Macroeconomic Report & Economic Updates

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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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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