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This is the story of how traditional cash crops that defined Nigeria’s economic history have been quietly superseded by a new agricultural commodity, sesame seeds. Deposing the Traditional Cash Crops Before the discovery of crude oil transformed Nigeria’s economic landscape in the 1960s, the nation’s wealth flowed from the rich soils of its agricultural heartlands.…
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In the 1960s, Nigeria was the undisputed king of palm oil production. Nigeria’s palm oil once commanded 43% of global output and earned the country valuable foreign exchange. Today, in an ironic reversal, Nigeria has become Africa’s largest importer of palm oil, spending over $600 million annually on a commodity it once dominated. Nigeria’s decline…
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In the 1960s, Nigeria was a leading global producer of rubber and commanded respect in international markets whilst serving as a crucial foreign exchange earner. The industry thrived with well-managed plantations, robust processing facilities and strong government support through the Commodity Marketing Boards (CMBs), which provided price stability and farmer protection. But the SAP program…
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The National Bureau of Statistics is easily the most reputable of Nigeria’s public agencies. Recent allegations, however, suggest that Nigeria’s last bastion of empirical integrity is facing its greatest existential threat so far
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The banking revolution of 2004-2005 led by Charles Soludo, is one of the most dramatic and consequential events in the modern history of Nigeria. It has it all: the unwavering determination of one man, death threats, political sabotage, institutional resistance and the goodwill of a president.
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Styling himself as ‘the black Henry Kissinger,’ his mission was to convince Nigeria and other African nations to boycott the Moscow Olympics in protest of the Soviet invasion of Afghanistan. What followed was nothing short of a disaster, even a comedy, that is now remembered as a masterclass in how not to carry out diplomacy.…
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Few stories from the history of business in Africa are as enduring or telling as the one about the entry of Bata Shoes into Africa. As the tale goes, at the dawn of the 20th century, when Victorian-era shoemakers were exploring new markets, they dispatched their representatives to colonial Africa to assess opportunities. One by…
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The year was 1955 and Chief Obafemi Awolowo stood before a crowd of eager parents and children in Ibadan. In his hands, he held the enrolment form of his eldest son. The form was not for the elite missionary school where the wealthy sent their children, but for the nearest public school. This symbolic act…
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In 2005, Nigeria achieved what many considered impossible: the largest single debt relief package in African history. All this was due to the personal efforts of Dr. Ngozi Okonjo-Iweala, a Harvard-educated economist who had risen through the ranks of the World Bank to become Nigeria’s Finance Minister.
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Whenever tensions flare between Nigeria and South Africa especially following xenophobic attacks, Nigerians respond across social media: “Nigeria helped end apartheid!” For many Nigerians, this isn’t just a throwaway line in heated exchanges; it’s a profound historical truth that deserves recognition and respect.