Nigeria’s aviation sector witnessed substantial improvements in 2018 in both air passenger traffic and cargo movements. Figures from the Federal Airport Authorities of Nigeria show that the number of passengers through Nigerian airports stood at 15.2 million in 20181, about 13.4 percent increase from the 13.4 million passengers in 20172. The total cargo movement stood at 245.89 million kilograms compared to 161.80 million kilograms recorded in 2017. With improvements in infrastructure, launch of new aircrafts by air operators, full-capacity schedule flight services, improved regulation, and less inference from the government in 20183, the sector attracted more customers and ultimately garnered more revenue from the sales of tickets. By implication, these improvements in the industry bolstered the remarkable sectoral annual real growth rate which grew from 1.83 percent in 2017 to 20.7 percent in 20184. Despite the improvements, there is need to create tax incentives that can attract investors that would invest in airport infrastructure upgrade and continuous maintenance to help unlock the full potential of the Nigerian airline industry.
Macroeconomic Report & Economic Updates
Capital Importation: Overall capital imported into the manufacturing sector fell deeply in 2015 and has remained low in 2016H1 on the account of present FOREX issues affecting businesses in the sector
Gross Domestic Product: Agriculture Gross Domestic Product growth rate recorded its highest point in 2006Q1 but fell sharply subsequently. Particularly, the slow growth recorded in 2015 and 2016Q1 is
The monthly monetary survey by the CBN shows a decline in money supply for the month of August 2017, relative to July 2017. Narrow and broad money supply dropped by 4.2% and 1.5% to N9,891 billion and N21,851 billion respectively. The continuous monetary contraction witnessed over the past months may be associated with aggressive sale of treasury bills by the CBN through open market operations. This act is capable of mopping up liquidity in the economy, reduce loanable funds in the banking system, and constrain the easing of lending rates in the near term.