Macroeconomic Report & Economic Updates

September 3, 2018

Nigeria Economic Update (Issue 32)

Nigeria’s infrastructure stock, comprising of roads, water-ways, seaports, airports, etc, increased slightly albeit a slower pace in recent years. At an estimated 35 percent of GDP in 2018, infrastructure stock grew marginally from the recorded 20-25 percent in 20141. The increase may be premised on slightly improved capital spending (the Federal government budgetary capital spending […]

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Nigeria’s infrastructure stock, comprising of roads, water-ways, seaports, airports, etc, increased slightly albeit a slower pace in recent years. At an estimated 35 percent of GDP in 2018, infrastructure stock grew marginally from the recorded 20-25 percent in 20141. The increase may be premised on slightly improved capital spending (the Federal government budgetary capital spending increased from N691 billion in 2015 to N2.2 trillion in 2017) for the four years under review. However, Nigeria’s infrastructure stock continues to be significantly lower than the recommended international benchmark of 70 percent- a point it hopes to reach by 2043 if the required annual $100 billion is invested over the next three decades.




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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.

Gross Domestic Product Growth Rate And Contribution To GDP

Gross Domestic Product Growth Rate: The growth performance of the Oil and Gas sector has been unsteady throughout years and declined most significantly in 2015Q4, following a positive growth recorded

Africa Economic Update (Issue 6)

Available data shows that headline inflation reduced in most countries in the region in May 2017 relative to preceding months. Notably, headline inflation decreased in Nigeria (16.25 percent), Ghana (12.26 percent), Tanzania (6.1 percent), Senegal (1.8 percent), Namibia (6.3 percent) and Rwanda (11.7 percent), while it grew in South Africa (5.4 percent), Kenya (11.7 percent), Ethiopia (8.7 percent) and Uganda (7.2 percent). Cote dIvoire (-0.4 percent) recorded consumer price deflation. The decrease in consumer price in Nigeria, Tanzania and Ghana can be attributed to decreases in both food and non-food components of inflation. Regionally, all countries in Southern Africa recorded single digits inflation, however consumer price marginally increased in South Africa, for the first time in 2017 owing to spike in food prices6, and Botswana (both by 0.1 percent).