Macroeconomic Report & Economic Updates

January 22, 2016

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.

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Nigeria Economic Update (Issue 46)

On a Month-on-Month basis, average growth rate of selected food prices decreased in October 2017.  Precisely, contracting by 1.24 percent in October, average growth rate fell from 0.08 percent recorded in September 2017. Notably, the contraction reflected in the food sub-index of the headline inflation for October 2017. The marginal decrease in the prices of selected food items may be in line with seasonal levels, as the harvest season reaches its peak, thus making food items relatively available at various demand levels. Going forward, investment towards the provision of better farming inputs, technology, financing, and value addition across the agricultural value chain could help improve yield output and food security all through the year.