Macroeconomic Report & Economic Updates

January 13, 2017

Nigeria Economic Update (Issue 1)

external reserve increased week-on-week by 2 percent to $26.3 billion on
January 6, 2017. The increase was likely triggered by continued
marginal rise in crude oil price, which moderated oil revenue in the review
week. The recent rise in crude oil price is likely to be maintained in the
short term given the recent oil production cut deal by OPEC members. Thus, the Nigerian
government should target short term increase in crude oil production to fully
take advantage of Nigerias exemption from oil production cut and potential
rise in oil prices.

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Nigeria Economic Update (Issue 32)

Available data from the National Bureau of Statistics indicates a decline in oil and other petroleum production between 2015 and 2016. Crude oil production fell by 16 percent, from 777.5 million barrels in 2015 to 656.8 million barrels in 2016. This is also indicative of the number of exploratory rig count that fell from 15 rigs to 8 rigs in 2016. Similarly, Gas production declined by 10 percent to 2,711 million one thousand standard cubic feet (mscf) in 2016. The significant decline in crude oil and petroleum production, brings to perspective the extent of the damage caused on production pipelines by militants in the Niger Delta region in 2016. It is therefore important to invest national resources in maintaining domestic peace and security, especially in resource-rich regions of the country.

Implementing The Fiscal Responsibility Act At The State Level In Nigeria

Fiscal responsibility acts have become increasingly common tools to enhance fiscal prudence and public expenditure transparency in many countries. In Nigeria, fiscal profligacy at the sub-national level has emerged as a major contributor to state corruption and macroeconomic instability.

Achieving Inclusive Growth Through Pro-poor Spending

The paper examines if the nature of the economic growth in Nigeria is inclusive (Pro-poor) or exclusive (pro-rich) and recommends ways to achieve inclusive growth with emphasis on Pro-poor spending.

A Review Of Nigerias 2016 Budget

This study reviews and assesses the 2016 budget of the Federal Republic of Nigeria in line with IMFsbudget assessment indicators, namely: comprehensiveness, transparency, and realism. The assessment is based on clear understanding of the present administrations objectives, which are: to achieve socio-economic and infrastructural development, to diversify the Nigerian economy, and to achieve improved security of lives and properties.