Economy
The Challenges Facing Nigeria’s Economy
The Challenges Facing Nigeria’s Economy
The ongoing COVID-19 crisis is threatening to push Nigeria’s economy backwards, just a few years after the country successfully emerged from a damaging recession. The warning signs are flashing again as increased borrowing, a weakening currency and rising unemployment loom ominously.
As government and financial institutions struggle to remedy the situation, there is a growing demand for foreign exchange, forcing banks to ration outflow, while the hoped-for rally in oil prices has not materialised. Over-dependence on oil, policy inconsistency, insecurity and a persistent level of corruption have all had a dampening effect on the nation’s finances.
But Nigeria remains a nation with tremendous resources and potential, and there are reasons to be optimistic about the future, with a number of avenues to explore that could offer increasing prosperity and a way to guide the country to a firmer financial footing.
Promise of Agriculture
Agriculture remains a strength for Nigeria and it has the potential to help revive the economy. There are a number of plans in place, such as the Kano Agro Pastoral Project, that can help to galvanise this important part of the Nigerian economy. Nigeria is blessed with huge reserves of arable land and a significant farming population, offering a potential solution not just to economic downturn but also to the equally important issues of food poverty and food security.
There are promising signs that cooperation between agricultural specialists, state and national governments is starting to take effect, and by focusing on developing targeted crop value chains while improving the rural infrastructure, Nigeria’s farmers can be empowered to boost the economy.
Importance of Diversification
Nigeria has enormous human potential and economic ingenuity. The inventiveness of the Nigerian entrepreneur is on display across many sectors.
Take the thriving and growing mobile technology sector. Evidence suggests that mobile penetration increased from 36% to 50% between 2014 and 2017. That trend has continued with one estimate by Business Monitor International putting the likely number of mobile subscribers at 182 million by 2021, up from 153 million in 2017. Demand for mobile services has been driven both by technological advances and the dynamic marketing practices of Nigerian mobile companies.
This proliferation of mobile usage is also helping to drive the success of some of the top online casinos in Nigeria. The online casino sector, boosted by the ever-widening availability of mobile technology, is expanding rapidly, particularly among the increasingly affluent young Nigerian middle class.
Innovative local gaming companies are striking deals with major online casino content providers, as well as with international payment providers and digital support companies, enabling them to offer an ever more cutting-edge casino gaming experience.
The rise of the online casino and mobile sectors demonstrates Nigeria’s entrepreneurial potential. But fully unleashing that potential may first require tackling the country’s over-reliance on oil revenue. This has become a problem, but Nigeria has the opportunity to lead the way in designing the new green economy of the 2020s.
The government has already launched Africa’s first sovereign green bonds and has taken steps to extricate the country from oil dependency, starting with a cut in oil subsidies.
Money diverted from the oil industry can be directed into the renewables sector, while the Nigerian Ecological Fund has the potential to tackle some of the serious ecological problems facing the nation – a clean-up that can also boost the economy. The Ministry of Works, in conjunction with the wider government, can help to lead the way by bringing about green reforms in the Nigerian construction industry, while tackling the serious housing shortage in the country.
Rise of technology
Technology is another way in which Nigeria can help to steer its economic ship to safer waters. Although it can be difficult to focus on the future in times of economic difficulty, there is enormous untapped potential in Nigeria when it comes to technological change, not least among the country’s business sector. A strong push to adopt new methods, such as remote work, e-commerce and artificial intelligence, much of which has been given a boost by the pandemic, could reap dividends.
There is a huge potential demand for improved IT infrastructure, from collaboration tools that enable workers to operate effectively as a team while working at home, to teaching solutions that can enable teachers to deliver lessons remotely. And beyond that, the promises of cloud computing and smart homes offer Nigeria the opportunity to be bold and take the lead in African technology.
Retooled finance
Technology can also have a role to play in helping the Nigerian finance sector to contribute to the national economy. The pandemic has shown that more can be done in terms of automation and technical solutions to financing problems, while at the same time, the sector can do more to reach out to all sectors of society. The Nigerian finance industry is full of talent and the desire for innovation, and if unleashed, can play a major role in the nation’s recovery.
Like many other nations around the world, Nigeria has taken a hit due to COVID-19 and there are specific long-term problems that the country still needs to face. But the nation remains one of the most significant countries in the world and a powerhouse in Africa, and with sufficient guidance and investment, the potential of Nigerian farmers, business people, administrators, bankers and scientists can be harnessed to help build a more prosperous future.
In a fast-evolving world of cryptocurrencies, where innovation and security are paramount, choosing the right wallet can make all the difference. With hundreds of options available, finding a platform that balances functionality, safety, and user experience is no easy feat. Among the contenders, Guarda Wallet has consistently risen to the top, earning a reputation as the best bitcoin wallet and arguably the best crypto wallet on the market today.
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What is Guarda Wallet?
Guarda Wallet is a non-custodial, multi-platform cryptocurrency wallet that supports a wide range of digital assets. Founded in 2017, Guarda has built a strong reputation based on its core values of user autonomy, security, and convenience. Being non-custodial means that users retain full control over their private keys, reinforcing the true essence of decentralization.
Available as a web, desktop, mobile, and even Chrome extension app, Guarda offers users seamless access to their crypto holdings anytime and anywhere. It supports over 400,000 tokens and 50+ major blockchains, including Bitcoin, Ethereum, Binance Smart Chain, Cardano, Solana, and more.
Why Guarda is the Best Bitcoin Wallet
Bitcoin remains the cornerstone of the crypto world, often referred to as digital gold. As such, any wallet vying for the title of the best bitcoin wallet must deliver exceptional security, fast transactions, ease of use, and robust support for Bitcoin-specific functionalities. Here's why Guarda ticks all the right boxes:
1. Security First, Always
Guarda Wallet takes user security extremely seriously. Since it's non-custodial, no private keys are stored on the company's servers. All keys are generated and stored locally on the user’s device, minimizing the risk of centralized hacks. Additionally, the wallet supports backup encryption, biometric authentication, and password protection, ensuring multiple layers of safety for Bitcoin holders.
2. User-Friendly Interface
Whether you are a beginner or an expert, Guarda’s interface is clean, intuitive, and easy to navigate. It makes sending, receiving, and storing Bitcoin a smooth and hassle-free process. The wallet also offers in-app tutorials and prompts that guide new users step by step.
3. Integrated Exchange and Purchase Options
Guarda goes beyond simple storage. It allows users to buy Bitcoin with a credit card or bank transfer directly in the wallet. You can also swap BTC for other cryptocurrencies without needing to leave the app. These features make Guarda a one-stop-shop for anyone looking to maximize their crypto experience.
4. Multisignature Capabilities and Advanced Features
Guarda Wallet includes multisig functionality, which is especially useful for institutional users or those managing large Bitcoin holdings. Multisig wallets require multiple private keys to authorize a transaction, adding an additional layer of security.
5. Constant Updates and Responsive Support
The development team behind Guarda is highly active and continually updates the platform to support the latest blockchain innovations. They also offer 24/7 customer support, an often-overlooked aspect that elevates Guarda to being the best bitcoin wallet for users who want reliability and peace of mind.
Why Guarda is Also the Best Crypto Wallet Overall
While Bitcoin may be the most well-known cryptocurrency, the world of crypto extends far beyond it. From DeFi tokens to NFTs and smart contracts, the need for a versatile wallet has never been greater. This is where Guarda Wallet shines as the best crypto wallet for managing a wide array of assets.
1. Multi-Asset Support
Guarda Wallet supports more than 50 blockchains and over 400,000 tokens. Whether it’s Ethereum, Litecoin, XRP, Dogecoin, or lesser-known ERC-20 and BEP-20 tokens, you can manage them all in one place. This makes Guarda an ideal solution for diversified crypto portfolios.
2. DeFi Integration
The rise of Decentralized Finance (DeFi) has changed the way users interact with crypto. Guarda integrates seamlessly with DeFi protocols, allowing users to stake, lend, and earn yields directly from the wallet. This makes it not just a storage solution, but a gateway to financial freedom and innovation.
By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced the recovery of N7.43 trillion (approximately $4.85 billion) from outstanding payments owed by oil and gas companies, following its industry-wide financial disclosures.
The recovery is part of the total $8.26 billion identified in NEITI’s 2021 oil and gas audit report.
This was disclosed by NEITI’s Executive Secretary, Mr Orji Orji, while speaking during a press briefing in Abuja over the weekend, noting that the recoveries demonstrate the agency’s commitment to transparency and accountability in Nigeria’s extractive sector.
The NEITI chief noted that while significant progress has been made in recovering funds, unresolved financial liabilities remain a major concern.
“So far, over $4.85 billion was recovered from the disclosures of $8.26 billion (made by NEITI in its 2021 oil and gas report. In the 2023 industry reports released in September 2024, NEITI disclosed liabilities of $6.175 billion and N66.378 billion, showing a significant decline from the liabilities of 2021 reports, yet worrisome because of the need for government to find resources to fund its 2025 budget,” Mr Orji stated.
He decried that despite NEITI’s efforts to ensure financial accountability in the oil and gas sector, several companies have continued to default on payments.
He called on relevant government bodies, including the Federal Inland Revenue Service (FIRS) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), to take stronger enforcement actions against defaulters and adopt more stringent measures to prevent future revenue leakages.
“Analyses of how these liabilities, when paid, could support the federal government’s domestic revenue mobilization reveals that the liabilities, when converted at N1,500 to one dollar, would amount to N9.33 trillion.
“The sum is more than the federal government’s total budget for health, education, agriculture and food security, which totaled N8.73 trillion. Further analyses show that the sum is also more than the total budget for national security at N6.11 trillion, health at N2.48 trillion and social welfare of N724 billion all put together. The liabilities can also knock off about 72 per cent of the federal government’s budget deficit of N13 trillion for 2025.”
He called on relevant agencies responsible for collecting these revenues to do what is needed and support our governments at all levels to provide the much-needed infrastructure for our citizens,” he stated.
Mr Orji further disclosed plans to broaden the initiative’s industry-wide reports to include dedicated sections on divestments, forward sales of oil and gas assets, and environmental remediation.
This move, he noted, is aimed at strengthening transparency and accountability in the extractive sector.
He stated that while the agency’s current Beneficial Ownership data is up-to-date as of 2023, more work is needed to deepen engagements and public disclosures on companies acquiring divested assets.
Mr Orji highlighted challenges such as institutional constraints, funding limitations, and resistance to change.
He called for collective efforts from the media, civil society, and stakeholders to ensure that Nigeria’s oil, gas, and mining revenues are managed prudently for the benefit of all citizens.
“Transparency is not just a policy; it is a responsibility. NEITI remains steadfast in ensuring that Nigeria’s extractive revenues are accounted for and utilized effectively,” he added.
By Adedapo Adesanya
Nigeria earned N7.68 trillion from the export of natural gas, liquefied petroleum gas and other gas products in 2024.
This showed an increase of 105.1 per cent from the N3.746 trillion earned from the sale of the commodities in 2023, data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2024 noted.
It was revealed that gas export earnings accounted for 9.92 per cent of total exports recorded in the year under review versus the 10.42 per cent posted a year earlier.
Giving a breakdown of gas exports in 2024, the NBS reported that in the first quarter, the country recorded N1.437 trillion, N2.881 trillion was earned in the second quarter, while in the third and fourth quarter of 2024 stood at N35.845 billion and N3.329 trillion, respectively.
In comparison, the NBS stated that the country earned N668.119 billion, N711.1 billion, N1.109 trillion and N1.257 trillion from gas exports in the first, second, third and fourth quarter of 2023, respectively.
The NBS noted that the during the period under review, the country earned N1.943 trillion from natural gas exports, followed by other petroleum gases with N1.117 trillion, while Liquefied Petroleum Gas (LPG) trailed with N269.074 billion.
The agency disclosed that Nigeria exported Liquefied Petroleum Gas valued at N112.71 billion and Natural gas worth N83.655 billion to the Netherlands in the fourth quarter of 2024; while natural gas valued at N135.21 billion was exported to France.
It added that Spain purchased N345.118 billion worth of natural gas from Nigeria and N131.289 billion worth of other petroleum gas, while India purchased other petroleum gas and natural gas valued at N337.085 billion and N209.159 billion, respectively.
In Africa, the NBS noted that Nigeria sold N10.81 billion worth of Liquefied Petroleum Gas to the Ivory Coast in the fourth quarter of 2024.
Based on the entire data, the stats office disclosed that total foreign trade stood at N138.033 trillion in 2024; rising by 106.6 per cent, compared with N66.825 trillion in 2023.
It added that total exports stood at N77.442 trillion in 2024, rising by 115.3 per cent compared with N35.962 trillion in 2023; while total imports stood at N60.59 trillion in 2024, rising by 96.3 per cent from N30.863 trillion recorded in 2023.
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