African Development Bank's Economic Outlook (2018)

In its 2018 African Economic Outlook, African Development Bank (AfDB) provided some interesting indicators on Nigeria in relation to other W/African countries.

Highlights contained in the publication as it relates to Nigeria includes:

  • Nigeria accounts for over 70 percent of West Africa GDP, hence, the economic prosperity of the region largely depends on Nigeria's economy. Conversely, it would be harmed by adverse shocks to the Nigerian economy. 
  • Although economic growth in W/Africa has been impressive, the publication points out that the growth elasticity of employment in Nigeria is weak. This means that notable growth in GDP does not equate notable reduction in unemployment rate.
  • Among West African countries, Senegal, Niger, and Togo score highest on an indicator of labor market rigidity based on work restrictions and regulations, and only Nigeria scores below 0.2. This means that the Nigerian work environment is flexible compared to other W/African countries.
  • Generally, labour cost relative to labour productivity is higher in Africa than anywhere else in the developing world. This is a paradox for the African labour market, in that, the workforce is abundant but labour costs are high.
  • In W/Africa, Nigeria charges the second highest number of taxes for private companies (i.e. 54), with Cote d'lvoire being the highest charging 63 different types of taxes for a private company.
  • The most time a company spends declaring and paying its taxes is in Nigeria, where the average is over 800 hours.  

See full document https://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/2018A...

Source: African Development Bank (AfDB)

 

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