India has just recently overtaken Nigeria as the country with the largest number of people living in extreme poverty. It’s estimated that almost half of Nigeria’s population of about 200 million lives below the threshold of US$1.90 (792 Naira) daily. Nigeria accounts for about 14% of the world’s poor. The African continent as a whole […]
A beginner’s guide to petroleum pricing in Ghana
Reliable and affordable energy is basic to any country’s ability to grow and equitably share the economic gains. The consumption of crude oil and gas, and derivative petroleum products such as petrol, diesel and kerosene, features strongly in the global energy geopolitics debate. In Ghana, as in many other countries, the price of fuel — […]
Five reasons why many African countries choose to be ‘neutral’
In early March the United Nation’s General Assembly voted on a resolution demanding Russia immediately stop its military operations in Ukraine. Out of 193 member states, 141 voted in support of the resolution, five voted against, 35 abstained and 12 didn’t vote at all. Of the 54 African member states, Eritrea voted against the resolution, […]
Nigerian workers struggle as cost of living outstrips incomes
Food inflation in Nigeria increased by 15% during the 11 months from April 2021 to March 2022, adding pressure on the cost of living for salary earners whose incomes have not risen for close to three years. The alarming situation is that the 30,000 Naira (US$72) minimum wage is insufficient to meet the value of […]
Why import restrictions aren’t enough to help Nigeria industrialise
Nigeria has a strong ambition to industrialise. It has relied heavily on the restriction of imports of certain goods targeted for domestic production. But for Nigeria’s industrialisation drive to succeed, it needs a broader array of industrial policy tools than simply import restrictions. These tools should include addressing binding constraints in different sectors to raise […]
dividing and excluding people keeps them poor
Sub-Saharan African countries are the most ethnically diverse in the world. Within each African country there are more ethnic groups than there are in most of the world’s countries. In fact, the world’s 20 most ethnically diverse countries are all African. An ethnic group is a social group that shares a common and distinctive history, […]
South Africa’s economy has taken some heavy body blows: can it recover?
Economists are growing increasingly concerned about South Africa’s economy. This is because the country’s three major macroeconomic problems – lacklustre economic growth, growing inflation and very high unemployment – have been exacerbated by a series of major disruptions. These include the COVID pandemic that started as a health crisis but escalated quickly to an economic […]
remanufacturing could be the solution
Nigeria has pumped more than US$8 billion into Ajaokuta Steel Company, a project which began more than 40 years ago but has yet to produce one tonne of steel. Several attempts have been made to bring the plant into production, but without success. It was built to 98% capacity by the Soviet Union’s Tyazpromoexport. But […]
Foreign banks are absent in Nigeria. We tracked down why
Privately owned Nigerian banks hold 94% of Nigerian banking assets. Only one other country in the world – Israel – has a higher share of ownership by local banks. The share of banking assets is the most reliable way to measure market power and competitive position. Some of the world’s largest banks are active in […]
Africa’s ports race is hyped as ‘development’ but also creates pathways for plunder
Ports have long been integral to Africa’s connectivity with the rest of the world. Yet over the last 15 years, a new stage in maritime infrastructure planning and development has begun. Between 2004 and 2019, over US$50 billion was spent on this infrastructure – roughly 13 times more than was spent between 1990 and 2004. […]