Is Nigeria capable of seeing beyond oil?

Despite accounting for only roughly 9% of Nigeria’s GDP in 2021, oil has a significant impact on the country’s economy.

In 2020, oil sales accounted for one-third of the government’s budget revenue and about 90% of the country’s export revenues.

In 2021, the country produced 1.7 million barrels per day, down from 2 million the year before.

According to experts, Africa’s top oil producer must now consider a future that is less reliant on black gold.

According to a 2016 report by PwC, Nigeria’s economy might advance through the world rankings to the top 10 in 2050, overtaking Germany, the United Kingdom, France, and Saudi Arabia, with a projected GDP of over $6 trillion. But only if Abuja quickly moves away from its reliance on oil.

Nigeria’s largest drivers of growth are services, which will account for 46 percent of the country’s GDP in 2020, followed by industry (28.22 percent) and agriculture (24 percent ). The sectors, however, have not yet realized their full potential due to underinvestment.

Africa’s most populous country will go to the polls next year well aware that oil would not guarantee long-term prosperity or a resilient economy.

PwC Nigeria’s Andrew Nevin is a senior economist and partner. He joins the show with ideas for how Nigeria can prepare for its post-oil future.

South Africa is dealing with a skills shortage.

Thousands of positions in South Africa’s tech sector are unfilled. Cyber security, cloud computing, artificial intelligence, and software development are the most affected sub-sectors.

Years of brain drain and a lack of an efficient strategy to increase science, technology, engineering, and mathematics teaching have resulted in a shortage of qualified personnel (STEM).

A skills shortage might derail the country’s ambitious economic recovery objectives, according to our analysis.

Tea exports bring Kenya $1.2 billion.

In 2021, Kenya earned $1.2 billion from the export of 558 million kg of tea.

According to Kenya’s Tea Board, exports increased by 13% from 2020 to last year. The east African nation then exported 518 million kg, generating $1.06 billion in revenue.

Kenya is a world leader in black tea exports, and tea, along with remittances, horticulture, and tourism, is a major source of foreign cash.

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Saudi Arabia invests $6.4 billion in cutting-edge technology

Fri Feb 4 , 2022
Saudi Arabia has announced $6.4 billion in investments in future technologies, according to the Saudi ministry of communication and information technology. The investment, according to Abdullah Alswaha, is part of the kingdom’s effort to diversify its economy away from oil in the face of severe regional competition. As climate change […]

You May Like

Latest Stories