Macroeconomic Report & Economic Updates

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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July 20, 2020

Nigeria Economic Update (Issue 27)

According to the Debt Management Office (DMO), the outstanding public debt declined by 5.65 percent from $84 billion to $79.3 billion between December 2019 and March 20201. The reduction was…

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July 14, 2020

Nigeria Economic Update (Issue 26)

The manufacturers Purchasing Managers Index (PMI) declined by 3 percent to 41.1 index points between May and June 2020, indicating an increased shrinking in the sector1. The slowdown was noted…

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July 14, 2020

Nigeria Economic Update (Issue 25)

According to the CBN, crude oil price has risen to $42.94per barrel, a 33 percent rise compared to $32.25 per barrel in the previous month.[i] The rise comes just as…

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July 14, 2020

Nigeria Economic Update (Issue 24)

Total trade declined by 17.94 percent to ₦8.304 billion in Q12020 compared to Q420191. The decline was driven by a drop in both total imports and export value which fell…

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June 21, 2020

Nigeria Economic Update (Issue 23)

A recently released CBN report indicates a weakened business outlook of -66.2 points for the month of May. The agriculture and service sectors are the worst hit, recording a decline…

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June 9, 2020

Nigeria Economic Update (Issue 22)

Foreign capital imported into Nigeria increased by 53.97 percent from US$3.8 billion in the fourth quarter of 2019 to US$5.85 billion in the first quarter of 2020. This rise was…

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June 5, 2020

Nigeria Economic Update (Issue 21)

A recently released NBS report indicated a 20.92% rise in Internally Generated Revenue (IGR) in 2019. The year on year rise saw total IGR hit ₦1.33 trillion. The rise was…

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June 3, 2020

Nigeria Economic Update (Issue 20)

According to the Central Bank of Nigeria, the primary market recorded a rise in interest rates for the first time in 3 months. The rise was recorded in the recent…

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June 1, 2020

Nigeria Economic Update (Issue 19)

The recent NBS survey found that 40.1% – 82.9 million – Nigerians are living in poverty with the national poverty line estimated at ₦137,430per year 1. As such, 4 out…

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May 28, 2020

Nigeria Economic Update (Issue 18)

he International Monetary Fund (IMF) recently announced the approval of $3.4 billion emergency support to Nigeria under its Rapid Financing Instrument (RFI) facility1. This support fund comes as part of…

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May 19, 2020

Nigeria Economic Update (Issue 17)

The total direct remittance inflow into Nigeria has declined considerably, falling by 50% from US$2.04 billion to US$1.01 billion between January and February 20201. This is significantly lower than 2019…

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May 12, 2020

Nigeria Economic Update (Issue 16)

The recent World Economic Outlook (WEO) report released by the International Monetary Fund (IMF) reveals that Nigeria’s economy will contract to -3.4% in 2020, falling from 2.2% projected in 2019.1…

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April 29, 2020

Nigeria Economic Update (Issue 15)

The International Labor Organization (ILO) recently released a report which highlights global trends of employment. The report noted that the sub-Saharan African region which is characterized by high informal employment…

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April 27, 2020

Nigeria Economic Update (Issue 14)

The Federation Account Allocation Committee (FAAC) disbursed the sum of ₦647.35 billion to the federal, state and local of governments in February which is 9.6 percent lower than the ₦716.30…

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April 20, 2020

Nigeria Economic Update (Issue 13)

The manufacturing sector PMI declined from 58.3 points to 51.1 points between February and March 20201. The slowdown was triggered by reduced growth in 7 subsectors including electrical equipment, chemical…

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