Macroeconomic Report & Economic Updates

September 4, 2018

Nigeria Economic Update (Issue 34)

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Total capital imported into Nigeria declined in 2018Q2, compared to 2018Q1 – the first quarterly decline since 2017Q1. At $5.5 billion in 2018Q21, capital importation dropped by 12.5 percent from the $6.3 billion recorded in the preceding quarter. The quarter-over-quarter decline may be attributable to decreases in both portfolio and other investments, which fell by 9.8 percent and 24.1 percent respectively. However, portfolio investment maintained its leading role in contributing to total capital importation, at $4.1 billion or 74.5 percent. On the flip side, FDI continues to be the least contributor since 2017Q1, and accounted for only 4.7 percent ($264.1 million) in the review quarter. The overall lower capital inflows, particularly portfolio investments, puts into perspective the recent persistent downward trend in Nigeria’s capital and money markets.




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Nigeria Economic Update (Issue 2)

Inflation rate rose slightly to 9.4 percent in November 2015 from 9.3 percent in the previous month. This rise is attributed to price increase in Food and Non-Alcoholic Beverages, and Transportation costs which extends from shortages of petrol across the country. The food sub-index grew by 0.2 percentage points to 10. 1 percent while, the Core sub-index declined by 0.2 percentage points to 8.7 percent within the period. The inflationary up-tick points to the need to curtail the rising food prices by increasing the supply of petrol in the country. 

Nigeria Economic Update (Issue 1)

The external reserve increased week-on-week by 2 percent to $26.3 billion on January 6, 2017. The increase was likely triggered by continued marginal rise in crude oil price, which moderated oil revenue in the review week. The recent rise in crude oil price is likely to be maintained in the short term given the recent oil production cut deal by OPEC members. Thus, the Nigerian government should target short term increase in crude oil production to fully take advantage of Nigerias exemption from oil production cut and potential rise in oil prices.