Annual Report
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Nigeria Economic Update (Issue 25)
Naira appreciated in the week under review. At the parallel market, naira gained 0.54 percent to exchange at N368/$ on June 23, 20175. This is at the backdrop of injections into the forex market by the CBN to the tune of $195 million at the beginning of the review week, to meet various forex demands. This is amid a slight week-on-week increase in the external reserves (by 0.1 percent to $30.23 billion). Despite the recent naira appreciation, the long-term prospects seem bleak given that the ongoing intervention that seeks to stabilize naira by depleting reserves is unsustainable.
Nigeria Economic Update (Issue 4)
Recently released power sector report by the
National Bureau of Statistics records a total average energy generation of 2,548GWH
by 25 power stations, from October 2016 to December 2016. Daily
Energy generation, attained the 2016Q4 highest level of 3,859.6MW in October
2016, and a lowest level of 2522MW in the same month. On the average, current
daily energy generated which is below 3,000MW, prompts system malfunctions.
Thus, the irregular power generation and supply experienced in recent times is
attributable to shortage of gas owing to non-functional major pipelines, in
addition to the inability of GENCOs to make payments for the available gas
supply. Given the recent challenges to power supply, efforts should
be geared towards the diversification of electricity generation. Government
should consider investment in renewable as well as coal energy to complement
gas power supply.