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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%.
Folorunsho Alakija, vice-chair of Famfa Oil Limited and Nigeria's richest woman. The social structure in Nigeria is the hierarchical characterization of social status, historically stratified under the Nigerian traditional rulers and their subordinate chiefs, with a focus on tribe and ethnicity which continued with the advent of colonization. [1]
The former Nigeria's chairman of National Population Commission, Eze Duruiheoma, delivering Nigeria's statement in New York City on sustainable cities, human mobility and international migration in the 51st session of Commission on Population and Development, said that "Nigeria remains the most populous in Africa, the seventh globally with an ...
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.
Rank State HDI (2022) High human development 1 Lagos: 0.721 2 Ebonyi: 0.706 Medium human development 3 Imo: 0.693 4 Federal Capital Territory: 0.678 5
After Nigeria gained independence in 1960, the name of the institute was changed to Nigerian Institute of Social and Economic Research. [3] In 1977, the military government made NISER an autonomous body. Thereafter, NISER's responsibilities include coordinating social and economic research in federal universities.
A farmer and his cow. The majority of herders in African countries are livestock owners. Livestock farming is a part of Nigeria's agriculture system. In 2017, Nigeria had approximately over 80 million poultry farming, 76 million goats, 43.4 million sheep, 18.4 million cattle, 7.5 million pigs, and 1.4 million of its equivalent. [26]
With economic insecurity, high unemployment rates, and poverty, the Boko Haram group was able to emerge within Nigeria as political protests. Boko Haram is a violent social group that arose, partly in response to the social and economic deprivation of Nigeria's northeastern population.