Macroeconomic Report & Economic Updates

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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May 28, 2019

Nigeria Economic Update (Issue 19)

Domestic oil production output increased to 1.82 million barrels per day (mbpd) in the month of April 20191. According to the global oil cartel, OPEC, Nigeria’s crude oil production rose…

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May 25, 2019

Nigeria Economic Update (Issue 18)

A total of ₦342.6 billion was generated internally as revenue by 35 states and the FCT in 2018Q41. The figure indicates a growth rate of 22.8% compared to ₦264.3 billion…

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May 23, 2019

Nigeria Economic Update (Issue 17)

According to the UNFPA, Nigeria’s population increased from 195.9 million in 2017 to 201 million in 20181 – representing an annual increase of about 2.6%. The age composition of Nigeria’s…

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May 16, 2019

Nigeria Economic Update (Issue 16)

Nigeria’s new national minimum wage bill recently received the President’s assent and was signed into law, subsisting as an Act of Parliament effective from April 18, 20191. The act provides…

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May 8, 2019

Nigeria Economic Update (Issue 15)

Nigeria became the largest remittance-recipient country in sub-Saharan Africa and the sixth largest among low-middle income countries in 2018. The country’s official remittances amounted to $24.3billion in 2018,1 a 10.5%…

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