NIGERIA STRUGGLE AGAINST POVERTY

AND UNEMPLOYMENT
MACROECONOMICS
 • A key regional player in West Africa, Nigeria
accounts for about half of West Africa’s
population
• Africa’s biggest oil exporter and has the
largest natural gas reserves on the continent.
Nigeria - • Nigeria divided into 36 states and further
outlook divided into 774 local government areas.
• Muhammadu Buhari is the President of
Nigeria.
• Liberalized the economy 1994.
 Nigeria –
demographics
Nigeria- Macro economic
GDP Rate over the years II GDP growth rate
 • Nigeria has the largest economy in Africa
• The country has the 30th largest economy in the
world
The major industries in Nigeria contributing the
economy
• The Nigerian economy is dominated by crude oil,
Industry which accounts for about 10% of the country's
GDP.
analysis • agriculture, which employs 36.3% of the
workforce and generated about 20.8% of Nigeria's
GDP
• The Industrial sector makes up 22.3% of the GDP
and employs 11.6% of the workforce..
• Tourism is also a significant sector.
 • Legal factors of Nigeria
• Corporate income tax is 30% for large
comp (turnover > N100m) ,10% tax on
LEGAL consultancy comp based on their presence
ENVIRONMENT determined by the finance minister
• 0% tax for small companies
ANALYSIS • 20% for comp having gross turnover
between N25m and N100m
• Petroleum profitable tax
• Federal competition and consumer act
2019
 Nigeria the world capital of poverty
The 86.9 million Nigerians now living
in extreme poverty represents nearly

Poverty 50% of its estimated 180 million

population.
The main reasons are
• Corruption
• Poor access to education
• Poor access to health
• Lack of infrastructure
Unemployment in • The unemployment rate in Nigeria stands at
nigeria: 23.10% which is their highest
• Effects: insecurity, standard of life
 • Improvement in education ( Universal
Steps taken by basic education 1999)
govt to eradicate • The National Accelerated Poverty
Reduction program (NAPEP) Established
poverty & in 2001.
unemployment • N -Power. Introduced in 2017, its goal is
to achieve inclusion and productivity in
the country.
• The Youth Agricultural Entrepreneurs
Program (2015) ,the Skills, Training and
Entrepreneurship Programme (2017) and
Osun Youth Empowerment Scheme (O-
YES)
 Government collaboration with
USA to tackle child labour.

Future of Government takes lot of

Nigerian measures to diversify e.g. agro
processing
economy

Digital transformation in
Nigerian economy
Thank You