Dreaming of Wakanda

  Unemployment poses significant challenges to any economy, and Nigeria is no exception. Nigeria, a nation blessed with abundant resources and a vibrant workforce, grapples with high unemployment rates. According to data from the National Bureau of Statistics (NBS), the unemployment rate stands at 33.3%, underemployment at 22.8%. Youth unemployment is at a staggering 42.8%, whilst youth underemployment is 21.0%. A report by global professional service firm KPMG , has estimated that unemployment is likely to hit 40.6% in 2023. With over 90% of the population between the ages of 15 to 64 and 4 to 5 million annual entrants into the labour market, it is a stark reminder of the need for urgent action. The scourge of joblessness poses immense challenges, not only to individuals but also to the nation's overall prosperity. This article aims to shed light on the economic cost of unemployment in Nigeria. By examining the causes, consequences, and potential solutions to this issue, we can ga...

  The Central Bank of Nigeria (CBN) announced the unification of the multiple exchange rate system on Wednesday, 14th June 2023, bringing about an end to a controversial foreign exchange policy that has had a significant impact on the Nigerian Economy for the last seven years. Initially introduced as a measure to manage depleting foreign exchange (FX) reserves, amidst fluctuating global oil prices and to prioritize allocation of FX to essential sectors, such as manufacturing, agriculture, and critical imports, while discouraging non-essential imports. Its effectiveness and impact on the Nigerian economy have been subject to debates and criticisms, particularly regarding market distortions, transparency, and arbitrage opportunities. Furthermore, a report from the World Bank in 2021 highlighted the economic costs of the policy amounted to $144.1 billion between 2017 and the first quarter of 2021. It is important to note that the reasons behind the adoption of the multiple exchange ra...

  In a country brimming with immense potential and resources, Nigeria faces a significant challenge that threatens its economic prosperity and human development: food insecurity. Food insecurity has far-reaching consequences that extend beyond the realm of basic sustenance. Beyond its immediate impact on human well-being, hunger exacts a profound toll on the nation's economy. According to information from UNICEF, nearly 25 million Nigerians are at risk of hunger and starvation between June and August this year. This has increased from the approximately 17 million purported to be living with hunger and starvation in 2022. According to the Food and Agriculture Organization (FAO), approximately 20% of Nigerians are undernourished, while 45% of children under the age of five suffer from stunted growth due to malnutrition. This article aims to delve into the economic consequences of hunger in Nigeria, shedding light on the costs incurred across various sectors and highlighting the urgen...

The minimum wage policy in Nigeria is a critical instrument aimed at addressing income disparities, improving living standards, and promoting economic equality. As Africa's largest economy, Nigeria faces unique challenges in implementing an effective minimum wage policy due to its diverse labour market and socio-economic conditions. Recently, the Nigeria Labour Congress (NLC), an umbrella body for trade unions, has proposed an increase in the minimum wage from the current N30,000 monthly to N200,000 monthly due to the inflationary effects caused by the removal of fuel subsidy. This article examines the minimum wage policy in Nigeria, its historical context, current trends, and its impact on various aspects of the economy. Minimum wage refers to the legally mandated lowest hourly, daily, or monthly wage rate that employers must pay their employees for their labour. It is a government policy aimed at ensuring that workers receive a fair and minimum level of compensation for their wor...

  The petrol subsidy regime has long been a contentious topic in Nigeria, with proponents arguing that it alleviates the burden of high fuel prices on consumers, while critics contend that it imposes a heavy economic cost on the country and is a cesspit of corruption. On May 29, 2023, whilst giving his inaugural speech, President Bola Ahmed Tinubu declared that the petrol subsidy regime in Nigeria was to be discontinued immediately. Whilst it may not have come as a great surprise to many, given that his predecessor had not budgeted for it, his public declaration cemented the position that indeed, the subsidy had finally ended. This article aims to delve into the topic of petrol subsidy in Nigeria, examining the impact on government finances, economic growth & investment, and potential future impact. Petrol subsidies in Nigeria refer to the government's policy of selling petrol at prices below the cost of production and importation, with the intention of making fuel more afforda...