Macroeconomic Report & Economic Updates

August 17, 2020

Nigeria Economic Update (Issue 30)

Microsoft Word – Harvard help sheet The Nigerian Investment Promotion Commission (NIPC) reported a 67 percent decline in investment in H1 2020, compared to H1 2019. The decline saw investment…

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August 17, 2020

Nigeria Economic Update (Issue 28)

Microsoft Word – Harvard help sheet The inflation rate for the month of June rose to 12.56 percent from 12.40 percent in May1. The rise in inflation was driven by…

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August 12, 2020

Nigeria Economic Update (Issue 28)

The Central Bank of Nigeria (CBN) recently announced a ban on the importation of maize/corn1. This ban adds maize to the list of 41 other products some of which include…

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July 20, 2020

Nigeria Economic Update (Issue 27)

According to the Debt Management Office (DMO), the outstanding public debt declined by 5.65 percent from $84 billion to $79.3 billion between December 2019 and March 20201. The reduction was…

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July 14, 2020

Nigeria Economic Update (Issue 26)

The manufacturers Purchasing Managers Index (PMI) declined by 3 percent to 41.1 index points between May and June 2020, indicating an increased shrinking in the sector1. The slowdown was noted…

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July 14, 2020

Nigeria Economic Update (Issue 25)

According to the CBN, crude oil price has risen to $42.94per barrel, a 33 percent rise compared to $32.25 per barrel in the previous month.[i] The rise comes just as…

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July 14, 2020

Nigeria Economic Update (Issue 24)

Total trade declined by 17.94 percent to ₦8.304 billion in Q12020 compared to Q420191. The decline was driven by a drop in both total imports and export value which fell…

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June 21, 2020

Nigeria Economic Update (Issue 23)

A recently released CBN report indicates a weakened business outlook of -66.2 points for the month of May. The agriculture and service sectors are the worst hit, recording a decline…

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June 9, 2020

Nigeria Economic Update (Issue 22)

Foreign capital imported into Nigeria increased by 53.97 percent from US$3.8 billion in the fourth quarter of 2019 to US$5.85 billion in the first quarter of 2020. This rise was…

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June 5, 2020

Nigeria Economic Update (Issue 21)

A recently released NBS report indicated a 20.92% rise in Internally Generated Revenue (IGR) in 2019. The year on year rise saw total IGR hit ₦1.33 trillion. The rise was…

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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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