Macroeconomic Report & Economic Updates

March 8, 2018

Nigeria Economic Update (Issue 16)

The World Economic Outlook report, recently released by the World Bank, reduced its growth projection for Nigeria to 2.1 percent in 20181, from 2.5 percent2. The new growth projection is considerably lower than the 3.5 percent 2018 growth rate projected by the federal government of Nigeria. However, at 2.1 percent, the growth is a significant […]

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

The World Economic Outlook report, recently released by the World Bank, reduced its growth projection for Nigeria to 2.1 percent in 20181, from 2.5 percent2. The new growth projection is considerably lower than the 3.5 percent 2018 growth rate projected by the federal government of Nigeria. However, at 2.1 percent, the growth is a significant improvement from actual 2017 growth rate of 0.83 percent; and this outlook has been hinged on improving oil prices, revenue and production, and foreign exchange measures that contribute to better foreign exchange availability.




Related

 

Nigeria Economic Review (First Half Report 2015)

The modest growth in the global output witnessed in the first quarter of 2015 was driven mainly by advanced economies, particularly the United States. Growth slowed down significantly in emerging and developing economies, primarily natural resource-dependent countries which were adversely affected by falling commodity prices.

Nigeria Economic Update(Issue 31)

Recent data on Consumer Price Index (CPI) indicates significant increase in general price level for the sixth consecutive month. Headline inflation increased by 0.9 percentage points from 15.6 per cent recorded in May to 16.5 percent in June the highest rate recorded since October 2005 (an 11-year high). The core sub-index increased from 15.1 percent to 16.2 percent while the food sub-index stood at 15.3 percent, an increase of 0.4 percent from the preceding month of May. Higher prices of domestic/imported food and other items, as well as increased energy cost were major drivers of the increase. This is probably explained by the exchange-rate pass-through, given the significant depreciation of the naira.

Nigeria Economic Update (Issue 38)

Recent NBS data on Nigerias real GDP growth rate declined from -0.36 percent in 2016Q1 to -2.06 percent in 2016Q2. With negative GDP growth rate in two consecutive quarters, Nigeria records its first recession in 23 years. Both the oil and non-oil sectors continued to contract by -15.59 and -0.20 percentage points, respectively, relative to preceding quarter. The worsening growth rate in the oil sector was largely driven by the decline in domestic crude oil production by 14.5 percent relative to preceding quarter