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One of Nigeria’s oldest publishing houses is worth less than a million dollars

Over the years, there have been many arguments and counter-arguments about whether Nigerians read as much as they are supposed to. Believe it or not, there is even a book titled “Why Nigerians Don’t Read Anymore: The Catastrophe That Awaits A Non-reading Nation. While the plausibility of some of the arguments raised in this book remain suspect to those who believe that Nigerians read enough, the truth is that the Nigerian publishing industry hasn’t been thriving as much as it is supposed to. One of the reasons is that people aren’t buying books. It may surprise you to know that Academy Press Plc, which is one of the oldest and “biggest” publishing houses in the country, is currently valued at less than a million dollars. 

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Expatriates are leading some of Nigeria’s biggest companies

Since colonial times, foreigners from Europe and the Americas have been living and working in Nigeria. Initially, they were either referred to as colonial masters or missionaries. Fast forward to the 21st century, these foreign workers like to be called expatriates, even as they prefer to live in some of the most exclusive neighborhoods of Lagos, Abuja, and Port Harcourt. As a matter of fact, some of Nigeria’s most exclusive neighborhoods were once predominantly dominated by foreigners who developed and resided in them with their families.   

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FG earns N28.6 trillion from VAT, others

The Federal Government (FG) earned about N28.6 trillion from Value Added Tax (VAT), mineral revenues, and non-mineral revenues between 2012 and 2016. This was disclosed by the Nigeria Extractive Industries Transparency Initiative (NEITI) in its latest Fiscal Allocation and Statutory Disbursement Audit Report for the period mentioned. 

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