Macroeconomic Report & Economic Updates

August 25, 2016

Nigeria Economic Review

This report provides an evidence-based analysis
of the state of the Nigerian economy in a bid to inform economic policies
in Nigeria. The report presents some analyses of significant economic events in
Nigeria within the period, and provides an outlook on what policymakers,
businesses, and individuals should expect in subsequent quarters of 2016. It also provides valuable insights
into potential drivers of the economic trends and outlines expectations for
subsequent quarters of the year. The area of focus are Global Economic
Performance, Domestic Economic Performance, External Sector Performance, and
Sectoral Performance. 

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Nigeria Economic Update (Issue 30)

Recent media highlights suggest that there is a prospective decrease in Nigerias budgetary benchmark crude oil production. Precisely, the 1.8 million barrels per day proposed at the Joint OPEC and Non-OPEC Ministerial Monitoring Committee (JMMC) meeting, is 18.2 percent lower than the budgetary production benchmark of 2.2 million barrels per day. This followed OPECs recent review to include Nigeria in the ongoing production cut agreement amid concerns of global oil market oversupply, given the constant production increase from Nigeria over the last few months.

Nigeria Economic Update (Issue 28)

Latest monthly economic report by the CBN reveals a decline in foreign exchange flows through the CBN. Foreign exchange inflow through the apex bank, dropped Month-on-Month by 21 percent to $2.3 billion in May 2017, occasioned by the fall in from Oil and Non-oil sources during the month.