Macroeconomic Report & Economic Updates

September 3, 2018

Nigeria Economic Update (Issue 31)

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 […]

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

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




Related

 

Nigeria Economic Review

The global economy grew by 2.7 percent in the fourth quarter of 2016 (2016Q4) relative to 2.5 percent in 2016Q3, due to rising investment and consumption demands in developed and emerging economies as well as a rise in commodity prices. However, over the entire year, global GDP growth stood at 2.6 percent in 2016, relative to the growth of 3.09 percent recorded in 2015. Notably, output grew progressively in the US over the year, while the steady growth recorded in the UK since the start of the year stalled in 2016Q4. Also, the declining growth recorded in France since 2015 took a positive turn in 2016Q4, the rest of the Eurozone witnessed a fall in output in the quarter. While emerging economies recorded mixed experiences, many Sub-Saharan African countries showed signs of recovery in the period.