Macroeconomic Report & Economic Updates

June 9, 2016

Nigeria Economic Update (Issue 25)

Crude oil price continued to increase in the
period under review, reaching its 2016 peak at $50.30 on June 2, 2016.
Specifically, OPEC weekly basket price increased by 1.43 percent from $44.65 on
May 27, 2016 to $45.29 on June 3, 2016. Brent was sold for $49.96
on June 3, 2016. The present rise in crude oil price can be
attributed to oil production shocks in several oil-exporting countries, and the
general expectation of a further cut in output following the OPEC meeting in
Vienna on June 2, 2016. However, the OPEC meeting ended with no agreement on
production quotas. In Nigeria, oil production level increased in the period
under review, following repairs on some of the damaged oil and gas facilities. Precisely,
Nigerias output increased by 200,000 barrels on June 3, 2016 to 1.6 million
barrels.

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Nigeria Economic Update (Issue 11)

Recently released report by the National Bureau of Statistics (NBS) indicates price increase of selected food items for the month of February 2017, relative to January 2017. Specifically, prices of the selected 24 food items ranged from N47.42 N1, 812 in January to N42.90 N1, 955.10 in February 2017. Average price of all selected items increased month-on-month by 2.7 percent to N540.05. Non-seasonal agriculture factors such as rising cost of crop production, imported products, and transportation continue to drive domestic food prices higher as domestic food supply contracts. This is also reflective of the high food inflation rate in February (18.53 percent) relative to 17.82 percent recorded in January 2017. Strengthening Nigerias crude oil production, supporting local agricultural production, and improving forex policies to straighten the naira remain critical in improving food supply and reducing inflation.

Nigeria Economic Update (Issue 6)

The nations foreign reserves have been on a steady rise. In the review week, reserves increased by $415.2 million from $28.3 billion on February 3, 2017 to $28.8 billion on February 10, 2017. The increase is likely the reflection of a sustained crude oil revenue complemented by moderating global crude oil price and increasing domestic production. This should help strengthen the ability of the CBN to foster forex liquidity, and thus help maintain stability in the domestic forex market. If sustained, it should also help improve the value of the naira overtime. Hence, the government should implement proactive and effective policy strategies to, not only, sustain improvements in oil revenue but also boost non-oil revenue.

Nigeria Economic Review

This report provides an evidence-based analysis of the state of the Nigerian economy in a bid to inform economic policies in Nigeria. The report presents some analyses of significant economic events in Nigeria within the period, and provides an outlook on what policymakers, businesses, and individuals should expect in subsequent quarters of 2016. It also provides valuable insights into potential drivers of the economic trends and outlines expectations for subsequent quarters of the year. The area of focus are Global Economic Performance, Domestic Economic Performance, External Sector Performance, and Sectoral Performance.