![]() The country is facing severe challenges ranging from rising inflation, increasing food prices, currency devaluation, high unemployment, and widespread insecurity. An additional supplementary budget of $2.39 billion (982.7 billion naira) was passed in July 2021, ostensibly to fight rising insecurity in the country and fund COVID-19 vaccine procurements. In December 2020, the government of Nigeria (GON) passed a $4.829 trillion (13.5 trillion naira) 2021 budget premised on a crude oil production levels of $40, exchange rate of 379 naira to the dollar, and GDP growth rate of 3%. Nigeria’s economy and commercial activities were severely affected by the COVID-19 pandemic and associated declining oil prices due to the country’s heavy reliance on oil. In the first quarter of 2021, oil accounted for about 9.25% of Nigeria’s gross domestic product (GDP), up from 5.8% recorded in the fourth quarter 2020, and contributing approximately 85% of export earnings and around 50% of total government revenues. It is one of Africa’s key oil producers, producing high-value, low-sulfur crude oil. ![]() Nigeria has the largest market in Africa with a population of over 200 million.
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