Economic Africa

In a circular in June 2015, the Central Bank Of Nigeria (CBN) published a list of imported goods and services that will not be eligible for foreign exchange in the Nigerian foreign currency market.  The Central Bank of Nigeria has finally lifted the foreign exchange restrictions it placed on importers of 43 items eight years ago. In a statement signed by CBN’s Director of Corporate Communications, Dr. Isa AbdulMumin, the bank said this is a significant change to the foreign exchange market policy. Below is the list of the 43 items FOOD ITEMS :  Rice Margarine Palm kernel Palm oil products Vegetable oils Meat and processed meat products Vegetables and processed vegetable products Poultry and processed poultry products Tinned fish in sauce(Geisha)/Sardine IRON/STEEL MATERIALS: Cold rolled steel sheets Galvanized steel sheets Roofing sheets Wheelbarrows Head pans Metal boxes and containers Enamelware Steel drums Steel pipes Wire rods (deformed and not deformed) Iron ...

Nigeria, a country located in West Africa, is regarded as the giant of Africa. There are several reasons why Nigeria is given this title.  The term "Giant of Africa" was first used to describe Nigeria in the 1960s, shortly after the country gained independence from Britain.  At the time, Nigeria was seen as a rising power in Africa, with a growing economy and a large population.  Over the years, Nigeria has continued to be seen as the "Giant of Africa" due to its size, economic potential, and role in regional politics.   Below are the various reasons why Nigeria is called the Giant of Africa POPULATION One of the significant reasons Nigeria is called the giant of Africa is due to its massive population. Nigeria is the most populous country in Africa, with over 206 million people, making it the seventh-largest country in the world in terms of population. Nigeria has an estimated 200 ethnic groups, with diverse cultures and beliefs. ECONOMY Nigeria is...