Macroeconomic Report & Economic Updates

August 4, 2017

Nigeria Economic Update (Issue 29)

Global oil price edged upwards in the review week. International crude benchmark, Brent, rose week-on-week by 3.1 percent to $50 per barrel as at July 21, 20173 a level it had not attained since June. The remarkable gains followed demand-side progress earlier statistics from China showed increase in crude imports, indicating prospects of higher demand. This was also complimented by the huge drop in US domestic crude production (Crude reserves fell by 4.7 million barrels). If the trend is sustained, Nigeria could record further rise in its Gross Federally Collected Revenue. Nevertheless, there remains a need for Nigeria to overcome the challenge of harnessing its oil and gas resources by making strategic policy choices andensuring coordination in policy implementation to minimize macroeconomic distortions.

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Nigeria Economic Update (Issue 31)

The Nigeria Stock Exchange market advanced further as equity indices pitched higher in the review week. Benchmark indices, All-share Index and Market Capitalization rose by 1.5 percent to settle at remarkable points, 37,425 and N12.90 trillion respectively an exceptional first-time record in more than two years. The uptrend has been sustained by stronger demand for investment securities due to outstanding H1 performance reports submitted by some listed companies during the week10.

An Analysis Of The Nigerian Economic Growth And Recovery Plan

This Paper examines the response of the Nigerian government to the ongoing recession in the domestic economy, particularly in the context of the recently released Economic Recovery and Growth Plan (ERGP) for 2017-2020. It also provides an analysis of key questions regarding the suitability, achievability, and prospect of the ERGP. The second section of the brief runs through the state of the Nigerian economy with a focus on the cause and drivers of the ongoing recession. The third section reviews the objectives, implementation strategy, and expected outcomes of the ERGP over the medium-term. The fourth section weighs on the potentials of the ERGP by analyzing some pertinent questions: Is the proposed recovery plan and policies well-targeted to address prevailing economic crises in Nigerian economy?