The Report: Nigeria 2012


Book Description




Reforming the Unreformable


Book Description

A report on development economics in action, by a crucial player in Nigeria's recent reforms. Corrupt, mismanaged, and seemingly hopeless: that's how the international community viewed Nigeria in the early 2000s. Then Nigeria implemented a sweeping set of economic and political changes and began to reform the unreformable. This book tells the story of how a dedicated and politically committed team of reformers set out to fix a series of broken institutions, and in the process repositioned Nigeria's economy in ways that helped create a more diversified springboard for steadier long-term growth. The author, Harvard- and MIT-trained economist Ngozi Okonjo-Iweala, currently Nigeria's Coordinating Minister for the Economy and Minister of Finance and formerly Managing Director of the World Bank, played a crucial part in her country's economic reforms. In Nigeria's Debt Management Office, and later as Minister of Finance, she spearheaded negotiations with the Paris Club that led to the wiping out of $30 billion of Nigeria's external debt, 60 percent of which was outright cancellation. Reforming the Unreformable offers an insider's view of those debt negotiations; it also details the fight against corruption and the struggle to implement a series of macroeconomic and structural reforms. This story of development economics in action, written from the front lines of economic reform in Africa, offers a unique perspective on the complex and uncertain global economic environment.




The Report: Nigeria 2013


Book Description

As the single most populous nation in Africa, Nigeria recently overtook South Africa as the largest economy on the continent. Natural resources, oil and gas in particular, comprise the country’s single largest revenue-earner but the 170m person economy also has seen significant activity in recent years into the industrial, financial, telecoms and – as of 2013 – power sectors. Hydrocarbons reserves have traditionally attracted the vast majority of domestic and foreign investment in Nigeria. Oil production capacity has remained at roughly 2.5m barrels per day (bpd) since the start of 2000, although output fell to 2.2m bpd on average in 2012. Still, the country has long operated below its true potential and government efforts in recent years have sought to increase local value addition, by boosting refining capacity and minimising theft and bunkering. The country’s banking sector has been through a significant shake-up as well, resulting in a far healthier and more robust financial industry, while reforms in the telecoms and agricultural sectors have strengthened medium-term prospects.




Toward Climate-Resilient Development in Nigeria


Book Description

If not addressed in time, climate change is expected to exacerbate Nigeria’s current vulnerability to weather swings and limit its ability to achieve and sustain the objectives of Vision 20:2020 [as defined in http://www.npc.gov.ng /home/doc.aspx?mCatID=68253]. The likely impacts include: • A long-term reduction in crop yields of 20–30 percent • Declining productivity of livestock, with adverse consequences on livelihoods • Increase in food imports (up to 40 percent for rice long term) • Worsening prospects for food security, particularly in the north and the southwest • A long-term decline in GDP of up to 4.5 percent The impacts may be worse if the economy diversifies away from agriculture more slowly than Vision 20:2020 anticipates, or if there is too little irrigation to counter the effects of rising temperatures on rain-fed yields. Equally important, investment decisions made on the basis of historical climate may be wrong: projects ignoring climate change might be either under- or over-designed, with losses (in terms of excess capital costs or foregone revenues) of 20–40 percent of initial capital in the case of irrigation or hydropower. Fortunately, there is a range of technological and management options that make sense, both to better handle current climate variability and to build resilience against a harsher climate: • By 2020 sustainable land management practices applied to 1 million hectares can offset most of the expected shorter-term yield decline; gradual extension of these practices to 50 percent of cropland, possibly combined with extra irrigation, can also counter-balance longer-term climate change impacts. • Climate-smart planning and design of irrigation and hydropower can more than halve the risks and related costs of making the wrong investment decision. The Federal Government could consider 10 short-term priority responses to build resilience to both current climate variability and future change through actions to improve climate governance across sectors, research and extension in agriculture, hydro-meteorological systems; integration of climate factors into the design of irrigation and hydropower projects, and mainstreaming climate concerns into priority programs, such as the Agriculture Transformation Agenda.




The Report: South Africa 2013


Book Description

The Rainbow Nation benefits from an internationally competitive private sector, which accounts for roughly 70% of GDP, and extremely competitive infrastructure; its utility sector, for example, produces just under half of the total power generated on the African continent. South Africa represents by far the most developed market in Africa, but there are still some structural challenges it is grappling with. Government strategies have set a target of increasing labour market participation from 54% in 2010 to 65% by 2030, bringing the number of workers in the formal sector to 25.3m people and lowering unemployment from 25% to 6%. While its fiscal space is narrow, long-term investments in infrastructure, education and health are expected to be key to attaining its growth potential. Recent years have seen both the public and private sectors look to strengthen regulatory frameworks in mining and industry – in some cases, like the automotive sector, with impressive results.




A History of Nigeria


Book Description

Nigeria is Africa's most populous country and the world's eighth largest oil producer, but its success has been undermined in recent decades by ethnic and religious conflict, political instability, rampant official corruption and an ailing economy. Toyin Falola, a leading historian intimately acquainted with the region, and Matthew Heaton, who has worked extensively on African science and culture, combine their expertise to explain the context to Nigeria's recent troubles through an exploration of its pre-colonial and colonial past, and its journey from independence to statehood. By examining key themes such as colonialism, religion, slavery, nationalism and the economy, the authors show how Nigeria's history has been swayed by the vicissitudes of the world around it, and how Nigerians have adapted to meet these challenges. This book offers a unique portrayal of a resilient people living in a country with immense, but unrealized, potential.




The Report: Nigeria 2015


Book Description

Despite concerns linked to short-term and cyclical risks, including unequal development, policy uncertainty, declining oil prices and localised unrest, the longer-term growth fundamentals are clear. Following the presidential elections in March 2015, the newly elected government of President Muhammadu Buhari will face a host of challenges, ranging from high levels of rural poverty to concerns over governance and an insurgency in the north. The outcome of the presidential elections gave Nigeria its first peaceful handover of power in more than 16 years, as well as a boost of momentum that, along with its economic fundamentals, places it on the cusp of potentially long-term, broad-based growth.




OECD Investment Policy Reviews: Nigeria 2015


Book Description

This Investment Policy Review examines Nigeria’s investment policies in light of the OECD Policy Framework for Investment (PFI), a tool to mobilise investment in support of economic growth and sustainable development.




The Report: Nigeria 2016


Book Description

Nigeria is the largest economy in Africa with a GDP of $ 487bn in 2015, according to the World Bank. The country asserted the mantle of the continent's largest economy in 2013, following a rebasing exercise. However, its large population means that Nigeria remains a comparatively poor country in per capita terms, with a lower GDP per capita than several of its sub-Saharan neighbors. Following a real GDP contract of 1.5% in 2016, the IMF forecasts that growth will reach 0.8% in 2017 and 1.9% in 2018. While growth began to pick up in the first half of 2017, Nigeria still has much work to do. However, there is the sentiment that the economy has turned a corner and has begun to see a silver lining. Devaluation of the naira, rising inflation, the drop in oil revenues, the slowdown in oil production, and the leader softening of growth,




There Was a Country


Book Description

From the legendary author of Things Fall Apart—a long-awaited memoir of coming of age in a fragile new nation, and its destruction in a tragic civil war For more than forty years, Chinua Achebe maintained a considered silence on the events of the Nigerian civil war, also known as the Biafran War, of 1967–1970, addressing them only obliquely through his poetry. Decades in the making, There Was a Country is a towering account of one of modern Africa’s most disastrous events, from a writer whose words and courage left an enduring stamp on world literature. A marriage of history and memoir, vivid firsthand observation and decades of research and reflection, There Was a Country is a work whose wisdom and compassion remind us of Chinua Achebe’s place as one of the great literary and moral voices of our age.