economy

World Water Day 2023: Accelerating Efforts towards Achieving SDG 6 in Nigeria

Access to clean water and sanitation is a basic human right. Nonetheless, it remains a challenge for millions worldwide, with approximately 2 billion people still lacking access to safely managed drinking water services as of 2020, and an estimated  4.2 billion people lack access to safe sanitation facilities (Sustainable Development Goals Report, 2022). This crisis […]

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Naira Redesign Policy and the State of Digitalization in Nigeria

Modern development has placed digital technologies at the forefront, giving economies a chance to hasten economic expansion and ease the connection of people to services and employment. The contribution of the service sector continues to grow in most economies and at a faster rate in low and middle-income countries, with digitalization as a driving force. […]

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Nigeria Economic Update(Issue 5)

There was a general increase in transport fares across different modes of transportation in the country in December 2022. The report on transport fares released by the National Bureau of Statistics (NBS) in January 2023 revealed that the average fare paid by passengers for bus journey within the city per drop increased from N637.10 in […]

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Nigeria Economic Update (Issue 2)

According to data from the Nigeria Inter-Bank Settlement System (NIBSS), cashless transactions in Nigeria increased by 42.05 percent to reach N395.47 trillion in 2022. The data revealed that Nigerians spent more through cashless forms of payment, which was N117.07 trillion more than the N278.39 trillion total cashless transactions processed in 2021. The N395.47 trillion processed in 2022 […]

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Unlocking Africa’s Digital Potential: The Role of EU-Africa Collaboration

Introduction The digital economy is on the exponential rise due to its capability to transform and revolutionise economies and societies,  influencing how we work, live, and interact. Otherwise known as digitalization, the digital economy refers to economic activities facilitated by digital technologies and digital data in businesses and organizations. One of the sundry blessings of […]

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Nigeria Economic Update (Issue 50)

Data from the Nigeria Inter-Bank Settlement Systems (NIBSS) shows that transactions performed electronically through the NIBSS Instant Payment platform (NIP) in Nigeria grew to N38.9 trillion in November 2022, which is 12.7 percent higher than the N34.5 trillion recorded in October 20222. On a year-on-year (YoY) basis, the N38.9 trillion value of e-payments increased 50 […]

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Agricultural Development Financing and Food Inflation in Nigeria: What the Government may need to do differently

Over the years, the Nigerian government has deployed development financing initiatives to boost food production through increased access to finance for farmers and other small businesses in the sector. While progress may have been made in some areas, the country is still at a critical juncture, as access to food and its affordability remain a […]

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Nigeria Economic Update (Issue 49)

The Central Bank of Nigeria (CBN) announced a new policy on cash withdrawals on 6th December 2022.2 According to the policy, the maximum weekly withdrawal over the counter is set at N100,000 for individuals and N500,000 for organizations. Any withdrawal above these limits shall attract processing charges of 5 percent and 10 percent, respectively. In addition, withdrawals […]

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Why Nigeria should Strengthen Mobile Money: Some Stylized Facts

Nigeria continues to miss its financial inclusion targets. Many constraints around the formal banking system have meant that a greater percentage of the Nigerian population remains excluded from the formal financial sector. This article highlights the need to strengthen mobile money as a means of driving financial inclusion in Nigeria. Introduction The financial sector plays […]

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Nigeria Economic Update (Issue 46)

The National Bureau of Statistics, in its latest National Multidimensional Poverty Index Report, shows that 62.9 percent of Nigerians are multi-dimensionally poor, which translates to 132.93 million Nigerians.3 The Multidimensional Poverty Index provides a multivariate form of poverty assessment based on fifteen indicators that describe deprivations across health, education, living standards, work, nutrition, and shocks. […]

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Nigeria Economic Update (Issue 45)

Total revenue and income generation by the rail sector dipped significantly in Q2 2022, according to the latest rail transport statistics published by the National Bureau of Statistics (NBS). The report shows that aggregate revenue generated by the sector dropped by over 200 percent. It decreased from about N2.2 billion in Q1 2022 to about N734.5 million […]

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Nigeria Economic Update (Issue 44)

Food prices in Nigeria experienced a further increase in September 2022, according to the Selected Food Prices Watch Report for September 2022, published by the National Bureau of Statistics (NBS).2 The report highlighted the change in prices of some selected food items. For example, the average price of 1kg of Tomato on a year-on-year (YoY) […]

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Nigeria Economic Update (Issue 43)

According to the 2022 global hunger index (GHI) report, Nigeria ranked 103rd out of 121 countries, suggesting Nigeria’s weak and fragile food system.3 The GHI is a tool for measuring and tracking hunger at global, regional, and national levels. It is calculated based on the values of four component indicators – undernourishment, child wasting, child […]

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Cross-Border Data Flows in Africa: Policy Considerations for the Afcfta Protocol on Digital Trade

The original Industrial Revolution was powered by steam; the second by electricity. The rise of digitisation and automation generally defined the Third Industrial Revolution, which was largely powered by oil. Today, we find ourselves in the Fourth Industrial Revolution (4IR), which is largely powered and characterised by data. It can hardly be contested that data […]

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Nigeria Economic Update (Issue 41)

Data from the Central bank of Nigeria (CBN) shows that Nigeria’s external reserves dropped to $37.9 billion as of Wednesday, October 12, 2022, from $38.8 billion on September 12 2022.1 The decline is due to CBN’s continuous intervention in the exchange rate market and dwindling export earnings. There has been an increase in the demand […]

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Nigeria Economic Update (Issue 39)

Following its 287th meeting on the 26th and 27th of September 2022, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) raised the monetary policy rate (MPR) by 150 basis points from 14 percent to 15.5 percent.1 Making it the third successive increase on the MPR in 2022 to rein in inflation. […]

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