Agricultural sector exports increased at a remarkable pace in 2017. Total earnings from agricultural export goods grew by 181 percent to N170.4 billion1, compared to the N60.7 billion earned in 2016. The remarkable improvements in exports and export earnings reflect improvements in agricultural production and supply, at the backdrop of the provision of farm mechanization services2 and a likely boost in harvest periods during the year under review
Macroeconomic Report & Economic Updates
Capital Importation And Gross Domestic Product Growth Rate And Contribution To GDP (Construction Sector)
Capital Importation: Capital expenditure into the construction sector remained above 10 percent since 2005 until 2015. Similar to the manufacturing sector, overall capital imported into the constructi
The International Monetary Fund (IMF) slightly revised upward growth projections for SubSaharan Africa by 0.1 percentage point in 2017 but retained growth estimates for 2018.1 Precisely, growth estimate in the region was increased from 2.6 percent in April 2017 forecast to 2.7 percent in July 2017 forecast, while it was retained at 3.5 percent for 2018. The slight upward revision in 2017 is attributable to an upgrade in South Africas growth prospect from 0.8 percent in April 2017 to 1.0 percent in July 2017. Despite the upward 2017 revision, 2018 forecast for South Africa was revised down from 1.6 percent in April 2017 to 1.2 percent in July 2017. Growth forecast for Nigeria remained unchanged at 0.8 percent and 1.9 percent for 2017 and 2018 respectively.
Recent media highlights suggest that there is a prospective decrease in Nigerias budgetary benchmark crude oil production. Precisely, the 1.8 million barrels per day proposed at the Joint OPEC and Non-OPEC Ministerial Monitoring Committee (JMMC) meeting, is 18.2 percent lower than the budgetary production benchmark of 2.2 million barrels per day. This followed OPECs recent review to include Nigeria in the ongoing production cut agreement amid concerns of global oil market oversupply, given the constant production increase from Nigeria over the last few months.