Macroeconomic Report & Economic Updates
April 4, 2017
Nigeria Economic Update (Issue 10)
Nigerias external reserve rose to its 19-month high in the week under review (March 3, 2017 to March 10, 2017). Precisely, the reserve improved by a daily average-percentage-increase of 0.21 percent, from $29.79 billion on March 3, 2017 to $30.04 billion on March 10, 2017 the highest level since August 2015. The rising reserve at the backdrop of steady revenue from improved domestic crude oil production/prices and forex inflows from rising exports, has reduced pressure on the Naira the naira has witnessed marginal but steady appreciation. While the recent improvement in oil revenue is a welcome development, concerted efforts need be made to develop the Non-oil sector so as to mitigate future oil revenue shocks.
Related
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.
Nigeria Economic Update (Issue 15)
Recent data on Nigerias labour market points to a
rise in the rate of unemployment and underemployment in 2015Q4. Specifically,
compared to 2015Q3, the rate of unemployment and underemployment rose to 10.4
per cent and 18.7 per cent from 9.9 percent and 17.4 percent respectively.
These statistics however masks the true situation of the youth employment in
Nigeria. Disaggregated data by age category shows that unemployment and
underemployment within the youth age category (15-24) was remarkably higher
than the national average, at 19 and 34.5 per cent respectively.
Balance Of Trade (Export And Import)
Balance of Trade (Export and Import): With export and, to lesser extent, import declining balance of trade fell deeply in 2015 and, to lesser extent, in 2016Q1.