Macroeconomic Report & Economic Updates

September 25, 2017

Nigeria Economic Update (Issue 37)

OPEC Monthly oil report reveals that Nigeria
recorded the highest month-on-month increase in crude oil production among the
OPEC member countries in August 2017. Specifically, at an increasing rate of 8
percent, domestic oil production rose to pre-2016 level of 1.86 million barrels
per day in August 2017. With ongoing repairs in the sector, oil
production could get to 2.2 million barrels per day in the near term, albeit
the prior voluntary agreement to cap production at 1.8 million barrels per day.
Going forward, there is need to address poor planning and policy
inconsistencies in the sector, in order to ensure the influx of investors who
have channeled their investments to other African countries due to laxity in
policies in the sector.

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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).

Nigeria Economic Update (Issue 3)

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