Lessons for Nigeria from Asia's 1997 Crisis

The recent FX reforms undertaken by the Tinubu-led administration aimed to attract foreign investors. However, the administration should draw lessons from Asia's 1997 financial crisis to achieve this goal effectively. Dumebi Oluwole provides a detailed analysis of these lessons in her latest piece for Stears.

In addition to Asia, Nigeria can learn from Ghana, especially in enhancing financial inclusion. In 2010, Nigeria and Ghana had similar rates of financial exclusion, with 46% of adults in Nigeria and 44% in Ghana lacking access to financial services. However, today, Ghana has achieved a lower exclusion rate of 4%, while Nigeria's rate is 36%. Our Senior Fintech Analyst explains the crucial regulatory strategies that enabled Ghana to remove access barriers for its most financially excluded citizens.

Beyond the issue of limited access to financial services, many Nigerians also struggle with low income. The current minimum wage is ₦30,000, which is less than 40% of the amount required to meet the basic needs of a family of four. The Federal Government recognises this challenge and is working towards increasing the minimum wage to address the rising cost of living. But how exactly should the government go about it? Find out by reading our Senior Development Analyst’s article. 

Recently, the President of Nigeria enacted the Nigeria Data Protection Act (NDPA), which has significant implications for data privacy and protection. To gain a deeper understanding of the impact of this act on data security in Nigeria, read our take on the topic here.

PS: We have updated our energy tracker with the latest National Bureau of Statistics (NBS) data. You can now view and download data on Nigeria's evolving energy landscape, including petrol, diesel, cooking gas, and kerosene, for each month.

Until next Sunday, 

Jeremiah from Stears.