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Notably, the number of people affected in northern Nigeria surpassed the combined impact on the other Sahelian countries. [26] The relatively limited international media coverage can be attributed to Nigeria's economic stability, largely due to its national oil wealth.
Nigeria's goal under the National Economic Empowerment Development Strategy (NEEDS) program is to reduce inflation to the single digits. [56] By 2015, Nigeria's inflation stood at 9%. In 2005, the federal government had expenditures of US$13.54 billion but revenues of only US$12.86 billion, resulting in a budget deficit of 5%.
The list has been cited by journalists and academics in making broad comparative points about countries or regions. [2] [3] The report uses 12 factors to determine the rating for each nation, including security threats, economic implosion, human rights violations and refugee flows.
US federal minimum wage if it had kept pace with productivity. Also, the real minimum wage. Real macroeconomic output can be decomposed into a trend and a cyclical part, where the variance of the cyclical series derived from the filtering technique (e.g., the band-pass filter, or the most commonly used Hodrick–Prescott filter) serves as the primary measure of departure from economic stability.
Nigeria had one of the world's highest economic growth rates, averaging 7.4% according to the Nigeria economic report that was released in July 2019 by the World Bank. [1] Following the oil price collapse in 2014–2016, combined with negative production shocks, the gross domestic product (GDP) growth rate dropped to 2.7% in 2015.
Other notable famines include the Great Famine of 1876–1878, in which 6.1 million to 10.3 million people died [84] and the Indian famine of 1899–1900, in which 1.25 to 10 million people died. [85] The famines were ended by the 20th century with the exception of the Bengal famine of 1943 killing an estimated 2.1 million Bengalis during World ...
Instability and Political Order: Politics and Crisis in Nigeria was written in 1969–70. It is still of interest for its views on the Nigerian military and the Nigerian Civil War. This book made use of game theory and introduced the use of game theory as an analytical approach in subsequent political science analysis of Nigeria. [3]
Nigeria, [a] officially the Federal Republic of Nigeria, is a country in West Africa. [9] It is situated between the Sahel to the north and the Gulf of Guinea in the Atlantic Ocean to the south. It covers an area of 923,769 square kilometres (356,669 sq mi).