Macroeconomic Report & Economic Updates

September 12, 2017

Nigeria Economic Update (Issue 33)

reports from the Nigerian National Petroleum Corporation(NNPC), suggests a
significant reduction in the cost incurred to produce one barrel of crude oil for
the past two years. Specifically, the cost of production reduced by 71 percent
from $78 as at August 2015, to $23 per barrel as at August 2017.
This may be attributable to moderations in operational expenditures, following
repairs and restructuring in the oil region.

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Gross Domestic Product Growth Rate And Contribution To GDP (ITC)

Gross Domestic Product Growth Rate: The information and communication sector has grown overtime but witnessed an unusual decline in 2011, which has remained low in 2016Q1 possibly due to declining con

Nigeria Economic Update (Issue 25)

Naira appreciated in the week under review. At the parallel market, naira gained 0.54 percent to exchange at N368/$ on June 23, 20175. This is at the backdrop of injections into the forex market by the CBN to the tune of $195 million at the beginning of the review week, to meet various forex demands. This is amid a slight week-on-week increase in the external reserves (by 0.1 percent to $30.23 billion). Despite the recent naira appreciation, the long-term prospects seem bleak given that the ongoing intervention that seeks to stabilize naira by depleting reserves is unsustainable.