Macroeconomic Report & Economic Updates

June 3, 2020

Nigeria Economic Update (Issue 20)

According to the Central Bank of Nigeria, the primary market recorded a rise in interest rates for the first time in 3 months. The rise was recorded in the recent…

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June 1, 2020

Nigeria Economic Update (Issue 19)

The recent NBS survey found that 40.1% – 82.9 million – Nigerians are living in poverty with the national poverty line estimated at ₦137,430per year 1. As such, 4 out…

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May 28, 2020

Nigeria Economic Update (Issue 18)

he International Monetary Fund (IMF) recently announced the approval of $3.4 billion emergency support to Nigeria under its Rapid Financing Instrument (RFI) facility1. This support fund comes as part of…

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May 19, 2020

Nigeria Economic Update (Issue 17)

The total direct remittance inflow into Nigeria has declined considerably, falling by 50% from US$2.04 billion to US$1.01 billion between January and February 20201. This is significantly lower than 2019…

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May 12, 2020

Nigeria Economic Update (Issue 16)

The recent World Economic Outlook (WEO) report released by the International Monetary Fund (IMF) reveals that Nigeria’s economy will contract to -3.4% in 2020, falling from 2.2% projected in 2019.1…

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April 29, 2020

Nigeria Economic Update (Issue 15)

The International Labor Organization (ILO) recently released a report which highlights global trends of employment. The report noted that the sub-Saharan African region which is characterized by high informal employment…

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April 27, 2020

Nigeria Economic Update (Issue 14)

The Federation Account Allocation Committee (FAAC) disbursed the sum of ₦647.35 billion to the federal, state and local of governments in February which is 9.6 percent lower than the ₦716.30…

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April 20, 2020

Nigeria Economic Update (Issue 13)

The manufacturing sector PMI declined from 58.3 points to 51.1 points between February and March 20201. The slowdown was triggered by reduced growth in 7 subsectors including electrical equipment, chemical…

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April 16, 2020

Nigeria Economic Update (Issue 12)

Between January and February, Nigeria’s external reserves declined from US$37.2 billion to $35.5 billion, its lowest in over 2 years1. Although the reserve level remains above the $30 billion benchmark…

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April 6, 2020

Nigeria Economic Update (Issue 11)

The Central Bank of Nigeria (CBN) has taken steps to ensure financial stability amid the COVID-19 pandemic. The steps include a reduction of interest rates for all CBN interventions from…

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March 30, 2020

Nigeria Economic Update (Issue 11)

Foreign capital imported to Nigeria declined by 32% from US$5.6 billion to US$3.8 billion between Q3 and Q4 2019, indicating a decline for the third consecutive quarter1. The decline during…

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March 24, 2020

Nigeria Economic Update (Issue 10)

In its worst performance since the 2008 financial crisis, the NSE All-Share Index and market capitalization depreciated by 13.49% to close the week at 22,733.35 basis points and N11.847 trillion…

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March 23, 2020

Nigeria Economic Update (Issue 9)

The Nigerian Stock Exchange All Share Index and market capitalisation declined by 4.28% to close the week at 26,216.46 and N13.658 trillion respectively4. This rise was primarily driven by the…

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March 11, 2020

Nigeria Economic Update (Issue 8)

The National Bureau of Statistics (NBS) has reported that the GDP growth rate in Q42019 is 2.55% which is relatively higher than Q32019 GDP growth rate at 2.28% and remains…

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March 6, 2020

Nigeria Economic Update (Issue 7)

The total stock of money in circulation declined at the end of January, falling by 7.9% month-on month from N2.4 trillion in December1. Although the current stock of currency in…

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February 21, 2020

Nigeria Economic Update (Issue 6)

The market indices at the Nigerian Stock Exchange (NSE) closed downward in the trading week ended 7th February, 2020. The bearish market recorded a decline in the All-Share Index (ASI)…

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