30 Questions
When was crude oil discovered in Oloribiri, Bayelsa State?
1956
What is the approximate area of water in Nigeria?
13,000 square kilometers
What was the major change in the telecommunication industry in Nigeria in 1923?
Commercial telephone service establishment in Calabar and Itu
Which republic lies to the East of Nigeria?
Cameroun Republic
What was the disputed issue that led to the cancellation of the 1973 population census in Nigeria?
Geographical distribution
What was the significance of the first cable connection between Lagos and London in 1886?
Historical start of telecommunication industry in Nigeria
Why is Dutch disease referred to as a phenomenon?
It explains how natural resources can lead to poverty
What was the estimated population of Nigeria in 1998?
108,200,000 million
In which year was the Nigeria money market officially established?
1960
What was the projected annual growth rate in population from 1991 to 2004?
3.2%
How long is the longest distance from North to South in Nigeria?
$1,605$ kilometers
What was the first fixed phone service provided to in Lagos?
Government offices
Which type of TV stations are owned by the Nigerian government?
Federal stations
When did the cellular market begin to develop in Nigeria?
1992
Which city is not mentioned as one of the key markets for cellular network growth in Nigeria?
Ibadan
How many mobile subscribers are there approximately in Nigeria?
150 million
Which company acquired Visafone in 2016 in Nigeria?
MTN Nigeria
Which was the first company to start the Internet era in Nigeria?
Linkserve Limited
What is the main purpose of the Non-governmental company Nigeria Internet Group (NIG)?
Providing all Nigerians with full access to the internet
In which year was the number of Internet users in Nigeria approximately 100 thousand?
1999
What is the primary purpose of the money market?
Trading highly liquid and short-term financial instruments
Which instrument is NOT commonly found in the money market?
Long-term Mortgage Bonds
What function does the money market serve for commercial banks?
Self-sufficiency and fund provision
How does the money market contribute to financial mobility?
By enhancing liquidity and safety
Which market is primarily concerned with short-term debt securities?
Money market
In the context of banking services, what does OMO stand for?
Open Market Operation
Which entity serves as the 'lender of last resort' in the financial system?
Central bank
What is the primary function of a clearing bank?
Processing financial transactions
Which market is more concerned with long-term investments and ownership in companies?
Capital market
What is the main role of brokers, dealers, and exchanges in the security market?
Facilitating fair and honest trading
Study Notes
Geography of Nigeria
- Nigeria occupies a total area of 923,768 km² (356,669 square miles).
- The country is bounded by Benin Republic to the west, Cameroun Republic to the east, Niger and Chad Republics to the north, and the Atlantic Ocean to the south.
- The longest distance from east to west is about 767 km, and from north to south is about 1,605 km.
- Nigeria has a coastline along the Gulf of Guinea measuring about 800 km.
Demographical Characteristics
- The population of Nigeria in 1963 was 56,000,000.
- The population census of Nigeria in 1973 was 79,800,000, but was cancelled in 1976 due to controversy over geographical distribution.
- The population census of Nigeria in 1991 was 88,500,000, which was officially adopted for national planning purposes.
- The population was estimated to have increased from about 108,200,000 in 1998 to 118,800,000 in 2001 and 129,900,000 in 2004.
- The 2006 census showed an annual growth rate of 3.2% and a projected population of 140,000,000.
Economy of Nigeria
- Agriculture was the predominant occupation in Nigeria before 1960, employing more than 75% of the population.
- Crude oil was discovered in Oloibiri, Bayelsa State in 1956, leading to the development of the petroleum industry.
- The Nigerian money market was officially established in April 1960.
Telecommunication Industry in Nigeria
- The telecommunication industry in Nigeria began in 1886 with the connection of Lagos to London by cable.
- The first commercial telephone service was established in Calabar and Itu in 1923.
- The first mobile cellular network was launched in 1992, with the first cell phones offering basic features like calling, texting, and monophonic rings.
- By 2018, there were about 150 million mobile subscribers in Nigeria, with several telecom companies operating in the country.
- Major mobile network operators in Nigeria include MTN Nigeria, Airtel, Glo, and 9Mobile (formerly Etisalat).
Internet History in Nigeria
- The Communications Commission in Nigeria allowed the sale of internet services to citizens in 1996, with 38 companies licensed to offer such services.
- Linkserve Limited was the first internet service provider (ISP) in Nigeria.
- By 1999, there were approximately 100,000 internet users in Nigeria, which increased to over 91 million in 2017.
- Popular internet providers in Nigeria include IPNX Nigeria Limited, Smile Nigeria, Cobra Net Limited, Swift Network Limited, and Spectranet Nigeria.
Money Market in Nigeria
- The money market is a market where financial instruments with high liquidity and short maturity are traded.
- Instruments of the money market include promissory notes, bills of exchange, treasury bills, call and notice money, inter-bank term money, certificates of deposit, commercial papers, and more.
- Functions of the money market include financing trade, financing industry, profitable investment, self-sufficiency of commercial banks, and helping the central bank.
- Institutions of the money market include commercial banks, central banks, and other financial institutions.
Commercial Banks in Nigeria
- Functions of commercial banks include accepting deposits, providing safe custody for valuables, granting loans and advances, security market services, and business advisory services.
Central Bank of Nigeria
- Functions of the Central Bank of Nigeria include issuing currency, acting as a banker's bank, managing external reserves, managing external debt, managing national debt, and stimulating economic growth.
Test your knowledge on the geography of Nigeria, including its total area, boundaries, and coordinates. Learn about the land and water areas, distances from East to West and North to South, and neighboring countries.
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