Macroeconomic Report & Economic Updates
March 29, 2016
Nigeria Economic Update (Issue 13)
Recent Data on Nigerias Real GDP growth rate
(Year-on-Year) declined by 0.73 percentage points, from 2.84 per cent in 2015Q3
to 2.11 percent in 2015Q4. The slowdown in economic growth was
largely driven by the decline in the performance of the oil sector which was
occasioned by the slump in crude oil prices and the slight drop in the volume
of crude oil produced. Specifically, compared to the 1.05 percent growth
recorded in 2015Q3, the oil sector witnessed a negative growth of 8.28 percent in 2015Q4.
Related
Nigeria Economic Update (Issue 4)
Recently released power sector report by the
National Bureau of Statistics records a total average energy generation of 2,548GWH
by 25 power stations, from October 2016 to December 2016. Daily
Energy generation, attained the 2016Q4 highest level of 3,859.6MW in October
2016, and a lowest level of 2522MW in the same month. On the average, current
daily energy generated which is below 3,000MW, prompts system malfunctions.
Thus, the irregular power generation and supply experienced in recent times is
attributable to shortage of gas owing to non-functional major pipelines, in
addition to the inability of GENCOs to make payments for the available gas
supply. Given the recent challenges to power supply, efforts should
be geared towards the diversification of electricity generation. Government
should consider investment in renewable as well as coal energy to complement
gas power supply.
Nigeria Economic Update (Issue 48)
Data released by the National Bureau of Statistics shows that Internally Generated Revenue by states increased in 2017H1. The IGR increased from N392.1 billion in 2016H1, to N396.9 billion in 2017H1, a slight 1.2 percentage half Year-on-year growth. Also, N149.5 billion was generated in 2017Q3. Lagos state remains top in internal revenue generation, with a significant 42.3 percent share of total IGR in the review half year. The improvements in IGR may be attributable to efficient revenue collection by each reported state from the various sources of internal revenue: taxes, fines and fees, licenses, earnings & sales, rent on government property, interests and dividends, among others.
Nigeria Economic Update (Issue 40)
Global crude prices settled lower in the review week (September 29 to October 6, 2017). Precisely, a barrel of Brent crude sold for about $56, showing a 6.3 percent decrease. Nigerias Bonny light exchanged at $56.76 per barrel as at October 6, 2017. The draw down in price may be attributable to indications of higher output, as revealed by the addition of more production rigs by the U.S, rise in Iraqs crude exports and survey showing OPECs overall boosted supply.