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This came as a response to a national cost-of-living crisis, as the price of food and electricity overtook the minimum wage, which is relatively low for the large African economy. The country's national grid and its airports were shut down on 3 June 2024, as were banks, hospitals and schools.
The End Bad Governance protests, widely known by the hashtags #EndBadGovernance or #EndBadGovernanceInNigeria, were a series of decentralized mass protests in Nigeria [7] that mainly occurred from 1 August to 10 August 2024, triggered by the rising cost of living in the country. [8] [9]
The economy of Nigeria is a middle-income, mixed economy and emerging market [27] [28] with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. [ 29 ] [ 30 ] It is ranked as the 53rd-largest economy in the world in terms of nominal GDP , the fourth largest in Africa and the 27th-largest in terms ...
The Economic Community of West African States (ECOWAS) is a regional, political and economic union of fifteen countries in West Africa, covering an area of 5,114,162 km 2 (1,974,589 sq mi) and with an estimated population of over 387 million in 2019. Established in 1975, ECOWAS aims to achieve collective self-sufficiency for its member states ...
Nigeria received an RFI emergency loan for economic losses incurred due to COVID-19, which is to be repaid within 5 years, and repayments beginning within the third year. [6] The RFI loan was conditioned upon the nation's adherence to transparency and participation in independent audits of crisis-mitigation. [6]
The national debt of Nigeria increased again in the 2010s and 2020s, due to various factors, such as the 2010s oil glut, the COVID-19 pandemic, the End SARS protests, the 2021 Nigerian economic crisis, the 2021 Nigerian Twitter ban, and the 2023 Nigerian general election. [12]
29 May – Nigeria readopts Nigeria, We Hail Thee, which was the country's national anthem from 1960 to 1978, as its national anthem, replacing Arise, O Compatriots. [20] 30 May – 2024 Aba killings: Eleven people, including five soldiers, are killed in an attack on a military checkpoint by unknown gunmen in Aba, Abia State. [21]
Flooding in Nigeria has become a yearly occurrence that claims lives and destroys many properties. According to the Minister of Water Resources and Sanitation, Joseph Utsev, following two flood-related deaths in Abuja in July 2024, the rains have persisted, causing property and business disruption in the midst of a crippling economy where rising food costs are making matters worse for Nigerians.