Macroeconomic Report & Economic Updates

May 18, 2017

Nigeria Economic Update (Issue 18)

Recent Data released by the Nigeria Bureau
of Statistics reveals an increase in total public debt stock between 2015 and
2016. Foreign and domestic debt stock stood at $11.4 billion and N14.0 trillion
respectively as at December 2016, from $10.7 billion and N10.5
trillionrecorded as at December 2015. Disaggregated
data shows that foreign debt sources comprised Multilateral ($8.0 billion),
Bilateral ($0.2 billion) and Exim bank of China ($3.2 billion); domestic
sources included government bonds, treasury bills and bonds. The federal
government and states accounted for 68.7% and 31.3% respectively of foreign
debt stock; 78.9% and 21.1% respectively of domestic debt stock. This maybe
particularly at the backdrop of government borrowings in 2016 to finance its
expenditure (mostly recurrent).

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Nigeria Economic Update (Issue 29)

Global oil price edged upwards in the review week. International crude benchmark, Brent, rose week-on-week by 3.1 percent to $50 per barrel as at July 21, 20173 a level it had not attained since June. The remarkable gains followed demand-side progress earlier statistics from China showed increase in crude imports, indicating prospects of higher demand. This was also complimented by the huge drop in US domestic crude production (Crude reserves fell by 4.7 million barrels). If the trend is sustained, Nigeria could record further rise in its Gross Federally Collected Revenue. Nevertheless, there remains a need for Nigeria to overcome the challenge of harnessing its oil and gas resources by making strategic policy choices andensuring coordination in policy implementation to minimize macroeconomic distortions.