Oil has an outsized impact on Nigeria’s economy, although it accounts for a relatively small proportion of GDP, around 9 percent in 2021.
Oil sales accounted for a third of the government’s budget revenue and about 90% of the country’s export earnings in 2020.
The country pumped 1.7 million barrels a day in 2021, up from 2 million a year earlier.
Experts say Africa’s biggest oil producer must now consider a future less dependent on black gold.
Nigeria’s economy could climb through the world rankings into the top 10 in 2050, with a projected GDP of over $6 trillion, surpassing Germany, Britain, France and Saudi Arabia, according to a 2016 report by PwC. But only , if Abuja quickly strays from over-reliance on oil.
Services are the biggest growth drivers in Nigeria, contributing around 46% of GDP in 2020, followed by industry (28.22%) and agriculture (24%). However, due to underinvestment, the sectors have not realized their full potential.
Africa’s most populous country heads to the polls next year, aware that building lasting prosperity and a resilient economy cannot be achieved through oil.
Andrew Nevin is Senior Economist and Partner at PwC Nigeria. He joins the program with insights into how Nigeria can right its post-oil future.
South Africa is fighting against a shortage of skilled workers
The South African tech sector is struggling to fill thousands of jobs. The most affected sub-sectors are cybersecurity, cloud computing, artificial intelligence and software development.
The shortage of a skilled workforce is the result of years of brain drain and the lack of an effective strategy to intensify science, technology, engineering and mathematics (STEM) education.
We report on how a skills crisis could shake the country’s ambitious plans for economic recovery.
Kenya earns $1.2 billion from tea exports
Kenya exported 558 million kilograms of tea in 2021, earning $1.2 billion.
Kenya’s Tea Board said exports rose 13% last year compared to 2020. At that time, the East African country shipped 518 million kilograms, earning $1.06 billion.
Kenya is a leading global exporter of black tea, and tea is a major source of foreign exchange alongside remittances, horticulture and tourism.
Much of the crop was bought by Pakistan.