Policy Analysis and Research Group (PARG), UNN’s Post

WHY IS NIGERIA STRUGGLING? The graph of average daily income reveals Nigeria’s economic struggles compared to global powers like the USA, China, and Russia. Nigeria’s income stagnated below $1/person/day during the 19th and early 20th centuries, largely due to colonial policies that extracted resources without building local economies. Post-independence growth was modest, with political instability and the 1967–1970 civil war further slowing progress. The 1970s oil boom temporarily increased income, but over-reliance on oil left Nigeria vulnerable to global price changes. Unlike China, which diversified into manufacturing and technology, Nigeria’s failure to develop other sectors led to uneven growth, and income per person remains under $8/day as of 2023. A common misconception is that Nigeria’s oil wealth benefits the population broadly, but most gains are concentrated among elites due to corruption and poor governance. Nigeria’s challenges include inadequate infrastructure, underfunded education, and political corruption, which have hindered long-term development. In contrast, China’s state-led industrialization and population control allowed for rapid income growth, while Nigeria’s fast-growing population has strained its limited resources. Despite these issues, there is optimism. Nigeria’s young population offers potential, especially with recent growth in sectors like fintech. Investment in education, technology, and governance reforms could help Nigeria diversify its economy and improve daily incomes. If governance improves and key sectors are developed, Nigeria has the potential to become a major player in global markets and improve economic outcomes for its population. #Nigeria #YouthEmpowerment #EconomicGrowth #Fintech #InvestmentInEducation #TechInnovation #GovernanceReform #DiverseEconomy #GlobalMarkets #EconomicDevelopment #FutureOfNigeria #SustainableGrowth

We hope for a better future. Nigeria will be great. According to Patti K as said on www.Quora.com, free People make their country great. Being able to think, results in inventions, that solve issues. Leaders can get things done. Educated scholars can teach the truth. Diversity causes tolerance and acceptance. These virtues resist the formation of a master race. Courage is the trait that all people of a great country should have. It should be taught at a young age. Loyalty is something a leader earns not demands. When citizens are loyal to their country and its leaders, then no obstacle is too great to overcome. As Nigeria pushes forward to attain economic prosperity, the country will need sustained efforts to deliver key public goods to its citizens. The World Bank is supporting Nigeria to achieve this with both technical advisory and financing, which stands at over US$15 billion in sectors that include reliable power and clean energy, girls’ education and women’s economic empowerment, climate adaptation and resilience, water and sanitation, and governance reforms. If the World Bank can support Nigeria, why can't you do so as a loyal citizen?

Nigeria’s Economic Crossroads Nigeria stands as the biggest economy on the continent, and its position is very delicate. The over-reliance on oil is well-known; more than 90% of exports and 70% of government income come from oil. When global oil prices drop, Nigeria feels the impact—sliding into recession while the government struggles to respond. But that's not the only issue. Corruption leads to a lack of transparency in financial management and poor resource allocation. Key sectors like healthcare, education, and infrastructure are underfunded, leaving many, especially in rural areas, trapped in poverty with limited access to services. Nigeria’s economic policies often lack long-term vision, deepening the crisis. Failure to diversify beyond oil and invest in agriculture and manufacturing keeps the economy vulnerable. However, hope remains. Reforms in fiscal policy, reducing reliance on oil, promoting agriculture, and growing the service sector can help. Transparent governance would also restore trust. There’s a growing belief that Nigeria and other African nations must find local solutions to economic challenges, rather than rely solely on institutions like the IMF and World Bank. With global changes and Africa’s rising prominence, Nigeria could lead economic transformation. The current challenges could spark growth and inspire other African nations. #NigeriaEconomy #Africa #AfricaGrowth #FiscalPolicy #CorruptionReform #InvestmentOpportunities #Investments

The World Bank Group has released its latest Nigeria Development Update (NDU) titled "Staying the Course: Progress Amid Pressing Challenges. This report offers an in-depth analysis of Nigeria's recent economic and social developments.  This report highlights major policy changes aimed at steering the country toward sustainable growth, such as the move to market-based fuel pricing, , and reforms to unify Nigeria’s foreign exchange (FX) system. Additionally, the report underscores the importance of job creation and poverty alleviation through targeted measures, while also emphasizing the role of social protection in safeguarding vulnerable populations. Though these reforms are significant, Nigeria’s journey toward economic recovery and long-term growth requires further exploration and sustained efforts to address its socio-economic challenges. To delve deeper into the full analysis and understand the potential impact of these reforms, visit www.ndlink.org and discover how these initiatives aim to shape Nigeria’s development trajectory. #NigeriaDevelopmentUpdate #EconomicReforms #NDLink #SustainableGrowth #PovertyReduction #MacroeconomicStability #WorldBank The World BankPartners For Peace in the Niger DeltaPIND FoundationCENTRE FOR COMMUNITY DEVELOPMENT FAMILY AND HEALTH INITIATIVESTunji Idowu Remy Chukwunyere, EMBAProf Godwin Emmanuel Oyedokun PhD MBA MSc FCA FCIB FCTI, FCNA, ACSAndrew Banigo

🚀 Excited to share the publication of our latest study titled "ANALYSIS OF SOCIAL EXPENDITURE AND ECONOMIC GROWTH IN NIGERIA"! 🔍 Abstract: This study investigates the impact of social expenditure (expenditure on education and health) on economic growth in Nigeria from 1989 to 2020. Using data from World Bank Development Indicators and the Central Bank Statistical Bulletin (2021), we analyzed variables including real GDP, education and health expenditures, inflation rate, debt service payment, real interest rate, and real exchange rate. Through unit root tests, cointegration analysis, and the Autoregressive Distributive Lag (ARDL) model, we explored both long-run and short-run impacts of social expenditure on economic growth. Key findings: - Health expenditure has a positive and significant impact on long-term economic growth. - Education expenditure, however, shows a significant negative impact on Nigeria's economic growth for the period under review. - In the short run, only health expenditure had a significant positive impact on economic growth, while education expenditure continued to show a significant negative impact. 📊 Recommendations:* - Enhance supervision to ensure proper use of educational funding. - Increase budgetary allocation to the health sector, given its substantial positive effect on economic growth. A special shout-out to Agholor, Sozorchukwu Jason for his pivotal role in initiating this paper and leading the project. Also my sincere gratitude also goes to other co-authors of this paper for there massive contribution! Visit this link to get the article https://lnkd.in/e9GyrMax #EconomicGrowth #SocialExpenditure #Nigeria #Research #Education #Health #ARDL #EconomicDevelopment #ThankYou

Unveiling the Economic Fallout: Nigeria's Degenerative Policies and Their Impact. In the realm of economic policies, Nigeria stands as a paradox—a country rich in resources yet plagued by degenerative policies that hinder its true potential. These policies have far-reaching repercussions, affecting not only the economy but also the livelihoods of its citizens. Nigeria's economic landscape has been marred by missteps, ranging from corruption and mismanagement to inconsistent regulatory frameworks. These policies have led to a lack of investor confidence, hindering foreign direct investment and stunting economic growth. As a result, the country struggles with high inflation rates, unemployment, and a widening wealth gap. Moreover, the reliance on oil as a primary revenue source has left Nigeria vulnerable to fluctuations in global oil prices. This dependency has not only perpetuated a cycle of boom and bust but has also stifled diversification efforts, leaving the economy exposed to external shocks. The consequences of Nigeria's degenerative policies are evident in the daily lives of its citizens. Limited access to quality healthcare, education, and infrastructure exacerbates poverty and inequality. The lack of social safety nets further compounds the challenges faced by vulnerable populations, leaving them trapped in a cycle of poverty. Dive into the economic repercussions of Nigeria's degenerative policies, from corruption to oil dependency. Discover how these policies impact the economy and the lives of its citizens. Let's explore the path to economic revitalization and sustainable growth. 📉🔍 hashtag#NigeriaEconomy hashtag#PolicyImpact hashtag#EconomicReforms

Nigeria at 64: Leveraging Technology to Revive the Economy. Sixty-four years after gaining independence, Nigeria grapples with significant challenges. High unemployment, particularly among youth, coupled with infrastructural deficits and insecurity, hinder economic growth. Corruption further exacerbates these issues, diverting resources away from crucial development initiatives. However, technology presents a powerful catalyst for positive change. Digital solutions can address many of Nigeria's economic woes. For example, e-governance platforms can enhance transparency and accountability, reducing corruption. Agritech solutions can boost agricultural productivity, improving food security and generating income for farmers. Fintech innovations can expand access to financial services, empowering entrepreneurs and small businesses. Furthermore, the development of a robust digital infrastructure can bridge the digital divide, creating opportunities for education, employment, and economic participation across the country. JEEF Africa is empowering Nigerians for free, equipping them with the skills needed to thrive in the digital economy. We achieve this through free tech training programs focusing on in-demand skills, bridging the digital tech gap, and specifically targeting women's participation. These initiatives provide crucial resources and knowledge, fostering innovation and entrepreneurship, and ultimately contributing to a more inclusive and prosperous Nigeria. This Independence Day, let's celebrate Nigeria's potential and reaffirm our commitment to leveraging technology to build a brighter future for all Nigerians. Let's work together to overcome challenges and harness the power of technology to unlock Nigeria's immense economic potential. Join JEEF Africa in this vital mission. #NigeriaAt64 #TechForNigeria #JEEFAfrica #DigitalTransformation #EconomicRevival #WomenInTech

💼🌍 Young Nigerians & Investment: Will the Capital Market Meet Their Needs? With inflation shrinking wages, many young Nigerians are wary of putting their limited resources into traditional capital markets. But recent discussions at the 13th Annual ICMR Conference in Lagos may signal a shift. Top industry voices, including SEC’s Dr. Emomotimi Agama and NGX’s Jude Chiemeka, stress the need for products tailored to Millennials and Gen Z—who crave quick returns and accessible entry points. 📍📍Could new, youth-focused financial products inspire the younger generation to invest in Nigeria’s economy? Read the full story: https://lnkd.in/dehf-dsg #NigeriaInvestments #CapitalMarket #YouthInvesting #Millennials #GenZ #ICMRConference #MeizaNigeria #FinanceNigeria

Nigeria suffers from one of the highest levels of income inequality on the continent, despite its vast natural resources and standing as one of Africa’s largest economies. A nation’s prosperity is meant to trickle down, benefiting all levels of society, but in Nigeria, the divide between the affluent and poor appears to be widening. Income disparity has emerged as a key issue in Nigeria, affecting social stability and economic growth. In this article, Pgt. Charles Nnam, Pgt. Juliet Eze, Pgt. Salome Okonkwo, and Pgt. Okolie Chinwendu analyzes the relationship between income inequality and economic growth in Nigeria using the Lorenz curve and Gini coefficient as the basic analytical tools. Have an insightful read! Follow PARG for more enlightening and insightful articles on our weekly research activities. #PARGUNN #ProgressThroughKnowledge #IncomeInequality #EconomicGrowth #LorenzCurve #Ginicoefficient #Nigeria

Attending the Nigerian Economic Summit Group (NESG) event has given me valuable insights into the current state of Nigeria's economy in the first half of 2024. Despite global economic stabilization, Nigeria faces significant challenges that demand immediate attention to harness the benefits of the African Continental Free Trade Area (AfCFTA) and revitalize our trade and investment climate. Key challenges include a hostile business environment, infrastructural issues, and difficulties in finding competent local partners. Regulatory hurdles and access to funding remain persistent obstacles, especially for those living outside the country and wishing to invest in Nigeria. In response, the government has introduced several fiscal policy interventions, such as increasing the minimum wage to N70,000 and implementing tax reforms to improve the ease of doing business. However, these measures have had mixed effects. While efforts to bolster government revenue are evident, the rising inflation and macroeconomic instability continue to weigh heavily on economic growth. With Nigeria's real GDP growing by 3.1% in H1-2024, we see the potential for progress, yet this growth has been tempered by unemployment, declining per capita income, and increasing poverty. Addressing these critical issues is essential for enhancing economic stabilization in Nigeria. The NESG event underscored the importance of focusing on food security, energy challenges, and improving the trade and investment climate. These areas are crucial for driving sustainable growth and ensuring that the benefits of economic expansion reach all Nigerians. As we look ahead, I remain committed to engaging with these issues and contributing to solutions that will foster a more resilient and prosperous Nigeria. #Nigeria #Economy #Trade #Investment #Policy #AfCFTA #Folusokolawole