Economics

Nigeria’s restrictive financial policy is hindering payments for its rising digital workforce, keeping many locked out of the global economy.

The beginning of the second half of the year signals plans for Lagos’ glitzy Detty December, a seasonal spectacle that generates short-term profits for a privileged few while deepening inequality, fuelling inflation and missing opportunities for sustainable and inclusive economic growth.

Nigeria is the fifth largest producer of palm oil in the world although it used to be number one. Despite being a major producer, its population relies on imported palm oil reflecting a history that saw Nigeria lose the global palm oil market to southeast Asian countries.

For 50 years, West Africa has struggled to establish financial integration. The East Africa community offers a compelling success story that West Africa can emulate.

The AfCFTA’s potential to transform intra-African trade risks being undermined by the volatility created by instability in the Sahel and Great Lakes regions.

As China’s Belt and Road Initiative is reshaping Africa’s economic landscape, opportunities in infrastructure development clash against rising debt, raising questions of sovereignty and long-term sustainability.

One of Nigeria’s woes is the soaring level of sovereign debt amidst persistent hardship and underdevelopment, raising questions about whether debt relief mechanisms can serve as a sustainable, effective solution.

As inflation persists, austerity measures are reshaping the lives of Nigerians caught in the squeeze, deepening inequality and social struggles.

Despite visible strides in gender diversity within Nigeria’s financial sector, deep-rooted systemic inequalities persist, undermining genuine progress.

The influence of credit rating giants, Moody’s Investor Service, Standard & Poor’s and Fitch, in Africa is deeply rooted in colonial legacies. Their systemic biases and harmful economic implications have made African-led reforms to reclaim financial sovereignty necessary.

The Nigerian government recently approved an increase in the country’s minimum wage from N30,000 (approximately US$20) to N70,000 (approximately $47). While this increase aims to ease the financial strain on many Nigerians, the reality of the new minimum wage for the average citizen remains harsh.