Macroeconomic Report & Economic Updates

April 28, 2016

Nigeria Economic Update (Issue 17)

Power sector analysis shows a decline
in power generated by 8.5 percent from a peak of 3,675 mw to 3,362 mw between
April 3, 2016 and April 10, 20169. This record is however still
below 5,074.7 mw- the highest peak ever attained in the country. The declining
power supply which has been attributed to vandalism of pipelines and gas
shortages, has continued to distort economic activities in the country. With
the persistent fall in electricity generation, the possibility of attaining the
targeted 10,000 mw by 201910 seems unattainable. A clear strategy towards
increasing power generation and curbing vandalism is urgently needed.

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Africa Economic Update (Issue 8)

Economic growth in Africas largest economies improved in the second quarter of 2017 (2017Q2) relative to the preceding quarter (2017 Q1), as Nigeria and South Africa exited recession. Specifically, GDP growth rate was 0.55 percent and 1.1 percent for Nigeria and South Africa in 2017Q2, compared to 0.91 percent and 0.7 percent in 2017Q2, respectively. The increased growth in Nigerias economy was driven by improved performance in the oil sector (increased crude oil price and production) which offset the decrease in non-oil sector growth, while South Africas emergence from recession is supported by growth in its agriculture sector complimented by growth in finance, real estate, business service, mining and quarrying sectors.