Macroeconomic Report & Economic Updates

April 11, 2016

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.

Download Label
March 13, 2018 - 4:00 am
application/pdf
286.43 kB
v.1.7 (stable)

Related

 

Nigeria Economic Update (Issue 49)

Nigerias Petroleum Products Imports statistics show a gradual reduction in the volume and value of petroleum imports (PMS, AGO, HHK) between May and September 2016. Specifically, volume of imports declined by 34.1 percent for PMS, 37.6 percent for AGO, and 60.3 percent for HHK in the period.The significant decline in imports in the reporting periods may be as a result of persistent forex scarcity issues faced by importers. On account of stagnation in domestic production of refined petroleum products, continuous decline in oil imports may create a demand gap with upward pressure on gasoline prices in the economy.

Nigeria Economic Update (Issue 16)

Nigerias Bonny light price declined by 7.1 percent from $40.19 per barrel on March 24, 2016 to $37.32 per barrel on April 1, 20162. OPEC weekly basket price also decreased by 3 percent from $35.81 per barrel to $34.74 per barrel within the same period3. The remerged downward trend in crude oil price is traceable to concerns over the likely failure of the oil production freeze deal between Saudi Arabia and Iran4. The outcome of the oil production freeze meeting which is scheduled to hold on April 17, 2016, will give further direction for oil supply regulation.

Nigeria Economic Update (Issue 22)

Available data from Nigeria Bureau of Statistics shows a decline in the Nigeria Aviation sub-sector (Transport Sector) real growth rate in 2017Q1. Compared to the preceding quarter, the sub-sector declined significantly by 9.6 percent, due to decline in the number of passengers and movement of aircrafts this may be connected to the closure of the Abuja airport for infrastructural development during the period. To ensure a near-optimal performance of the aviation sector, the government should also make efforts to improve aviation safety and security, establish a national carrier, and improve aircraft maintenance to world class standards.