Nigeria’s all products terms of trade (calculated as the receipts of exports as a percentage of payments for imports), indicated increases in the three months of 2018Q2. Indexed at an average of 110.8% in 2018Q21, the favourable TOT reflects improvement from an average of 99.2% in 2018Q1. A further breakdown shows that TOT indices for April, May and June stood at 100.5%, 111.1% and 109.2% respectively which implies that the value of exports exceeded imports by 0.5%, 11.1% and 9.02% in each of the months. The positive trade position is attributable to improvements in mineral, animal and vegetable products group, as reported. With renewed interest in the Agric and mineral sectors by the government and private sector, we expect an improvement in the trade position.
Macroeconomic Report & Economic Updates
Recent domestic Crude oil statistics from the Nigerian National Petroleum Corporation (NNPC), reveals an increase in total crude oil export sales in December 2016. Relative to November 2016, total export sales of crude oil rose from $166.18 million to $195.40 million in December 2016 representing 17.6 percentage (Month-on-Month) increase. The increase is attributable to a rise in crude oil production following a drastic (Year-on-Year) reduction in pipeline vandalism in the preceding month. Given that improvement in oil revenue is critical to fiscal sustainability and external balance, intensified efforts should be implemented towards the maintenance and sustainability of peace in the Niger Delta Region.
The Nigeria Economic Chart Pack is a graphical display of relevant and periodic data to capture trends in the domestic economy. The report aims to illustrate the changes in economic trends with the aid of descriptive charts and a short note that describes the trend and drivers for the graphs.