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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]
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 ...
The base year for calculation (including information on the market structure) was updated from 1990 to 2010. [3] [2] This was a fairly huge increment in base year; for comparison, the 2010 Ghana GDP rebasing updated the base year from 1993 to 2006, [6] [7] and the 2015 India GDP rebasing updated the base year from 2004/05 to 2011/12.
PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP. [4] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. [5]
The Nigeria Union of Journalists (NUJ) urged Tinubu to address the dispute with the ASUU. [21] On 25 June 2024, 1,800 petrol stations were shut down in northeastern Nigeria, after the Independent Petroleum Marketers Association of Nigeria (IPMAN) began a strike in protest against an anti-smuggling operation by the Nigeria Customs Service (NCS).
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.
The government was able to pay them until the economic downturn and an IMF-mandated structural adjustment program. Austerity measures which were imposed led to a downturn in funding of the educational sector. This led to significant student uprisings and a mass exodus of the expatriates as well as a net export of Nigerian skilled workers. [3]
As a direct result of the late 2000s recession, some economies in Africa have been primarily affected by reduced global demand and lower prices of commodities such as oil, platinum, nickel, gold, and copper. South Africa was the first African country to fall in recession.