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
Ending (extreme) poverty in all of its forms everywhere around the world continues to dominate the International Development Agenda (UN 2015). However, while poverty is declining in much of the developing world, data from the World Development Report (WDR) Conflict, Security, and Development reveal that fragile and conflict-affected states are lagging behind. The report points out that 'Poverty rates are 20 percentage points higher in countries affected by repeated cycles of violence over the last three decades. Indeed, with the worlds extreme poor over represented in fragile and conflict-affected ,some authors argue that violent conflict is development in reverse
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.
Power sector analysis shows an increase in power generated by 15.5 percent from 3639.2 megawatt to a peak of 4196.2 megawatt between April 22, 2016 and April 29, 201612, albeit a sharp fall to 25.2 megawatts on April 23, 2016 following a system collapse13. In a bid to attain the targeted 10,000 megawatts by 2019, the Federal Government is set to complete the ongoing 47 power transmission projects across the country, which would boost power supply14. However, the delays in passing the budget into law is a major constraint to the completion of the projects. Thus government needs to speed-up the passage of the 2016 budget to provide the funds to complete the projects.