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The government was able to pay them until the economic downturn and an IMF-mandated structural adjustment program. Austerity measures which were imposed led to a downturn in funding of the educational sector. This led to significant student uprisings and a mass exodus of the expatriates as well as a net export of Nigerian skilled workers. [3]
During the mid and late 1980's, Nigeria experienced a prolonged and severe economic downturn. Nigeria suffered a rapid plummet of its foreign reserves from $10 billion in early 1980s to approximately $1 billion in the mid 1980s due to overvalued currency, inflated imports, and international decline of oil prices. [4]
Although Nigeria has one of the largest economies in Africa, its minimum wage is relatively low compared with other African countries. The government proposed a 100% increase of the minimum wage from ₦30,000 to ₦60,000, but the unions rejected this as "unsustainable" and demanded a larger increase. [2]
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.
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 sixth largest in Africa and the 27th-largest in terms of ...
A report from the National Bureau of Economic Research, led by health economist Amy Finkelstein, found mortality rates among Americans dropped 0.5% for every 1% jump in an area’s unemployment ...
A West African court has found the Nigerian government guilty of human rights abuses during its suppression of the 2020 #EndSARS protests against alleged police brutality.
Actors Guild of Nigeria banned movie sets across Nigeria. [66] Delta State government banned all social gatherings of up to 20 persons, including burials, crusades and ordered the closure of clubs and cinemas with immediate effect. [67] Ondo State government ordered the immediate closure of all markets, shops and malls in the state for seven days.