Macroeconomic Report & Economic Updates

April 23, 2021

Nigeria Econnomic Update (Issue 13)

The Monetary Policy Committee (MPC) has voted to retain the monetary policy rate (MPR) at 11.5%1. Other parameters remain unchanged; for instance, the cash reserve ratio (CRR) was maintained at…

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April 7, 2021

Nigeria Economic Update (Issue 12)

Inflation rate for February 2021 rose for the 18th consecutive month to its highest rate since February 2017.1 SGeoffrey Johnson Obipecifically, inflation rate increased to 17.33 percent in February 2021…

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March 24, 2021

Nigeria Economic Update (Issue 11)

Total Nigeria merchandising trade stood at N9.12 trillion in the fourth quarter of 2020, representing an 8.9 percent increase relative to the preceding quarter and a 9.9 percent decrease relative…

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March 24, 2021

Nigeria Economic Update (Issue 10)

The Central Bank of Nigeria (CBN) has introduced the CBN “Naira 4 Dollar Scheme” as an incentive for senders and recipients of international money transfers.1 More specifically, all recipients of…

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March 16, 2021

Nigeria Economic Update (Issue 9)

The World Bank’s Women, Business, and Law (WBL) 2020 index which measures the laws and regulations that affect women’s economic opportunity show that Nigeria scores 63.1 out of 100. This…

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March 5, 2021

Nigeria Economic Update (Issue 8)

Data released by the National Bureau of Statistics indicates that Nigeria’s real Gross Domestic Product (GDP) grew by 0.11% in Q4 20201. Further disaggregation shows that the oil sector contributed…

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March 2, 2021

Nigeria Economic Update (Issue 7)

Data released by the National Bureau of Statistics revealed a decline in total disbursements from the Federation Account in 2020. The Federation Account Allocation Committee (FAAC) disbursed N4.79 trillion1 to…

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February 19, 2021

Nigeria Economic Update (Issue 6)

The International Monetary Fund (IMF) projects that Nigeria’s fiscal balance is estimated to increase considerably. More specifically, general government deficit is projected to widen from 4.8 to 5.9 percent of…

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February 16, 2021

Nigeria Economic Update (Issue 5)

Based on the recently released Corruption Perception Index (CPI) 1, Nigeria is still perceived to be among the most corrupt nations, with a ranking of 149 out of the 180…

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February 8, 2021

Nigeria Economic Update (Issue 4)

Data from the National Bureau of Statistics (NBS) shows an overall increase in tax revenues for 2020. Total revenue generated from Value Added Tax (VAT)1 and Company Income Tax (CIT)2…

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January 28, 2021

Nigeria Economic Update (Issue 3)

According to data from the National Bureau of Statistics (NBS), a 0.28% month-on-month increase in the average price of Automotive Gas Oil (diesel) was recorded as the price in December…

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January 25, 2021

Nigeria Economic Update (Issue 2)

Discussions are underway between the Nigerian National Petroleum Corporation (NNPC) and a range of foreign and Nigerian trading houses with the NNPC aiming to raise $1 billion oil prepayment towards…

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January 25, 2021

Nigeria Economic Update (Issue 1)

Discussions are underway between the Nigerian National Petroleum Corporation (NNPC) and a range of foreign and Nigerian trading houses with the NNPC aiming to raise $1 billion oil prepayment towards…

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January 21, 2021

Nigeria Economic Update (Issue 50)

Data from the International Monetary Fund (IMF) shows that real GDP is projected to contract by 3.25 percent at the end of 2020 due to the negative impact of the…

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January 20, 2021

Nigeria Economic Update (Issue 49)

According to the National bureau of Statistics1, total value of Nigeria’s merchandise trade grew to N8,374.4 billion in Q3 2020, representing a 34.15% increase when compared to the previous quarter.…

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January 20, 2021

Nigeria Economic Update (Issue 48)

The Central Bank of Nigeria (CBN) is taking critical steps in efforts to close the 8.5 percent gender financial inclusion gap and achieve 95 percent financial inclusion by 2024. 34,000…

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