Macroeconomic Report & Economic Updates

May 10, 2017

Nigeria Economic Update (Issue 15)

Nigerian
Naira depreciated by 1.2 percent at the parallel foreign exchange market
between April 7, 2017 and April 14, 2017. The naira exchanged at N410/$ as
against N405/$ the previous week. Despite the CBNs weekly dollar
sales to BDCs ($20,000 to each BDC in the review week) and spot market sales of
$100 million to SMEs, the nairas depreciated in the week. This may
likely be attributable to speculative motives (on the basis that speculators
likely anticipate that the CBN forex interventions may not be sustainable).

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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.

Nigeria Economic Chart Pack (2016H1)

The Nigeria Economic Chart Pack is a graphical display of relevant and periodic data to capture trends in the domestic economy. The report aims to illustrate the changes in economic trends with the aid of descriptive charts and a short note that describes the trend and drivers for the graphs.

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.