Macroeconomic Report & Economic Updates

April 5, 2016

Nigeria Economic Update (Issue 14)

The
considerable increase in inflation continued to be driven by
exchange-rate-pass-through from imported items as well as the lingering
scarcity in the availability of Premium Motor Spirit (PMS). One of the key ways
to reduce inflationary pressures in the near term is to improve the supply of
PMS to filling stations. In the medium to long term, the Nigerian National
Petroleum Corporation (NNPC) may need to revitalize local refining and bridge
the gap between the supply and demand for PMS by households and businesses.

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Nigeria Economic Update (Issue 37)

Recent data by the CBN shows a decline in manufacturing capacity utilization by 2.0 percentage points to 50.7 percent in 2016Q2. Foreign exchange challenges in addition to cash squeeze in the review quarter, led to the decline in capacity utilization. This has hindered activities in the sector while impacting negatively on business confidence. Nonetheless, the CBN recently directed authorized FX dealers to dedicate 60 percent of FX purchases to manufacturers. This policy measure is therefore expected to meet the sectors critical FX need for the purchase of imported raw material and other machineries, while boosting the potential for economic growth in the long term.

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