Macroeconomic Report & Economic Updates

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.…

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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…

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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…

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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…

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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…

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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,…

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August 9, 2019

Nigeria Economic Update (Issue 29)

Latest report from NBS shows that the Nigeria Immigration Service (NIS) generated ₦39.06 billion in 20181 as against ₦35.72 billion it generated as local revenue in 2017- representing a growth…

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August 7, 2019

Nigeria Economic Update (Issue 28)

Nigeria’s Micro, Small and Medium Enterprises (MSME) sector showed noteworthy growth potentials between 2013 and 2017. A total number of 4.4 million MSMEs were established within the time period, increasing…

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August 5, 2019

Nigeria Economic Update (Issue 27)

On July 7, 2019, Nigeria signed the Africa Continental Free Trade Area (AfCFTA) agreement1 – the world’s largest free trade area deal since the formation of the World Trade Organization.…

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July 26, 2019

Nigeria Economic Update (Issue 26)

The total value of capital importation into Nigeria amounted to US$ 8.49 billion in the first quarter of 20191. This represents a significant increase of 216% relative to 2018Q4 and  …

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July 26, 2019

Nigeria Economic Update (Issue 25)

Foreign and domestic investors consolidated their portfolio investments in May 2019 by increasing the value of their buy orders for Nigerian equities by about 50%. Compared to April 2019, total…

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July 24, 2019

Nigeria Economic Update (Issue 24)

Foreign Direct Investment (FDI) flows into Nigeria contracted substantially in 2018. Figures from the United Nations Conference on Trade and Development (UNCTAD) show that FDI inflows dropped by a significant…

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July 17, 2019

Nigeria Economic Update (Issue 23)

In the first quarter of 2019, total foreign trade increased to N8.24 trillion1. This figure is 2.5% higher compared to 2018Q4 and 7.5% higher relative to the corresponding quarter in…

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July 12, 2019

Nigeria Economic Update (Issue 22)

The NBS National outcome report on Water, Sanitation and Hygiene (WASH), suggests improvements in achieving SDG 6 (clean water and sanitation) in Nigeria. Accesses to the three WASH areas is…

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July 8, 2019

Nigeria Economic Update (Issue 21)

The value of non-oil exports increased in the first quarter of 2019. According to the latest CBN quarterly economic report, non-oil exports totalled up to US$1.26 billion in 2019Q11, indicating…

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June 24, 2019

Nigeria Economic Update (Issue 20)

The Nigerian economy slowed in the first quarter of 2019 as real GDP growth rate fell to 2.1%1, from 2.38% in 2018Q4. Aggregate nominal GDP fell by 9.75% to ₦32…

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