Macroeconomic Report & Economic Updates
August 19, 2017
Africa Economic Update (Issue 5)
Nigerias domestic crude production increased significantly in April 2017. OPECs Month-on-Month data shows a 22.6 percent increase to 1.5 million barrels per day constituting the biggest increase among oil producing group. Crude production increased at the backdrop of completion of scheduled maintenance/repairs at the Bonga oil field, implying resumption of crude production by an additional 225,000 barrels. Remarkably, Nigeria is progressively moving towards meeting daily output benchmark/target (2.2 million barrels per day). Given recent boost in domestic crude oil production, considerable effort should be made to improve the countrys refining capacity in order to reduce fuel importation and conserve foreign exchange.
This paper examines the bilateral trade relationship between Nigeria andPoland for the period 1995 to 2012. It uses the Decision Support Model (DSM)and the Growth Identification and Facilitation Framework (GIFF) to identifymarket for Nigerian exports in Poland.
Capital Importation: Overall capital imported into the manufacturing sector fell deeply in 2015 and has remained low in 2016H1 on the account of present FOREX issues affecting businesses in the sector