The total value of Nigeria’s merchandise trade totalled N7.2 trillion in the first quarter of 20181; a year-on-year increase of 35.1 percent and a quarter-over-quarter growth of 19.8 percent. The growth was export-driven as the considerable surge in exports of manufactured goods and agricultural products triggered the YOY growth in total exports by 56 percent to reach N4.7 trillion. Import value also increased from N2.3 trillion to N2.5 trillion. This translates to a trade surplus of N2.2 trillion – the highest recorded in twelve quarters. Persistent and significant improvements in foreign trade, particularly in exports, are likely indicators of the strong impact of reforms in Nigeria’s manufacturing and agricultural sectors – two major drivers of the improvement
Macroeconomic Report & Economic Updates
Power sector statistics indicates a huge decline in power generated in the week under review (June 23, 2017 to June 30, 2017). Power generated, attained a peak of 4,305 MW on June 23, 2017 but fell significantly by 33.1 percent to approximately average of 3,000 MW as at June 30, 2017. The huge decline is attributable to continued poor payment and inability of most GENCOs to pay for gas supply and a system collapse. Consequently, power sector lost huge prospective funds; and daily power supply reduced to 4.5 hours per day7. Going forward, improvement in energy supply is critical to domestic production, job creation, and diversification agenda of the government.
Global crude prices settled lower in the review week (September 29 to October 6, 2017). Precisely, a barrel of Brent crude sold for about $56, showing a 6.3 percent decrease. Nigerias Bonny light exchanged at $56.76 per barrel as at October 6, 2017. The draw down in price may be attributable to indications of higher output, as revealed by the addition of more production rigs by the U.S, rise in Iraqs crude exports and survey showing OPECs overall boosted supply.
The paper discusses Natural Resource Control and how it is affected by governance in Nigeria with focus on two oil-producing states. It also examines sub-national accountability in the use of natural resource revenues.
This brief examines two measles immunization programs for children of age 9-23 months in an effort to boost measles immunization coverage in Borno State: free immunization against measles with media awareness campaign and free immunization against measles with house to house campaign.