Macroeconomic Report & Economic Updates

November 25, 2019

Nigeria Economic Update (Issue 45)

Crude oil prices declined in October 2019 and is expected to fall further in 2020. The price of Nigeria’s bonny light decreased by 4 percent from $64.02 per barrel in…

Download ↓ Read →

November 22, 2019

Nigeria Economic Update (Issue 44)

Total transaction at the national bourse increased by 15.95 percent from ₦121.9 billion in August 2019 to ₦141.45 billion in September 2019.1 The increase in total transaction is attributable to…

Download ↓ Read →

November 6, 2019

Nigeria Economic Update (Issue 43)

External/foreign reserves depleted by 0.6% to $40.7 billon for the week in review from $41.04 billion, the lowest since January 2018.3 The reserve has steadily plunged since the last week…

Download ↓ Read →

October 30, 2019

Nigeria Economic Update (Issue 42)

Consumer prices for the month of September 2019 increased by 0.22 percentage points. Specifically, inflation rate increased from 11.02 percent in August to 11.24 percent in September 2019.1 The rise…

Download ↓ Read →

October 21, 2019

Nigeria Economic Update (Issue 41)

Internally Generated Revenue (IGR) for the 36 states and the Federal Capital Territory (FCT) increased by 15.78 percent in the first half of 2019 relative to the second half of…

Download ↓ Read →

October 15, 2019

Nigeria Economic Update (Issue 40)

Market indices at the Nigeria Stock Exchange closed downward in the trading week ended October 4, 2019. The bourse recorded a  meagre 2.48 percent decrease in twin market indices– All…

Download ↓ Read →

October 9, 2019

Nigeria Economic Update (Issue 39)

The Central Bank of Nigeria (CBN) reviewed upward the minimum Loan to Deposit Ratio (LDR) target for all Deposit Money Banks (DMBs) from 60 percent to 65 percent.1 This is…

Download ↓ Read →

October 8, 2019

Nigeria Economic Update (Issue 38)

The government’s new fiscal projections have been revealed in the Medium-Term Expenditure Framework (MTEF) 2020-20221. The GDP growth projection was revised downwards from 3.6% to 2.9% for the 2020 fiscal…

Download ↓ Read →

October 7, 2019

Nigeria Economic Update (Issue 37)

The federal government has proposed an increase in Value Added Tax (VAT), from the current 5% to 7.2%3. The increment is linked to the implementation of Nigeria’s new minimum wage…

Download ↓ Read →

September 18, 2019

Nigeria Economic Update (Issue 36)

Capital importation into Nigeria dropped significantly in first quarter of 2019 with more than 26 states unable to attract any form of foreign investment during the quarter. At $5.82 billion,…

Download ↓ Read →

September 9, 2019

Nigeria Economic Update (Issue 35)

Nigeria’s economy performed poorly and witnessed a second consecutive quarter of weakened growth as real GDP slowed to a year-on-year growth rate of 1.94% in the second quarter of 20191.…

Download ↓ Read →

September 6, 2019

Nigeria Economic Update (Issue 34)

The Federation Accounts Allocation Committee distributed a total of N769.5 billion to the three tiers of government as revenue earned in July 20193. This amount is slightly higher than the…

Download ↓ Read →

September 3, 2019

Nigeria Economic Update (Issue 33)

Recent reports suggest that a forex restriction on food imports into Nigeria will be implemented in the coming months1. The Apex bank had enlisted, in 2015, 41 items as invalid…

Download ↓ Read →

August 30, 2019

Nigeria Economic Update (Issue 32)

The importation of petroleum products into Nigeria continues to expand. In 2019Q2, imports totaled 5.61 billion litres of Premium Motor Spirit (PMS) or petrol, 1.38 billion litres of Automotive Gas…

Download ↓ Read →

August 28, 2019

Nigeria Economic Update (Issue 31)

The 2019 Global Innovation Index (GII) depicts that out of 129 economies surveyed; Nigeria ranked 114 in terms of innovation performance1. While this position is four places up from Nigeria’s…

Download ↓ Read →

August 20, 2019

Nigeria Economic Update (Issue 30)

Figures from NNPC’s latest performance report show that the corporation spent ₦206.6 billion on subsidizing fuel in two months –January and February 20194. This amount increased by over ₦190 billion,…

Download ↓ Read →