Macroeconomic Report & Economic Updates
July 24, 2017
Nigeria Economic Update (Issue 28)
Latest monthly economic report by the CBN reveals a decline in foreign exchange flows through the CBN. Foreign exchange inflow through the apex bank, dropped Month-on-Month by 21 percent to $2.3 billion in May 2017, occasioned by the fall in from Oil and Non-oil sources during the month.
Related
Africa Economic Update (Issue 4)
International Monetary Fund (IMF) revised down growth forecast for Sub-Saharan Africa by 0.2 percentage points, while retaining growth estimates for Nigeria and South Africa in 2017. Precisely, growth rate forecast for Africa was reduced from 2.8 percent in January 2017 forecast to 2.6 percent in April 2017 forecast while growth estimates were retained at 0.8 percent for both South Africa and Nigeria. In contrast, global economic growth outlook was increased by 0.4 percentage points from 3.1 percent to 3.5 percent within the same period. Growth in Sub-Saharan Africa is hampered by adverse cyclical and supply side factors, weak fiscal buffers and rising public debt amongst non-commodity exporters as well as severe drought was experienced in Eastern and Southern Africa
Nigeria Economic Update (Issue 52)
Recently released
population estimate figures by the Nigeria Bureau of Statistics, show a
significant increase in Nigerias population, based on the 2006 census. Notably,
total population grew by an estimated 40 percent from 2006, to 193 million persons
in 2016. Also, disaggregate demographic data from 2007 to 2016, reveals
an increase in the number of males (74 million to 99 million) and females (71
million to 95 million), with a 2016 gender (males to females) percentage ratio
of 51:49. The high rate of population growth can be attributed to the improvements
in average annual rate of natural increase the difference between
crude birth rate and death rate. As in preceding years, the composition of
children and youths make up the highest share of the population growth. This presents
a potential increase in the rate of labour supply. Going forward, there is need
for the government to support rapid job creation in order to check the
potential upsurge in unemployment rate.