Macroeconomic Report & Economic Updates

February 1, 2017

Nigeria Economic Review

Global economic growth remained
fairly stable in 2016Q3 with baseline projections for global growth at 3.1 percent and 2.4
percent by International Monetary Fund (IMF) and the World Bank respectively.
Growth in developed countries was moderate but unevenly distributed: while the
U.S and the UK showed improvements, growth in other economies remained tepid.
Among emerging countries, India witnessed higher growth while growth in China
remained constant but the Chinese Yuan continued to appreciate. Given that
India is Nigerias major crude oil importer, improving economic conditions in
India may translate into rising demand for Nigerias crude oil. However, the
continuous appreciation of the Yuan poses significant inflationary threat in
Nigeria given the high level of imports from China. Subdued global demand, weak
trade, uncertainties in commodity prices and consequences of the Brexit were
the key constraining factors to growth over the period. In addition, growth in
Sub-Saharan African countries remained generally slow on the account of low
commodity price, political turmoil, and inconsistent government policies.

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Nigeria Economic Update (Issue 1)

GDP growth rate increased marginally by 2.84 percent in Q3 2015 from 2.35 percent in the preceding quarter. Nominal GDP increased to N24.3 million from N22.9 million in the preceding quarter. Growth in this period was attributed to the improved performance of the non-oil sector which grew by 3.05 percent. The Sectoral disaggregation shows that the Services and Agricultural sectors grew by 3.97 and 3.46 percent respectively, while the Manufacturing sector shrank by 1.75 percent.

Gross Domestic Product And Contribution To GDP

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