Macroeconomic Report & Economic Updates

May 3, 2016

Nigeria Economic Update (Issue 18)

rate continued its upward trajectory in the week under review. Specifically,
the Consumer Price Index (CPI) increased by 1.39 per cent, from 11.38 per cent
in February to 12.77 per cent in March, 20161. Remarkably, this is the
highest rate since July 2012, representing a 4-year high. While both components
of the CPI rose in the period, the food sub-index was largely the main driver
of the increase in the CPI, with a growth rate of 1.39 per cent between
February and March. The persistent scarcity in petroleum products, especially
Premium Motor Spirit (PMS), has increased transportation costs and the price of
food items.

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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

Nigeria Economic Update (Issue 16)

Recently released World Economic Outlook by the International Monetary Fund (IMF) projects economic activities to increase significantly in developing countries- especially Nigeria. Annual real output is expected to grow by 0.8 percent in 2017 from the contraction of 1.5 percent in 20161. Improvement in economic activities is hinged on prospective favorable effects of continued increase in commodity export price (Crude oil is expected to increase to $55 per barrel in 2017 compared to $46 in 2016).