Macroeconomic Report & Economic Updates
September 8, 2016
Nigeria Economic Update (Issue 38)
Recent
NBS data on Nigerias real GDP growth rate declined from -0.36 percent in
2016Q1 to -2.06 percent in 2016Q2. With negative GDP growth rate in
two consecutive quarters, Nigeria records its first recession in 23 years. Both
the oil and non-oil sectors continued to contract by -15.59 and -0.20
percentage points, respectively, relative to preceding quarter. The worsening
growth rate in the oil sector was largely driven by the decline in domestic crude
oil production by 14.5 percent relative to preceding quarter
Related
Budget 2013 And The Drive Towards Inclusive Economic Growth
This
brief examines Nigerias Budget 2013, entitled Budget of Fiscal Consolidation
with Inclusive Growth and highlights key sectoral allocations of the budget
and their targets.
Nigeria Economic Update (Issue 32)
The naira continued its
downward trajectory this week. Specifically, naira depreciated at the interbank
segment by 3.45 percent to N300/$; and by 3.56 percent to 378/$ at
the parallel segment. Despite the CBNs effort to support the naira
with Forwards and FOREX futures, the excess demand for dollar continues to put
pressure on the naira. Looking forward, the stabilization of exchange rate
depends on the ability of the CBN and government to attract capital inflows;
particularly by raising interest rate, tackling inflation and supporting
economy recovery.