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Economic

GENERAL INFO

1 – Nigeria is the biggest economy in the African with a GDP of US$432 billion in 2020 according to THE WORLD BANK.

2 – The Covid-19 pandemic halted the growth of the Africa’s biggest economy.

3 – Before facing the Covid-19 pandemic, Nigeria was already on their path to recover from their previous recession in 2016 which was caused by the global oil price crash.

INFORMAL SECTOR

1 – Informal sector or “underground” economy refers to the businesses that are not registered, hence it does not pay any taxes to the government.

2 – Many businesses are not paying taxes to the government by hiding under the informal business umbrella, this causes a huge loss to the government as the informal sector in Africa is the largest at 85.8 percent according to the ILO in 2018.

Unpaid Taxes Business
Paid Taxes Business

3 – This businesses are food vendors, farmer selling their crops, hawkers and etc.

OIL INDUSTRY

1 – Nigeria is the leader of oil production in Africa as its oil production accounts for 26.55% in the year 2020, and it also ranks as number 6 in the world.

2 – Nigeria did take a significant hit because of the pandemic since its economy relies heavily on the oil and gas industry, and the price of oil barrels have not been performing very well since the pandemic began.

3 – This also makes Nigeria very vulnerable to any global oil price recession.

4 – Nigeria relies heavily on the crude oil sales, as it contributes 90 percent of foreign exchange earnings.

5 – Diversification is one of Nigeria’s long-term plans on growing their economy. Moving away from their heavy reliance on crude oil as their source of income.

AGRICULTURE

1 – Agriculture is broadly divided into four sectors in Nigeria–crop production, fishing, livestock and forestry. Crop production remains the largest segment and it accounts for about 87.6% of the sector’s total output. This is followed by livestock, fishing and forestry at 8.1%, 3.2% and 1.1% respectively.

2 – Despite having a large arable land, Nigeria remains a net food importer.

3 – There are 6 challenges of the Nigerian agricultural sector lined out by Taiwo Oyaniran, the Associate Director of PwC Nigeria;

 

I – Resource shortages,

II – Violent conflict,

III – outdated system of agriculture,

IV – absence of value addition and supply-chain linkages,

V – insufficient supply to meet population growth and food demand,

VI – lack of access to finance.