Macroeconomic Report & Economic Updates
September 25, 2017
Nigeria Economic Update (Issue 36)
Recently
released GDP figures reveals that the three major sectors recorded positive and
negative growth rates individually in 2017Q2. Firstly, Agricultural
sector grew Year on Year by 3.01 percent, down from 3.39 percent in 2017Q1- driven by
weaker output in crop production and Fishing sub-sectors. This is not
unconnected with the planting season and the shortage of grainsfor livestock/fish respectively.
Related
Nigeria Economic Update (Issue 10)
Nigerias external reserve rose to its 19-month high in the week under review (March 3, 2017 to March 10, 2017). Precisely, the reserve improved by a daily average-percentage-increase of 0.21 percent, from $29.79 billion on March 3, 2017 to $30.04 billion on March 10, 2017 the highest level since August 2015. The rising reserve at the backdrop of steady revenue from improved domestic crude oil production/prices and forex inflows from rising exports, has reduced pressure on the Naira the naira has witnessed marginal but steady appreciation. While the recent improvement in oil revenue is a welcome development, concerted efforts need be made to develop the Non-oil sector so as to mitigate future oil revenue shocks.