares to vote, its future is overshadowed by rising economic challenges, political divide and the threat of terror. To overcome its challenges, the nation needs inclusive growth.