Macroeconomic Report & Economic Updates

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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November 25, 2019

Nigeria Economic Update (Issue 46)

Following the Central Bank of Nigeria’s (CBN) restriction of the Open Market Operations (OMO) purchase by individuals and small businesses, there has been a decline in interest rates to an…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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,…

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