Macroeconomic Report & Economic Updates

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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May 8, 2019

Nigeria Economic Update (Issue 14)

Nigeria’s officially recorded debt obligation reached a record high of N24.39 trillion in 2018 relative to the N21.73 trillion in 201721, according to the DMO’s latest debt report. This represents…

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April 17, 2019

Nigeria Economic Update (Issue 13)

The CBN Monetary Policy Committee (MPC) switched its policy stance to ‘easing’ at the last MPC held on March 25-26, 2019. While holding other policy parameters at previous levels, the…

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April 15, 2019

Nigeria Economic Update (Issue 12)

The Nigerian mining and quarrying sector recorded growth in the production of solid minerals in 2018. The total quantity of solid minerals produced rose from 45.7 million tons in 2017,…

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April 8, 2019

Nigeria Economic Update (Issue 11)

Nigeria’s aviation sector witnessed substantial improvements in 2018 in both air passenger traffic and cargo movements. Figures from the Federal Airport Authorities of Nigeria show that the number of passengers…

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April 2, 2019

Nigeria Economic Update (Issue 10)

Nigeria’s balance of payment reversed into surplus in the fourth quarter of 2018, after a third-quarter negative period. As reported by the CBN balance of payment estimates showed significant improvements…

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March 21, 2019

Nigeria Economic Update (Issue 9)

By year-end 2018, the country recorded a total trade value of ₦32.3 trillion1, representing 39.3% increase over the corresponding period in 2017. The volume of total merchandise trade in 2018…

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March 15, 2019

Nigeria Economic Update (Issue 8)

The total amount of non-performing loans (NPL) of Nigerian banks declined for the year 2018, relative to 2017. At N1.79 trillion, the stock of NPL fell by 24.2 percent from…

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March 12, 2019

Nigeria Economic Update (Issue 7)

Nigeria’s economy has shown sustained signs of recovery. Real GDP growth rate rose Year-on-Year by 2.38 percent in 2018Q4, as against 1.81 percent recorded in the preceding quarter – an…

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March 1, 2019

Nigeria Economic Update (Issue 6)

The Nigerian economy raked in more revenue for the four quarters of 2018 fiscal year than in 2017. In the recently released economic report, the CBN reported that federally collected…

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February 25, 2019

Nigeria Economic Update (Issue 5)

States’ Internally Generated Revenue (IGR) declined in the third quarter 2018, replicating the same downward trend as seen in the previous quarter. IGR dropped to N264.38 billion in 2018Q3, compared…

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