The National Bureau of Statistics (NBS), in its Selected Food Prices Watch Report for March 2023, has stated that prices of food items such as beef, yam, beans, etc., witnessed increases inĀ March 2023.
May 8, 2023
Nigeria Economic Update (Issue 17)
Related
Nigeria Economic Update (Issue 25)
Crude oil price continued to increase in the
period under review, reaching its 2016 peak at $50.30 on June 2, 2016.
Specifically, OPEC weekly basket price increased by 1.43 percent from $44.65 on
May 27, 2016 to $45.29 on June 3, 2016. Brent was sold for $49.96
on June 3, 2016. The present rise in crude oil price can be
attributed to oil production shocks in several oil-exporting countries, and the
general expectation of a further cut in output following the OPEC meeting in
Vienna on June 2, 2016. However, the OPEC meeting ended with no agreement on
production quotas. In Nigeria, oil production level increased in the period
under review, following repairs on some of the damaged oil and gas facilities. Precisely,
Nigerias output increased by 200,000 barrels on June 3, 2016 to 1.6 million
barrels.
Nigeria Economic Review
The
global economy grew by 2.7 percent in the fourth quarter of 2016 (2016Q4)
relative to 2.5 percent in 2016Q3, due to rising investment and consumption
demands in developed and emerging economies as well as a rise in commodity
prices. However, over the entire year, global GDP growth stood at 2.6 percent in
2016, relative to the growth of 3.09 percent recorded in 2015. Notably, output grew
progressively in the US over the year, while the steady growth recorded in the
UK since the start of the year stalled in 2016Q4. Also, the declining growth
recorded in France since 2015 took a positive turn in 2016Q4, the rest of the
Eurozone witnessed a fall in output in the quarter. While emerging economies
recorded mixed experiences, many Sub-Saharan African countries showed signs of
recovery in the period.