August 17, 2020

Nigeria Economic Update (Issue 31)

According to the Central Bank of Nigeria’s (CBN) Business Expectation Survey carried out in July, the business outlook rose by 16.4 index points month on month. However, the overall Confidence Index for July 2020 remained pessimistic/negative at -7.9 index points considering that the Index in the preceding month was -24.3 points2. The sectors surveyed were agriculture, manufacturing, and the construction sectors with a more disaggregated data showing that businesses that are neither import nor export-oriented were the most pessimist in the review period. In a more forward-looking survey, respondents had a more optimistic outlook for the month of August (33.7 index points). Understandably, as society transitions back to normal, business activities are expected to improve. While the business community will no doubt be adversely affected by the pandemic, the several interventions put in place by the government should be leveraged on to support businesses. 

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Nigeria Economic Review

This report provides an evidence-based analysis of the state of the Nigerian economy in a bid to inform economic policies in Nigeria. The report presents some analyses of significant economic events in Nigeria within the period, and provides an outlook on what policymakers, businesses, and individuals should expect in subsequent quarters of 2016. It also provides valuable insights into potential drivers of the economic trends and outlines expectations for subsequent quarters of the year. The area of focus are Global Economic Performance, Domestic Economic Performance, External Sector Performance, and Sectoral Performance. 

Nigeria Economic Update (Issue 4)

The Naira/Dollar exchange rate remained unchanged at ?199/$ in the official market but depreciated from ?263/$ to $267 at the Bureau De Change (BDC) market segment this week. As the naira depreciates, the CBN forex restriction measures continue to widen the gap between the official rate and BDC, which has led to increased calls for naira devaluation. The International Monetary Fund (IMF) and Business owners are among the major advocates for a relaxation of the forex restrictions set by the CBN, in order to enhance the level of economic activities.

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.