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.
Macroeconomic Report & Economic Updates
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.
Recently released media highlights show that Nigeria has dropped in terms of macroeconomic indicator rankings in 2018. With a headline index of 2.77, Nigeria is ranked 158th globally out of 181 countries five places lower than the previous year rankings. Indicators suggest that Nigeria is presently behind 28 other African countries, and just ahead of only 4 West African countries (Mauritania, Togo, Niger and Guinea Bissau).