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The economy of Burkina Faso is based primarily on subsistence farming and livestock raising. Burkina Faso has an average income purchasing-power-parity per capita of $1,900 and nominal per capita of $790 in 2014. More than 80% of the population relies on subsistence agriculture, with only a small fraction directly involved in industry and services. Highly variable rainfall, poor soils, lack of adequate communications and other infrastructure, a low literacy rate, and a stagnant economy are all longstanding problems of this landlocked country. The export economy also remained subject to fluctuations in world prices.
Gross Domestic Product (GDP) in Niger was worth 13.68 billion US dollars in 2020, according to official data from the World Bank, based largely on internal markets, subsistence agriculture, and the export of raw commodities: foodstuffs to neighbors and raw minerals to world markets. Niger, a landlocked West African nation that straddles the Sahel, has consistently been ranked on the bottom of the Human Development Index, at 0.394 as of 2019 with a relatively low per capita income, and ranks among the least developed and most heavily indebted countries in the world, despite having large raw commodities and a relatively stable government and society not currently affected by civil war or terrorism. Economic activity centers on subsistence agriculture, animal husbandry, re-export trade, and export of uranium.
Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa. It is geographically situated between the Sahel to the north and the Gulf of Guinea to the south in the Atlantic Ocean. It covers an area of 923,769 square kilometres (356,669 sq mi), and with a population of over 218 million, it is the most populous country in Africa, and the world’s seventh-most populous country. Nigeria borders Niger in the north, Chad in the northeast, Cameroon in the east, and Benin in the west. Nigeria is a federal republic comprising 36 states and the Federal Capital Territory, where the capital, Abuja, is located. The largest city in Nigeria is Lagos, one of the largest metropolitan areas in the world and the second-largest in Africa.
The Economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 24th-largest in terms of purchasing power parity. Nigeria has the largest economy in Africa. The country's re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the region of West Africa. In addition, the debt-to-GDP ratio was 16.075% as of 2019.
Fair trade is an arrangement designed to help producers in growing countries achieve sustainable and equitable trade relationships. The fair trade movement combines the payment of higher prices to exporters with improved social and environmental standards. The movement focuses in particular on commodities, or products that are typically exported from developing countries to developed countries, but is also used in domestic markets, most notably for handicrafts, coffee, cocoa, wine, sugar, fruit, flowers, and gold.
Lagos is the largest city in Nigeria and the second most populous city in Africa, with a population of 15.4 million as of 2015 within the city proper - daily the Lagos area is growing by some 3,000 people, or around 1.1 million annually, so the true population figure of the greater Lagos area in 2022 is roughly 28 million. Lagos may therefore have overtaken Kinshasa as Africa's most populous city. Lagos was the national capital of Nigeria until December 1991 before the government decided to move their capital to Abuja in the centre of the country. The Lagos metropolitan area has a total population of roughly 23.5 million as of 2018, making it the largest metropolitan area in Africa. Lagos is a major African financial centre and is the economic hub of Lagos State and Nigeria at large. The city has been described as the cultural, financial, and entertainment capital of Africa, and is a significant influence on commerce, entertainment, technology, education, politics, tourism, art, fashion. Lagos is also among the top ten of the world's fastest-growing cities and urban areas. The megacity has the fourth-highest GDP in Africa and houses one of the largest and busiest seaports on the continent. The Lagos metropolitan area is a major educational and cultural centre in Sub Saharan Africa.
Vigna subterranea is a member of the family Fabaceae. The plant originated in West Africa. Vigna subterranea ripens its pods underground, much like the peanut. They can be eaten fresh or boiled after drying, and can be ground either fresh or dry to make puddings.
The cinema of Nigeria, often referred to informally as Nollywood, consists of films produced in Nigeria; its history dates back to as early as the late 19th century and into the colonial era in the early 20th century. The history and development of the Nigerian motion picture industry is sometimes generally classified in four main eras: the Colonial era, Golden Age era, Video film era and the emerging New Nigerian cinema.
Apapa is a Local Government Area in Lagos, located to the west of Lagos Island. Apapa contains a number of ports and terminals operated by the Nigerian Ports Authority (NPA), including the major port of Lagos State and Lagos Port Complex (LPC).
Macrotyloma geocarpum is also known as the ground bean, geocarpa groundnut, Hausa groundnut, or Kersting's groundnut. In French, it is often called la lentille de terre. M. geocarpum is an herbaceous annual plant and a crop of minor economic importance in sub-Saharan Africa, tolerant of drought, with a growth habit similar to that of the peanut.
African Petroleum Producers Organization (APPO) is an organization of African countries producing petroleum. It was created on January 27, 1987 in Lagos, Nigeria, to serve as a platform for cooperation and harmonization of efforts, collaboration, sharing of knowledge and skills among African oil producing countries. The headquarters of the organization is in Brazzaville in the Congo. The Organization changed its name from African Petroleum Producers Association to African Petroleum Producers Organization in 2017.
The Nigerian Stock Exchange (NSE) now Nigerian Exchange Group is a Nigerian stock exchange founded in 1961 in Lagos. As of November 2019, it has a total of 161 listed companies, with 8 domestic companies on the premium board, 144 companies on the mainboard, and 4 on the Alternative Securities Market (ASeM) board. In the Fixed Income market, the NSE has 84 FGN bonds, 21 state bonds, 27 corporate bonds, 1 supranational bond, and 53 memorandum listings.
Agriculture in Nigeria is a branch of the economy in Nigeria, providing employment for about 35% of the population as of 2020. As reported by the FAO, agriculture remains the foundation of the Nigerian economy, despite the presence of oil in the country. It is the main source of livelihood for most Nigerians. The Agricultural sector is made up of four sub-sectors: Crop Production, Livestock, Forestry and Fishing.
Benin is predominantly a rural society, and agriculture in Benin supports more than 70% of the population. Agriculture contributes around 35% of the country's gross domestic product (GDP) and 80% of export income. While the Government of Benin (GOB) aims to diversify its agricultural production, Benin remains underdeveloped, and its economy is underpinned by subsistence agriculture. Approximately 93% of total agricultural production goes into food production. The proportion of the population living in poverty is about 35.2%, with more rural households in poverty (38.4%) than urban households (29.8%). 36% of households depend solely upon agricultural (crop) production for income, and another 30% depend on crop production, livestock, or fishing for income.
Agriculture is the primary economic activity of a majority of Niger's 17 million citizens.
The Dangote Group is a Nigerian multinational industrial conglomerate, founded by Aliko Dangote. It is the largest conglomerate in West Africa and one of the largest on the African continent. The group employs more than 30,000 people, generating revenue in excess of US$4.1 billion in 2017.
The Kano Emirate Council is a traditional state in Northern Nigeria with headquarters in the city of Kano, capital of the modern Kano State. Preceded by the Emirate of Kano the council was formed in 1903 after the British pacification of the Sokoto Caliphate.
The Northern Nigeria Marketing Board was a statutory commodity board authorized to fix producer prices of export commodities within the Northern region of Nigeria. It was also responsible for licensing buying agents and the purchasing export commodities in the region.
The Eastern Nigerian Marketing Board was a statutory monopoly responsible for the purchase and carriage to port of export commodities produced in the Eastern Region of Nigeria. In addition, to protect the producers and the industry from violent price fluctuations, the board made arrangements for producers to be paid a guaranteed price every season. A major aim of the board was to earn surplus reserves in order to fund government institutions in the region. As a result, it extended grants to the Eastern Nigeria Finance Corporation and provided the takeoff grant of University of Nigeria.
Water sachets or sachet water is a common form of selling pre-filtered or sanitized water in plastic, heat sealed bags in parts of the global south, and are especially popular in Africa. Water sachets are cheaper to produce than plastic bottles, and easier to transport. In some countries, water vendors refer to sachet water as "pure water".
References
- ↑ Groundnut Producers' Lagos Meeting. The Financial Times (London, England),Wednesday, June 29, 1966; pg. 2
