Macroeconomic Report & Economic Updates

November 18, 2020

Nigeria Economic Update (Issue 43)

The International Monetary Fund (IMF) has projected that the GDP growth for Nigeria will shrink to -4.3 percent at the end of 2020 from 2.2 percent in 2019.1  The negative…

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November 6, 2020

Nigeria Economic Update (Issue 42)

Total geographical distribution of credit by state increased by 1.82 percent to N18.9 trillion in the second quarter of 2020 from N18.56 trillion in the first quarter of 2020.1 Lagos…

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November 6, 2020

Nigeria Economic Update (Issue 41)

President Muhammadu Buhari presented the Federal Government’s Proposal for the 2021 fiscal year before a joint sitting of the National Assembly. The proposed Revenue and Expenditure budgets are ₦7.89 trillion…

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November 6, 2020

Nigeria Economic Update (Issue 40)

Data from the National Bureau of Statistics (NBS) shows that 2,080 road accidents occurred in the second quarter of 2020.¹ Accounting for 47 percent of crashes, speed violation was reported…

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October 27, 2020

Nigeria Economic Update (Issue 39)

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) voted to reduce the Monetary Policy Rate by 100 basis points, from 12.5 percent to 11.5 percent.¹ Other…

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October 27, 2020

Nigeria Economic Update (Issue 38)

he World Bank has approved of $750 million for the Power Sector Recovery Programme (PSRP) through the International Development Association (IDA).1 The disbursement plan to commence in 2021 is as…

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October 5, 2020

Nigeria Economic Update (Issue 37)

A recently conducted study by the World Bank shows that the cost of mortality and morbidity due to air pollution from exposure to fine particulate matter (PM₂.₅) stood at $2.1…

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September 28, 2020

Nigeria Economic Update (Issue 36)

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September 16, 2020

Nigeria Economic Update (Issue 35)

Total capital imported into Nigeria decreased by 77.88 percent from $5.85 billion to $1.29 billion between first quarter and second quarter of 2020.1 A disaggregation of the data shows that…

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September 16, 2020

Nigeria Economic Update (Issue 34)

The GDP growth rate in 2020Q2 was estimated to be -6.10%, the first negative growth since the recession in 2016/2017. The GDP declined by 8.22 percentage points from 1.87% to…

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September 1, 2020

Nigeria Economic Update (Issue 33)

Nigeria’s unemployment rate increased from 23.1 percent in 2018Q3 to 27.1 percent in 2020Q21. Similarly, the underemployment rate increased from 20.1 percent to 28.6 percent in the same period. The…

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August 26, 2020

Nigeria Economic Update (Issue 32)

 In the week ended 7th August, the Nigerian Stock Exchange (NSE) reported a week on week growth as 1.065 billion shares were traded compared to the 0.421 billion shares traded…

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August 17, 2020

Nigeria Economic Update (Issue 31)

According to the Central Bank of Nigeria’s (CBN) Business Expectation Survey carried out in July, the business outlook rose by 16.4 index points month on month. However, the overall Confidence…

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August 17, 2020

Nigeria Economic Update (Issue 30)

Microsoft Word – Harvard help sheet The Nigerian Investment Promotion Commission (NIPC) reported a 67 percent decline in investment in H1 2020, compared to H1 2019. The decline saw investment…

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August 17, 2020

Nigeria Economic Update (Issue 28)

Microsoft Word – Harvard help sheet The inflation rate for the month of June rose to 12.56 percent from 12.40 percent in May1. The rise in inflation was driven by…

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August 12, 2020

Nigeria Economic Update (Issue 28)

The Central Bank of Nigeria (CBN) recently announced a ban on the importation of maize/corn1. This ban adds maize to the list of 41 other products some of which include…

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