Macroeconomic Report & Economic Updates

September 19, 2017

Nigeria Economic Review

The
global economy grew by 2.7 percent in the fourth quarter of 2016 (2016Q4)
relative to 2.5 percent in 2016Q3, due to rising investment and consumption
demands in developed and emerging economies as well as a rise in commodity
prices. However, over the entire year, global GDP growth stood at 2.6 percent in
2016, relative to the growth of 3.09 percent recorded in 2015. Notably, output grew
progressively in the US over the year, while the steady growth recorded in the
UK since the start of the year stalled in 2016Q4. Also, the declining growth
recorded in France since 2015 took a positive turn in 2016Q4, the rest of the
Eurozone witnessed a fall in output in the quarter. While emerging economies
recorded mixed experiences, many Sub-Saharan African countries showed signs of
recovery in the period.

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Nigeria Economic Update (Issue 9)

Crude oil prices fluctuated during the review week. OPEC weekly basket price decreased marginally from $53.63 on February 24, 2017 to $53.34 on March 3, 2017. Similarly, Brent crude declined (week-on-week) by 0.84 percent to $55.15, while Bonny light decreased by 2.4 percent to $54.4 per barrel. During the week, reports of Russias incomplete compliance to agreed production cut and rising United States crude production/inventories, led to the slight pressure exerted on oil prices. The uncertainties and volatility of global crude oil price stresses the need for the government to channel efforts at developing other key sectors of the economy, particularly the manufacturing sector.