Macroeconomic Report & Economic Updates

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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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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