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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'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%.
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.
Common indicators include a state whose central government is so weak or ineffective that it has little practical control over much of its territory; non-provision of public services; widespread corruption and criminality; refugees and involuntary movement of populations; and sharp economic decline. [1]
In doing so, 7 new projects worth $2.1 billion were approved to start in Nigeria. These projects will be carried out through multiple IDA credits. The main focus of these projects is on key sectors that will lead to economic growth and stability in the upcoming years alongside the Economic Recovery and Growth Plan (ERGP). [12]
“Stabilization” can refer to correcting the normal behavior of the business cycle, thus enhancing economic stability.In this case, the term generally refers to demand management by monetary and fiscal policy to reduce normal fluctuations and output, sometimes referred to as "keeping the economy on an even keel."
Logo of the Nigeria Vision 2020. Nigeria Vision 2020 (also stylized as NV2020) was a strategic framework for the Federal Republic of Nigeria to develop its economic and political strength to the point by 2020, “Nigeria will be one of the 20 largest economies in the world, able to consolidate its leadership role in Africa and establish itself as a significant player in the global economic and ...
Nigeria is divided roughly in half between Muslims, who live mostly in the north part of the country, and Christians, who live mostly in the south; indigenous religions, such as those native to the Igbo and Yoruba ethnicities, are in the minority. [20] Nigeria is a regional power in Africa and a middle power in international affairs.