Macroeconomic Report & Economic Updates

July 4, 2017

Nigeria Economic Update (Issue 23)

Recently released report by the NBS shows an increase in Unemployment and Underemployment rates for 2016Q4 relative to preceding and corresponding quarters. The unemployment rate, at 14.2 percent, indicates a 3.8% points YoY4increase, and a 0.3% points QoQ increase with the number of unemployed people increasing by 351,051 persons. Similarly, underemployment rate grew (QoQ) by 1.3% points to 21%, representing about 17 million underemployed persons as at the quarter. The rise in unemployment/underemployment rate is attributable to the disproportionate rise in labour force vis–vis job creation, in addition to slow-down in economic/business activities during the quarter. Going forward, the government should make efforts to strengthen and expand Nigerias entrepreneurial infrastructure.

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Nigeria Economic Update (Issue 38)

Available data from NBS shows that Aviation sub-sector of the transport sector grew by o.15 percent in real terms in 2017Q2 down from 1.53 percent in 2017Q15. The decline is likely attributable to fall in year-on-year passenger and aircraft movement in the sub-sector, following increased air fare charges. 

Africa Economic Update (Issue 6)

Available data shows that headline inflation reduced in most countries in the region in May 2017 relative to preceding months. Notably, headline inflation decreased in Nigeria (16.25 percent), Ghana (12.26 percent), Tanzania (6.1 percent), Senegal (1.8 percent), Namibia (6.3 percent) and Rwanda (11.7 percent), while it grew in South Africa (5.4 percent), Kenya (11.7 percent), Ethiopia (8.7 percent) and Uganda (7.2 percent). Cote dIvoire (-0.4 percent) recorded consumer price deflation. The decrease in consumer price in Nigeria, Tanzania and Ghana can be attributed to decreases in both food and non-food components of inflation. Regionally, all countries in Southern Africa recorded single digits inflation, however consumer price marginally increased in South Africa, for the first time in 2017 owing to spike in food prices6, and Botswana (both by 0.1 percent).