The Central Bank discontinued the circulation of the 1/2 to 25 kobo coins beginning February 28, 2007. The results though not officially declared by the National Electoral Commission – showed the duo of Moshood Abiola and Babagana Kingibe of the Social Democratic Party (SDP) defeated Bashir Tofa and Slyvester Ugoh of the National Republican Convention (NRC) by over 2.3 million votes. The economy of Nigeria is among one of Africa's largest economies, and it has industries such as oil refining, construction materials, pharmaceuticals, and cement. In addition to its petroleum resources, Nigeria also has a wide array of underexploited mineral resources which include natural gas, coal, bauxite, tantalite, gold, tin, iron ore, limestone, niobium, lead and zinc. The highest point in Nigeria is Chappal Waddi at 2,419 m (7,936 ft). By their projections, Nigeria is one of eight countries expected to account collectively for half of the world's total population increase in 2005–2050. [79] As head of state, Obasanjo vowed to continue Murtala's policies. Women's representation in government since Independence from Britain is also very poor. Nigeria was ranked 143 out of 182 countries in Transparency International's 2011 Corruption Perceptions Index; however, it improved to 136th position in 2014. Nigerian citizens have authored many influential works of post-colonial literature in the English language. [91] This ended almost 33 years of military rule from 1966 until 1999, excluding the short-lived second republic (between 1979 and 1983) by military dictators who seized power in coups d'état and counter-coups during the Nigerian military juntas of 1966–1979 and 1983–1999. It was coordinated by key officers of the Nigerian military and led to the overthrow of the Second Nigerian Republic and the installation of Major General Muhammadu Buhari as Head of State. The area near the border with Cameroon close to the coast is rich rainforest and part of the Cross-Sanaga-Bioko coastal forests ecoregion, an important centre for biodiversity. Nigeria provides free, government-supported education, but attendance is not compulsory at any level, and certain groups, such as nomads and the handicapped, are under-served. It also has a number of adherents in the South Western, Yoruba part of the country. [210] Kano State has sought to incorporate Sharia law into its constitution. By the middle of the 20th century, a great wave for independence was sweeping across Africa. Some films and audio documentaries include: The 2009 thriller film The Figurine is generally considered the game changer, which heightened the media attention towards New Nigerian Cinema revolution. To the southeast of the Benue are hills and mountains, which form the Mambilla Plateau, the highest plateau in Nigeria. Click to see how to make money online in Nigeria without spending a dime. [170] Ogun is considered to be Nigeria's current industrial hub, as most factories are located in Ogun and more companies are moving there, followed by Lagos. [294], There are many festivals in Nigeria, some of which date to the period before the arrival of the major religions in this ethnically and culturally diverse society. Nigerians are nearly equally divided into Muslims and Christians, with a tiny minority of adherents of Traditional African religions and other religions. Of which 60,068 kilometres (37,325 mi) (including 1,194 km (742 mi) of expressways) are paved roads and as of 1998 (west. Lagos is currently taking steps to become a global city. In a national television address in 2007, he added that if Nigerians did not like the victory of his handpicked successor, they would have an opportunity to vote again in four years. Kennis Music, the self-proclaimed number-one record label in Africa, and one of Nigeria's biggest record labels, has a roster almost entirely dominated by hip-hop artists. Central Bank of Nigeria saying in 2018 that crypto-currencies including Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin, weren’t regarded as money. [135] In the Sahel region, rain is less than 500 millimetres (20 in) per year and the Sahara Desert is encroaching. In 1986, he established the Nigerian Political Bureau of 1986 which made recommendations for the transition to the Third Nigerian Republic. The following year, it chartered the Royal Niger Company under the leadership of Sir George Taubman Goldie. [84] Buhari promised major reforms, but his government fared little better than its predecessor. [54] Usually the captives were taken back to the conquerors' territory as forced labour; after time, they were sometimes acculturated and absorbed into the conquerors' society. [274] Most workers in the informal sector are women. Many of the immigrants, sometimes called Saro (immigrants from Sierra Leone) and Amaro (ex-slaves from Brazil)[204] later became prominent merchants and missionaries in these cities. Imbalances between North and South were expressed in Nigeria's political life as well. [276] Women throughout the country were only politically emancipated in 1979. [256], Between 2011 and 2018, Boko Haram has been responsible for more than 37,000 deaths in the region. The old 100 naira was set to be equivalent to one new naira. Also, view Dollar to Naira currency charts. A visiting Nigerian Senator reported that all the primary and post-primary schools, health centres, worship centres as well as the police station in the area were destroyed. of 32. nigerian oil nigeria money nigeria gas african currency dark finance naira note niara naira money nigerian currency naira. According to African Bank Notes, 12-15 brass manillas purchased one slave at the time. Its southern coast is on the Gulf of Guinea in the Atlantic Ocean. [192] By 2100 the UN estimates that the Nigerian population will be between 505 million and 1.03 billion people (middle estimate: 730 million). Relatively, the Nigeria government has attempted to place a ban on crypto currency, although its legal status remains ambiguous unlike in countries like Morocco and Algeria where there is a clear ban on trading in Bitcoins such that a breach attracts heavy fines. Here we publish several helpful articles in various categories, such as how-to articles, where to find things, resources, business, interviews and reviews. The 1963 census indicated that 47% of Nigerians were Muslim, 34% Christian, and 18% members of local indigenous religions. The bank unveiled a 100 naira commemorative banknote in 2014 to mark Nigeria’s centennial existence. As oil production and revenue rose, the Nigerian government became increasingly dependent on oil revenues and international commodity markets for budgetary and economic concerns. Below, you'll find Nigerian Naira rates and a currency converter. Owobi Angrew, "Tiptoeing Through A Constitutional Minefield: The Great Sharia Controversy in Nigeria", Rais Akhtar; Health Care Patterns and Planning in Developing Countries, Greenwood Press, 1991. p. 264. Its coastline is at least 853 km (530 mi). The Commission also highlighted the fact that Crypto Assets are distinguished from Fiat Currency and E-money meaning that there is a fundamental difference between Crypto Assets and cryptocurrency under the Nigerian regulatory landscape. The name Nigeria was taken from the Niger River running through the country. [82][83] In August 1983 Shagari and the NPN were returned to power in a landslide victory, with a majority of seats in the National Assembly and control of 12 state governments. In the period before 1983 election, a report of experts prepared by the National Institute of Policy and Strategic Studies showed that only the 1959 and 1979 elections were held without systematic rigging. [142], In 2005 Nigeria had the highest rate of deforestation in the world, according to the Food and Agriculture Organization of the United Nations (FAO). The first major currency issue in Nigeria was undertaken sequel to the colonial ordinance of 1880 which introduced the Shillings and Pence as the legal tender currency in British West Africa. Nigerians are crying and lamenting today because of the sudden increase in almost the price of all goods and services in the country. Unlike traditional currencies, bitcoins are … [162] Nigeria has one of the fastest-growing telecommunications markets in the world, major emerging market operators (like MTN, 9mobile, Airtel and Globacom) basing their largest and most profitable centres in the country. According to the official May 2010 FIFA World Rankings, Nigeria was the second top-ranked football nation in Africa and the 21st highest in the world. [243], Education in Nigeria is overseen by the Ministry of Education. Nigeria is a founding member of the African Union and a member of many other international organizations, including the United Nations, the Commonwealth of Nations, the ECOWAS, and OPEC. But nowadays with more education available to the public, Nigerian women are taking steps to have more active roles in the public, and with the help of different initiatives, more businesses are being started by women. In 1976 all foreign banks were compelled to sell 60 percent of their shares to Nigerians. It is comparable in size to Venezuela, and is about twice the size of the U.S. state of California. As of 2012[update], the HIV prevalence rate among adults ages 15–49 was just 3.1 percent. [107] Kin-selective altruism has made its way into Nigerian politics, resulting in tribalist efforts to concentrate Federal power to a particular region of their interests through.[108]. This contrasts with the sixteen largest fields which produced 37.9% of Nigeria's petroleum at that time.[160]. The Atlantic slave trade was engaged in by European companies until it was outlawed in 1807. SEC, as … The conversion factor for NGN has 4 significant digits. ", sfnm error: no target: CITEREFIliffe2011 (, sfnm error: no target: CITEREFErfler2011 (, sfn error: no target: CITEREFErfler2011 (, sfn error: no target: CITEREFIliffe2011 (, African Concord (1990). It is influenced by the Westminster System model[citation needed] in the composition and management of the upper and lower houses of the bicameral legislature. Nigeria is mainly a cash economy although the use of credit and debit cards is increasing - especially in the big cities. As the British approached the city of Sokoto, the new Sultan Muhammadu Attahiru I organized a quick defense of the city and fought the advancing British-led forces. Plans to re-denominate Nigeria's currency did not take place in August 2008 as scheduled due to a cancellation issued by Umaru Musa Yar'Adua, the then president. Waste management including sewage treatment, the linked processes of deforestation and soil degradation, and climate change or global warming are the major environmental problems in Nigeria. a previously counted 61% of the population living in poverty in 2012. Haphazard industrial planning, increased urbanisation, poverty and lack of competence of the municipal government are seen as the major reasons for high levels of waste pollution in major cities of the country. 68% of the Nigerian population is literate, and the rate for men (75.7%) is higher than that for women (60.6%).[244]. The education system consists of six years of primary school, three years of junior secondary school, three years of senior secondary school, and four, five or six years of university education leading to a bachelor's degree. Child marriage remains common in Northern Nigeria. Some of these vegetations include, Euphorbiaceae, that serve purposed to aid malaria, gastrointestinal disorders and many other infections. Nigeria made history as the last nation to do away with the £sd currency system when it disbursed the Naira on January 1, 1973. Seal serves as a promise that you are receiving authentic currency and is backed by the protection of Banknote World’s T.A.P. Currency. With this Africa-centered stance, Nigeria readily sent troops to the Congo at the behest of the United Nations shortly after independence (and has maintained membership since that time). Between 1990 and 2000, Nigeria lost an average of 409,700 hectares of forest every year equal to an average annual deforestation rate of 2.4%. Devaluation of Nigeria currency is making the rich richer and the poor, poorer, if nothing is done about it, it will further widen the gap of the rich and the poor. In 2019, the economy began to recover slightly with the nation's real GDP growing by 2.3% and the IMF estimating another increase of 2.3% in 2020. As of 2014, the industry was worth ₦853.9 billion (US$5.1 billion) making it the third most valuable film industry in the world, behind the United States and India. On 1 January 1914, the British formally united the Southern Nigeria Protectorate and the Northern Nigeria Protectorate into the Colony and Protectorate of Nigeria. Lagos is the most populous city in the country and the African continent, as well as one of the largest metropolitan areas in the world. 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