Macroeconomic Report & Economic Updates

April 6, 2020

Nigeria Economic Update (Issue 11)

The Central Bank of Nigeria (CBN) has taken steps to ensure financial stability amid the COVID-19 pandemic. The steps include a reduction of interest rates for all CBN interventions from…

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March 30, 2020

Nigeria Economic Update (Issue 11)

Foreign capital imported to Nigeria declined by 32% from US$5.6 billion to US$3.8 billion between Q3 and Q4 2019, indicating a decline for the third consecutive quarter1. The decline during…

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March 24, 2020

Nigeria Economic Update (Issue 10)

In its worst performance since the 2008 financial crisis, the NSE All-Share Index and market capitalization depreciated by 13.49% to close the week at 22,733.35 basis points and N11.847 trillion…

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March 23, 2020

Nigeria Economic Update (Issue 9)

The Nigerian Stock Exchange All Share Index and market capitalisation declined by 4.28% to close the week at 26,216.46 and N13.658 trillion respectively4. This rise was primarily driven by the…

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March 11, 2020

Nigeria Economic Update (Issue 8)

The National Bureau of Statistics (NBS) has reported that the GDP growth rate in Q42019 is 2.55% which is relatively higher than Q32019 GDP growth rate at 2.28% and remains…

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March 6, 2020

Nigeria Economic Update (Issue 7)

The total stock of money in circulation declined at the end of January, falling by 7.9% month-on month from N2.4 trillion in December1. Although the current stock of currency in…

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February 21, 2020

Nigeria Economic Update (Issue 6)

The market indices at the Nigerian Stock Exchange (NSE) closed downward in the trading week ended 7th February, 2020. The bearish market recorded a decline in the All-Share Index (ASI)…

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February 21, 2020

Nigeria Economic Update (Issue 5)

The manufacturing Purchasing Managers’ Index (PMI) declined in January to 59.2, indicating a 2.63% fall from the month of December1. The slowdown in sectoral expansion was driven by a decline…

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February 11, 2020

Nigeria Economic Update (Issue 04)

Consumer prices for the month of December 2019 increased by 0.13 percentage points from the preceding month which stood at 11.85% 1. This rate was 0.54% percentage points higher than…

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February 4, 2020

Nigeria Economic Update (Issue 03)

Consumer prices for the month of December 2019 increased by 0.13 percentage points from the preceding month which stood at 11.85% 1. As such, inflation has increased for four consecutive…

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January 29, 2020

Nigeria Economic Update (Issue 02)

Recently, oil price surpassed US$70 per barrel due to the heightened threat to energy facilities in the Middle East. As the tension between the United States and Iran increases with…

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January 21, 2020

Nigeria Economic Update (Issue 01)

The 2020 global gender gap report released by the World Economic Forum (WEF) shows that Nigeria ranks 128 out of 153 countries, indicating a 5-point increase from the 2018 ranking…

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December 18, 2019

Nigeria Economic Update (Issue 50)

The total value of Nigeria’s merchandise trade grew in 2019Q3 by 6.8% to ₦9,187 billion, when compared to 2019Q2. The growth translated to a 1.33% rise relative to 2018Q3. Exports…

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December 13, 2019

Nigeria Economic Update (Issue 49)

The ECOWAS single currency proposed to take off in January 2020 seems unlikely1. This is partly due to the failure of member states to meet all the preliminary requirements in…

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December 6, 2019

Nigeria Economic Update (Issue 48)

The federal government has finally approved the proposed increase of Value Added Tax (VAT), from the current 5% to 7.5%1. The increment was passed in the recent 2019 financial bill…

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November 27, 2019

Nigeria Economic Update (Issue 47)

The latest GDP report released by the National Bureau of Statistics for the third quarter of 2019, indicated a 2.28% year-on-year growth from 2018Q3. Between 2019Q2 and Q3, the GDP…

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