Africa

Nigeria Economic Update (Issue 38)

In August 2022, the total net domestic credit was N61.2 trillion, increasing by 33 percent from 46 trillion in August 2021.2 Net domestic credit comprises credit to the government and credit to the private sector. About two-thirds of the credit went to the private sector and the remaining to the government. In August, the total credit […]

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Nigeria Economic Update (Issue 37)

According to the National Bureau of Statistics (NBS), the prices of energy products increased further in August. The average retail price of a litre of petrol increased by 14.89 percent to N189.46 in August 2022 from N164.91 in August 2021.1 The price of a 5kg Cylinder of Cooking gas rose by 101.17 percent to N4,397.68 in August 2022 […]

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Nigeria Economic Update (Issue 36)

According to the National Bureau of Statistics (NBS), Company Income Tax (CIT) revenue increased in Q2 2022.1 CIT revenue was N714.40 billion in Q2 2022, an increase of 29.53 percent on a quarter-on-quarter basis from N551.53 billion recorded in Q1 2022. On a year-on-year basis, CIT collections in Q2 2022 increased by 51.34 percent from Q2 2021. […]

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Nigeria Economic Update (Issue 35)

Nearly one year after the launch of the eNaira project, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, at the Grand Finale of the eNaira Hackathon, announced the commencement of the second phase of the project1. In October 2021, the CBN introduced the eNaira wallet to enhance financial inclusion. As of August 2022, […]

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Nigeria Economic Update (Issue 34)

In the second quarter (Q2) of 2022, Nigeria’s Gross Domestic Product (GDP) grew by 3.54 percent (year-on-year) in real terms, which is an improvement compared to the 3.11 percent growth recorded in the previous quarter (2022Q1).2 The aggregate real GDP stood at N17.29 trillion in the second quarter of 2022, a slight decline (-0.37%) compared to N17.35 […]

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Five ways to build resilience in Nigeria’s education system

COVID-19 has compounded a long-standing learning crisis in many African countries, where millions of children were already out of school before the pandemic. Nigeria has the highest rate of out-of-school children, low literacy rates, and high inequalities between and within groups in terms of education access and learning outcomes. The pandemic further reduced school attendance […]

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Nigeria Economic Update (Issue 31)

According to National Bureau of Statistics (NBS) data, Nigeria’s mineral production in 2021 was 89.48 million tons, which indicates a 39.19 percent improvement over the 64.29 million tons produced in 2020.1 Granite, laterite, limestone, and sand are the most mined products. At the state level, the top three producing states were Ogun, Kogi, and Cross […]

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Nigeria’s plans for the biggest data governance drive in Africa

The Nigeria Data Protection Bureau (NDPB), the newest Nigerian government digital agency, was birthed on February 4, 2022, following President Muhammadu Buhari’s approval of its establishment. Stating its statutory functions, the official press release that announced the establishment of the NDPB said  it would “…be responsible for consolidating the gains of the Nigeria Data Protection […]

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Foundations For Pro-development Digital Governance Framework in Africa

Today, the increasing value of digitalisation and data to global development has received widespread attention. A great number of structural transformations have been driven by means of digital technologies. Digital technology has provided a marked boost to world economic output and created innumerable jobs. Following the recent COVID-19 disruption on the global scene, many other […]

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Nigeria Economic Update (Issue 27)

According to the latest transport fare watch by the National Bureau of Statistics (NBS), the average cost of air transport was N55,906.86 in May 2022, an increase of 52.95 percent from N36,552.70 paid in May 2021.4 Similarly, the cost of an inter-city bus journey stood at N3,668.64, suggesting an increase of 47.3 percent from N2,490.60 a year ago. The […]

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Nigeria Economic Update (Issue 26)

Data from the Central Bank of Nigeria (CBN) shows that at the end of the first half of 2022 (H1 2022), Nigeria’s external reserves stood at US$39.16 billion.3 This indicates th at the external reserves grew by 1.8 percent from US$38.48 billion at the beginning of the month (June 1). At mid-year, the external reserve […]

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Towards A Data-driven Agenda among Indigenous Businesses in Africa

African indigenous businesses (AIBs) are in the nascent stages of becoming data-driven and innovative through data analytics. The data-driven agenda looks promising in industries like manufacturing (distribution), health, agriculture, and online platforms like social media, with enterprises deriving economic and symbolic value from descriptive, diagnostic, and predictive analytics. These data-driven activities tend to be often […]

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Data-Driven Enterprises in Africa: An Evaluation of Winners and Losers

The fact is that indigenous firms are still struggling to manage resources to invest in basic IT infrastructure. Hence data analytics adoption, which requires both human personnel and technical infrastructure, is often yet to be strategically considered, shelved for the future, or even when outsourced, it is often poorly managed and under-resourced. Others are also […]

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Nigeria Economic Update (Issue 21)

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) met on the 23rd and 24th of May 2022 to deliberate on local and global economic development. At the end of the meeting, the MPC increased the Monetary Policy Rate (MPR) by 150 basis points to 13 percent from 11.5 percent1. However, the […]

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Africa: Opportunities for a robust COVID-19 recovery grounded on SDG 16

The COVID-19 pandemic has posed significant challenges for the African continent in achieving peace, justice and inclusive and effective institutions, including significant negative effects on economic, social and political conditions. This policy brief presents and discusses key trends on SDG 16 on the African continent, including: an increasing concentration and strengthening of executive power; shrinking […]

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Nigeria Economic Update (Issue 19)

In August 2019, the Nigerian government closed all land borders to check the smuggling of products, especially rice and petroleum products, and other illicit cross-border activities. In December 2020, sixteen months after the closure, the government began the phased reopening of land borders and started with four borders – Illela, Maigatari, Mfun, and Seme. Sequel […]

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