Data from the NBS on mining and quarrying in Nigeria show an increase in the quantity of solid minerals produced in 2017. Precisely, Nigeria produced 45.75 million tons of solid minerals in 20171 – up by 5.2 percent Year-on-Year. Disaggregated by states, Ogun state produced the largest tons of about 51 percent of total solid minerals, followed by Kogi and Abuja with 11 and 10 percent respectively. By type, granite and limestone were the most produced solid minerals, representing 38 percent and 31 percent of total tons respectively. The increase in production of solid mineral may have been triggered by improved demand for raw materials needed to produce end-products like cement – given the commissioning of the Okpella factory in 20172
Macroeconomic Report & Economic Updates
Globally, advanced economies showed strong signs of recovery during 2014H1 despite the adverse effect of the severe winter (especially on the United States economy) while economic activities slowed and growth was below projection in emerging and developing economies.
Recent NBS data on Nigerias real GDP growth rate declined from -0.36 percent in 2016Q1 to -2.06 percent in 2016Q2. With negative GDP growth rate in two consecutive quarters, Nigeria records its first recession in 23 years. Both the oil and non-oil sectors continued to contract by -15.59 and -0.20 percentage points, respectively, relative to preceding quarter. The worsening growth rate in the oil sector was largely driven by the decline in domestic crude oil production by 14.5 percent relative to preceding quarter
Capital Importation: Overall capital imported into the manufacturing sector fell deeply in 2015 and has remained low in 2016H1 on the account of present FOREX issues affecting businesses in the sector