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The economy of Nigeria is a middle-income, mixed economy and emerging market [27] [28] with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. [ 29 ] [ 30 ] It is ranked as the 53rd-largest economy in the world in terms of nominal GDP , the fourth largest in Africa and the 27th-largest in terms ...
During the mid and late 1980's, Nigeria experienced a prolonged and severe economic downturn. Nigeria suffered a rapid plummet of its foreign reserves from $10 billion in early 1980s to approximately $1 billion in the mid 1980s due to overvalued currency, inflated imports, and international decline of oil prices. [4]
This came as a response to a national cost-of-living crisis, as the price of food and electricity overtook the minimum wage, which is relatively low for the large African economy. The country's national grid and its airports were shut down on 3 June 2024, as were banks, hospitals and schools.
The 2023 Nigerian currency crisis was precipitated by a shortage of cash currency (the naira) and an attempt by the Nigerian government to force citizens to use a newly created government-sponsored central bank digital currency. This led to extensive street protests in mid-February 2023.
Some experts have linked the crisis to the execution of economic reforms, particularly the removal of fuel subsidies and the devaluation of the Naira following the removal of its peg to the US dollar, under president Bola Tinubu designed to liberalise the Nigerian economy and attract foreign investment. [12]
Here’s how elections can create financial opportunities and three ways you can capitalize on market trends during election cycles and other major events. ... The Trump Economy Begins: 4 Money ...
2012 Aysén protests due to the high cost of living in Patagonia. A cost-of-living crisis refers to a socioeconomic situation or period of high inflation where nominal wages have stagnated while there is a sharp increase in the cost of basic goods, such as food, housing, and energy.
On 26 July 2023, a coup d'état occurred in Niger, during which the country's presidential guard removed and detained president Mohamed Bazoum.Subsequently, General Abdourahamane Tchiani, the Commander of the Presidential Guard, proclaimed himself the leader of the country and established the National Council for the Safeguard of the Homeland, after confirming the success of the coup.