Macroeconomic Report & Economic Updates

March 5, 2021

Nigeria Economic Update (Issue 8)

Data released by the National Bureau of Statistics indicates that Nigeria’s real Gross Domestic Product (GDP) grew by 0.11% in Q4 20201. Further disaggregation shows that the oil sector contributed…

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March 2, 2021

Nigeria Economic Update (Issue 7)

Data released by the National Bureau of Statistics revealed a decline in total disbursements from the Federation Account in 2020. The Federation Account Allocation Committee (FAAC) disbursed N4.79 trillion1 to…

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February 19, 2021

Nigeria Economic Update (Issue 6)

The International Monetary Fund (IMF) projects that Nigeria’s fiscal balance is estimated to increase considerably. More specifically, general government deficit is projected to widen from 4.8 to 5.9 percent of…

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February 16, 2021

Nigeria Economic Update (Issue 5)

Based on the recently released Corruption Perception Index (CPI) 1, Nigeria is still perceived to be among the most corrupt nations, with a ranking of 149 out of the 180…

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February 8, 2021

Nigeria Economic Update (Issue 4)

Data from the National Bureau of Statistics (NBS) shows an overall increase in tax revenues for 2020. Total revenue generated from Value Added Tax (VAT)1 and Company Income Tax (CIT)2…

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January 28, 2021

Nigeria Economic Update (Issue 3)

According to data from the National Bureau of Statistics (NBS), a 0.28% month-on-month increase in the average price of Automotive Gas Oil (diesel) was recorded as the price in December…

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January 25, 2021

Nigeria Economic Update (Issue 2)

Discussions are underway between the Nigerian National Petroleum Corporation (NNPC) and a range of foreign and Nigerian trading houses with the NNPC aiming to raise $1 billion oil prepayment towards…

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January 25, 2021

Nigeria Economic Update (Issue 1)

Discussions are underway between the Nigerian National Petroleum Corporation (NNPC) and a range of foreign and Nigerian trading houses with the NNPC aiming to raise $1 billion oil prepayment towards…

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January 21, 2021

Nigeria Economic Update (Issue 50)

Data from the International Monetary Fund (IMF) shows that real GDP is projected to contract by 3.25 percent at the end of 2020 due to the negative impact of the…

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January 20, 2021

Nigeria Economic Update (Issue 49)

According to the National bureau of Statistics1, total value of Nigeria’s merchandise trade grew to N8,374.4 billion in Q3 2020, representing a 34.15% increase when compared to the previous quarter.…

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January 20, 2021

Nigeria Economic Update (Issue 48)

The Central Bank of Nigeria (CBN) is taking critical steps in efforts to close the 8.5 percent gender financial inclusion gap and achieve 95 percent financial inclusion by 2024. 34,000…

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January 20, 2021

Nigeria Economic Update (Issue 47)

Nigeria has slipped into a recession after recording two consecutive quarters of negative growth rate. Gross Domestic Product (GDP) grew by –3.62 percent in the third quarter of 2020 from…

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December 14, 2020

Nigeria Economic Update (Issue 46)

Data from the National Bureau of Statistics (NBS) shows that the average price paid for premium motor spirit (petrol) by consumers increased by 10.79 percent year-on-year to N161.17 in October…

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December 14, 2020

Nigeria Economic Update (Issue 45)

The Federal Executive Council has ratified Nigeria’s membership of the African Continental Free Trade Area (AfCFTA) agreement ahead of the December 5, 2020 deadline.1 The AfCFTA, which comes into effect…

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December 14, 2020

Nigeria Economic Update (Issue 44)

The manufacturing and non-manufacturing Purchasing Managers’ Index (PMI) for the month of October showed a slowing contraction relative to previous months, making it the 7th consecutive month both indices have…

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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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