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.

Download Label
March 13, 2018 - 4:00 am
application/pdf
635.83 kB
v.1.7 (stable)

Related

 

Appropriation Act (Budget)

Appropriation Act (Budget): Capital expenditure remarkably increased in 2016 relative to preceding year, on the account of the present governments renewed commitment to infrastructure development.

Program Based Budgeting Analysis Of Education, Health And Water Sectors In Nigeria

This study examines and analyses Federal Governments budget, appropriation and implementation in the three main social sectors of the Nigerian economy - Education, Health and Water over a period of four years.

Nigeria Economic Update (Issue 35)

Nigeria's Real Gross Domestic Product (GDP) increased at an annual rate of 0.55 percent in 2017Q21, compared to the -0.91 percent (revised) in 2017Q1 indicating the first quarterly positive growth rate since 2016Q1 and an evidenced exit from five quarters of economic recession. The acceleration in real GDP in 2017Q2 reflects the significant increase in oil sector GDP from -11.64 percent in 2017Q1, to 1.64 percent in 2017Q2 a 13.3 percentage points Quarter-on-Quarter increase. However, Non-oil GDP moderated by 0.3 percentage points to 0.45 percent. Despite the recent favorable economic performance, growth prospect remains fragile.