Can Nigeria see beyond oil? [Business Africa]

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.

About Sonia Martinez

Check Also

The tourist’s death prompts questions about the religious leader’s teachings

Police officers and a lawyer during the exhumation of the body of the late British …