Macroeconomic Report & Economic Updates

October 23, 2014

Nigeria Economic Review (First Half Report 2014)

Globally,
advanced economies showed strong signs of recovery during 2014H1 despite the
adverse effect of the severe winter (especially on the United States economy)
while economic activities slowed and growth was below projection in emerging
and developing economies.

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Total
federally collected revenue increased to N2.42 trillion in 2014Q1 compared to
N2.20 trillion in 2013Q4 as a result of a significant increase in crude oil and
gas exports to some countries like India, Malaysia and China. Also, the federal
government consistently incurred fiscal deficit from 2013Q1 to 2014Q1; the
level of deficit increased drastically in 2013Q4 and was sustained through 2014Q1.

Inflation
rate remained within the Central Banks target (6 9 percent) for 2014
although it ticked up marginally from 7.7 percent in February to 8.0 percent in
May. Inflationary pressures are expected in the second half of the year but it
is expected that monetary policies and supply-side interventions can be used to
cushion the effect.




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Nigeria Economic Update (Issue 35)

Nigeria's Real Gross Domestic Product (GDP) increased at an annual rate of 0.55 percent in 2017Q21, compared to the -0.91 percent (revised) in 2017Q1 indicating the first quarterly positive growth rate since 2016Q1 and an evidenced exit from five quarters of economic recession. The acceleration in real GDP in 2017Q2 reflects the significant increase in oil sector GDP from -11.64 percent in 2017Q1, to 1.64 percent in 2017Q2 a 13.3 percentage points Quarter-on-Quarter increase. However, Non-oil GDP moderated by 0.3 percentage points to 0.45 percent. Despite the recent favorable economic performance, growth prospect remains fragile.


Nigeria Economic Update (Issue 43)

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