The year 2022 has been an eventful one in Nigeria across all sectors of the economy. While some expectations have been met from an economic standpoint, others have been exceeded. At different times throughout the year, data was released to track progress, indicate milestones, reveal gaps, and even give projections. The availability of this data and its dissemination to the public are fundamental to building a sustainable society.
We have compiled an inexhaustible but notable list of some of these facts in this article.
$1 million tractor financing
In May, Hello Tractor, a tractor booking platform, claimed $1 million from Heifer International to provide loans for the purchase of tractors in Nigeria.
The Pay-As-You-Go (PAYG) model of tractor financing, aimed at increasing agricultural productivity in Nigeria, has enabled the purchase of tractors in the states of Nasarawa, Abuja and Enugu.
There are about 200 tractors for every 100 square kilometers of agricultural land worldwide, but in sub-Saharan Africa there are only about 27. This indicates that agriculture in Africa is very poorly mechanized. The funding aims to close this gap.
569,000 hectares of farmland
More than 569,000 hectares of farmland were destroyed by flooding in Nigeria in 33 of its 36 states. While 176,852 hectares of farmland were partially damaged, 392,399 hectares were damaged. Notably, Africa’s largest rice farm, Olam Rice Farm, lost more than $15 million worth of planted crops in the flooding that inundated 4,500 of its 13,500 hectares of rice farmland in Nasarawa state.
Time different sectors of the economy were affected, the agricultural sector was the most affected, which translated into a high cost of food. To mitigate the effect of the food crisis, the government ordered the release of 12,000 metric tons of food from the national strategic reserve for distribution to flood-affected communities.
24.13% food inflation
Inflation rate in Nigeria continues to defy gravity. In November, food inflation, a closely watched index, rose to 24.13% from 23.72% the previous month. The increase in food inflation was motivated by the increase in the prices of bread and cereals, oil and fats, potatoes, yams and other tubers, foodstuffs and fish.
$520 million for the Program of Special Agroindustrial Processing Zones
$520 million is the amount that the African Development Bank (AFDB) and its partners have agreed to raise for the first phase of Nigeria’s Special Agro-industrial Processing Zones (SAPZ) Program.
The zone model is an industrialization strategy to transform poor rural spaces into prosperous zones, stop rural-urban migration, end human insecurity caused by clashes between herders and farmers, and provide employment for Nigerian youth. Seven states: Kaduna, Kano, Kwara, Imo, Cross River, Ogun and Oyo are participating in the first phase.
N1.01 billion from the Anchor Borrower Program (ABP)
As of May 2022, the Central Bank of Nigeria had distributed a total of N1.01 trillion through the PBL to more than 4.2 million smallholder farmers growing 21 commodities across the country. Between April and May 2022, it released the sum of N57.91 billion under the Anchor Borrower Program (ABP) for 185,972 new projects.
The initiative aims to reduce the import of basic agricultural products, increase bank financing of the agricultural sector and create a new generation of farmers, among other things. However, the impact of PBL has been pressured by factors including insecurityfloods and non-payment.
$747,908,000 technology financing
Nigeria is the most popular tech startup investment destination in Africa. Between 2015 and 2022, 383 tech startups raised a combined total of $2,068,709,445 – a figure higher than that of any other country, according to disrupt africa.
By August 2022, 107 Nigerian startups had raised $747,908,000 in funding, representing almost a third of the total number of African companies (341) that have secured investment this year on the continent. This is within a few figures of Nigeria’s annual funding total of $793,790,000 in 2021.
15,0762 technological layoffs
According to data from layoffs. for your information, a tracker of tech layoffs, 15,0762 employees have been laid off by 971 tech companies worldwide at the time of writing this report. It is ironic that despite the successful rounds of funding that have graced Nigeria’s tech ecosystem, many startups have shrunk.
startups like Kuda, gen 54, Quidax, Eden life, Get Equity and Nestcoin, among many others, have laid off workers in the country. Reasons for layoffs and layoffs include redundancy of functions, poor performance and cancellation of contracted personnel, and unfavorable macroeconomic conditions.
$3 Billion Flutterwave
In February, African fintech flutter wave high $250 million in a Series D round that tripled the company’s valuation to more than $3 billion in just twelve months.
At $3 billion, Flutterwave is currently the highest-valued African startup, surpassing the $2 billion valuation set by SoftBank-backed fintech OPay and FTX-backed cross-border payments platform Chipper Cash.
$276 million for 5G
MTN and Mafab Communications Limited won the available tender slots to start 5G spectrum services in the country after paying $276 million.
MTN recently started a trial phase of its 5G technology in Nigeria ahead of commercial launch in seven cities: Lagos, Port Harcourt, Ibadan, Kano, Owerri, Maiduguri and Abuja. But Mafab Communications was given a 5-month extension for its implementation by the Nigerian Communications Commission due to delays in receiving the numbering plan.
1.9 trillion energy transition plan (ETP)
In October, Nigeria announced its Energy Transition Plan (ETP) would require funding of around $1.9 trillion through 2060. Nigeria’s Energy Transition Plan is an excellent example of the policy evolution required to deliver both the growth in energy consumption necessary for development sustainable as the climatic response required for the preservation of the environment. land.
The ETP seeks to address the dual crisis of energy poverty and climate change and deliver universal access to energy (SDG7) by 2030 and net zero by 2060.
2.1 billion for the sale of natural gas
Africa’s largest economy got N2.1 trillion of natural gas exports from January to September 2022, the highest in five years. Nigeria earned N655 billion in the first quarter, N735 billion in the second quarter and N757 billion in the third quarter of this year.
Gas produced in Nigeria is exported or used internally for power generation as a feedstock for gas-based industries such as fertilizer and petrochemical production, industrial heating, and as fuel for natural gas vehicles.
$60 million mini grid projects
CrossBoundary Energy Access (CBEA) and ENGIE Energy Access (ENGIE) have reached a project financing agreement to build a $60 million Minigrid portfolio in Nigeria.
This is the largest mini-grid project financing transaction in Africa to date, and the projects are expected to connect more than 150,000 people to electricity in Nigeria for the first time.
The seventh collapse of the national network
In September, the National Grid collapsed for the seventh time in 2022, more than the three recorded last year. The Renewable Energy Association of Nigeria (REAN) said such breakdowns cost Nigeria more than $25 billion in economic losses annually.
Additionally, it is estimated that companies spend more than $14 billion a year on private fossil fuel generators.
Billion dollar fuel subsidy
Nigeria is Africa’s largest oil producer, but it imports refined gasoline. To offset the high costs of international refining, the government sets the price of gasoline for Nigerians at a level lower than the international price by paying a subsidy. In August, Nigeria’s fuel subsidy increased to N525.714 billion ($1.22 billion), bringing the total spent this year to N2.568 trillion. Consequently, NNPC did not remit any money to the Federation Account Allocation Committee (FAAC) this year due to subsidy costs.
363,000 doctors
nigeria needs 363,000 doctors but it currently has only 24,000 licensed doctors available in the country, less than 10% of the number needed to meet the World Health Organization recommendation. The international health organization recommends one doctor for every 600 patients.
Nigeria has produced the number of doctors it needs, but many of them have moved abroad in search of greener pastures. Between 1 January 2022 and 30 September 2022, around 1,307 Nigerian-trained doctors were licensed in the UK as Nigeria grapples with one of the worst brain drain situations in its history.
$185 million in health tourism
Nigerians spent $185 million in foreign health (medical) services in the first half of 2022, down 65% compared to $528 million registered in the corresponding period of 2021.
In 2020, Nigerians parted with the sum of $1 billion for health-related spending abroad, from $2.6 billion recorded in 2019. It was further reduced to $615 million in 2021. With the $185 million incurred so far in 2022, it is safe to say that Nigeria will not cross the $615 million threshold by 2021.
