growth

Nigeria Economic Update (Issue 42)

According to Central Bank of Nigeria (CBN) data on money and credit, Money Supply (M3) stood at N67.2 trillion in September 2023, an increase of 36.2% from N49.3 trillion in September 2022. On a monthly basis, it rose by 2.3% from N65.7 trillion in August 2023. These statistics show that monetary factors partly contribute to […]

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Nigeria Economic Update (Issue 36)

According to the rail transport data released by the National Bureau of Statistics (NBS) in Q2 2023, the volume of goods/cargos transported for Q2 2023 reached 56,029 tons, compared to 31,197 tons in Q2 2022, showcasing a substantial growth trend. Similarly, goods/cargo revenue collected in Q2 2023 was N188.03 million, up by 105.04% from N91.70 million in Q2 […]

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Why we need to unlock data’s potential responsibly and inclusively

In today’s digital age, data has become an invaluable asset, driving innovation, economic growth, and societal development. Africa, with its vast population and diverse landscapes, holds immense potential for leveraging data to transform various sectors. However, to harness the power of data effectively, responsible data governance is essential. This blog post explores the concept of […]

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Can Information Communication Technology Unlock Tax Revenue Mobilization in Sub Saharan Africa

This study examines the effect of ICT on tax revenue mobilisation in 23 sub-Saharan African countries between 2000 and 2020. To address our objectives, it utilises a feasible generalised least squares approach that accounts for both heteroscedasticity and autocorrelation challenges. Particularly, six measures of ICT (import of ICT goods, export of ICT goods, ICT trade, […]

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Nigeria’s industries without smokestacks are delivering better economic opportunities than traditional sectors

Persistently high levels of unemployment have emerged to become a key policy challenge in Nigeria. Between 2010 and 2018, the unemployment rate rose from 5 percent to 23 percent. Worsened by the COVID-19 pandemic, the economy is simply not generating enough jobs for labor entrants, particularly women and youth. In 2020, the national unemployment rate […]

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Women’s Participation in MSME in Nigeria: Prospects, Challenges, and Policy Recommendations

In Nigeria, women’s labour participation has begun to pick up in recent years after many years of stagnation. However, women’s entry point into labour has been mainly through the informal sector or at the bottom pyramid of the formal labour market. Promoting women’s inclusion in the top echelon of the labour market remains a knotty […]

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Nigeria Economic Update (Issue 13)

As  of  the  end  of  December  2022,  Nigeria’s  total  debt stock stood at N46.25 trillion, comprising 40.4 percent (N18.7  trillion)  in  external  debt  and  59.56  percent (N27.55  trillion)  in  domestic  debt,  according  to  data from  the  Debt  Management  Office  (DMO)1. This represents  a N6.69  trillion  (16.9  percent)  increase over the  N39.56  trillion  recorded  for  December  […]

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Nigeria Economic Update(Issue 9)

Transport fares continued to increase across different modes of transportation in January 2023. According to the National Bureau of Statistics report on transportation in January, the average fare paid by commuters for buses within the city per drop increased from N644.66 in December 2022 to N650.70 in January 2023.

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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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Employment Creation Potential of Industries Without Smokestacks: A Nigeria Case Study

This report examines the potential for industries without smokestacks (IWOSS) in creating large-scale job opportunities in Nigeria, particularly for the young and female population subgroups. With the emergence of technology and shifts in the global economy, the relevance of some industries in economic development have increased. These industries are codified as IWOSS. IWOSS are sectors […]

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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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Proposed 2023 budget: Low Commitment to Capital Spending

The proposed 2023 budget Bill was presented on October 07, 2022. While presenting the budget, President Muhammadu Buhari highlighted the revenue challenge, which may have influenced the size of the budget. This article uses nine charts to highlight the 2023 budget in relation to the amended 2022 budget at the aggregate level. In terms of […]

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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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