Economic Updates

Portfolio investment decreases in February 2017, Nigeria aviation sub-sector records decline in 2016Q4 real output, Crude oil price increases week-on-week by 3.2%, All-share Index and Market Capitalization appreciates by 0.9%

MPC retains Monetary policy rate at 14%,  Key monetary aggregates decline in February 2017,  FAAC allocates N429.13 billion for the month of March 2017,  Naira gains 13.3% to exchange at N390/$

 

Purchasing Managers’ Index improves in March 2017,  Crude Oil Price increases by 4.7%,  External Reserves rises to $30.29 billion,  IMF assesses Nigeria’s Economy

Inflation rate decreases to 17.78% - first decline in 15 months,  Nigeria records highest Month-on-Month increase in crude oil production among OPEC,  Average Food prices increase by 2.7% in February 2017,  Average price of refined petroleum products increases in February 2017

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ECONOMIC INDICATORS

 

             

QUARTERLY ECONOMIC INDICATORS

2016Q1

 2016Q2

2016Q3

2016Q4

             

GDP Growth Rate (%)

-0.36

-2.06

-2.24

-1.3

             

Oil GDP (%)

-1.89

-17.48

-22.01

-12.38

             

Non-Oil GDP (%)

-0.18

-0.38

0.03

-0.33

             

Unemployment Rate (%)

12.1

13.1

13.9

 

             

Underemployment Rate (%)

19.1

19.3

19.7

 

             

Foreign Direct Investment (US $'Million)

174.46

184.29

340.64

344.63

             

Portfolio Investment (US $'Million)

271.04

337.31

920.32

284.22

             

Other Investments (US $'Million)

265.47

520.57

561.16

920.03

             

External Debt (FGN & States - N'Billion)

2,205.35

3,187.11

NA

 

             

Domestic Debt (FGN - N'Billion)

9,970.05

10,606.33

NA

 

             

Manufacturing Capacity Utilisation (%)

52.7

50.7

NA

 

             

Total Revenue

          535.96

                   977.82

        1,185.52

 

             

Total Expenditure

      1,082.44

               1,407.38

        1,344.71

 

             

FG Fiscal (Deficit)/Surplus

-546.49

-429.56

-159.19

 

             
                       

MONTHLY ECONOMIC INDICATORS

Aug-16

Sep-16

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

     

Headline Inflation (%)

17.61

17.85

18.3

18.5

18.6

18.72

17.78

17.26

     

Food Sub-Index (%)

16.43

16.6

17.1

17.2

17.4

17.82

18.53

18.44

     

Core Sub-Index (%)

17.21

17.7

18.1

18.2

18.1

17.90

16

15.4

     

External Reserve (US$ Million)

25,031.93

23,806.51

23,689.87

25,081.22

26,990.58

28,592.98

29,975.38

 

     

All Share Index (Points)

27,528.92

27,964.84

27,663.26

25,333.39

26,874.62

26,036.24

25,329.08

 

     

Market Capitalization (N' Billion)

9,454.79

9,606.00

9,501.79

8,720.80

9,246.92

8,972.99

8,765.92

 

     

Exchange Rate (BDC - N/US$)

396.15

431.1

462.03

415.36

455.26

493.29

494.7

429.48

     

Official Rate (N/US$)

309.73

305.23

305.21

305.18

305.22

305.2

305.31

306.4

     

Manufacturing PMI

42.1

42.5

44.1

46.00

52.00

48.2

44.6

47.7

     

Non-Manufacturing PMI

43.7

41

43.4

42.80

47.10

49.4

44.5

47.1

     

Crude Oil Price(US$/Barrel)

46.15

47.43

51

45.25

53.48

55.01

46.39

 

     

Petrol (PMS - N/litre)

147.3

146.3

145.9

146.7

146.7

148.7

149.8

149.4

     

Diesel (AGO - N/litre)

196.53

192.69

187.25

195.67

196.25

240.52

249.38

234.55

     

Kerosene (NHK - N/litre)

298.19

288.68

292.73

282.86

231.85

433.84

352.42

311.56

     

MPR (%)

14

14

14

14

14

14

14

14

     

Private Sector CRR (%)

22.5

22.5

22.5

22.5

22.5

22.5

22.5

22.5

     

Public Sector CRR (%)

22.5

22.5

22.5

22.5

22.5

22.5

22.5

22.5

     

91 Day T-Bill Rate (%)

15.25

14

13.96

13.99

13.96

13.95

13.75

 

     

Savings Deposit (%)

3.93

4.05

4.08

4.28

4.18

4.22

4.22

 

     

Prime Lending (%)

17.18

17.09

17.1

17.06

17.09

16.91

17.13

 

     

Max Lending (%)

27.21

27.49

27.69

28.53

28.55

28.88

29.26

 

     

Narrow Money (N'Billion)

9,125.90

9,949.39

10,023.62

10,429.54

11,404.91

11267.71202

10212.65

 

     

Broad Money  (N'Billion)

21,647.33

22,133.48

22,275.51

22,382.92

23,725.13

23380.94005

22365.65

 

     

Net Domestic Credit  (N'Billion)

25,955.11

26,341.47

26,774.68

26,848.26

27,153.88

26627.28475

26771.07

 

     

Credit to Government ( (N'Billion)

3,290.90

3,748.84

3,705.05

3,802.86

4,806.98

4284.26055

4408.656

 

     

Credit to Private Sector ( (N'Billion)

22,664.21

22,592.63

23,069.64

2,304.54

2,234.69

22343.0242

22362.41

 

     

Currency in Circulation (N'Billion)

1,679.48

1,794.29

1,825.66

1,907.86

2,179.17

1994.57762

1978.887

 

     

Exports (FOB) (US$ Million)

2,892.77

2,527.87

2,663.21

2,871.23

2,880.83

NA

 

 

     

Imports (CIF)  (US$ Million)

3,010.57

2,705.34

2,696.53

3,134.96

2,695.10

NA

 

 

     

Imports (FOB)  (US$ Million)

2,782.70

2,580.75

2,527.49

2,937.15

2,539.91

NA

 

 

     

Total Trade  (US$ Million)

5,903.34

5,233.21

5,359.75

6,006.19

5,575.94

NA

 

 

     

Balance of Trade  (US$ Million)

-117.80

-177.47

-33.32

-263.72

185.73

NA