Macroeconomic Report & Economic Updates

October 15, 2018

Nigeria Economic Update (Issue 39)

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 […]

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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.




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Nigeria Economic Update (Issue 17)

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Nigeria Economic Update (Issue 43)

Crude oil prices have sustained upward increases for the past few weeks in October. While upward trajectory of crude oil prices is expected to be sustained in the short term in line with OPECs production cuts deal expected to run until March 2018, it is important to note that crude oil prices would remain volatile. The Nigerian government therefore should take advantage of periods of high revenue from crude oil exports to develop other sectors (such as Agriculture, Manufacturing and Services sectors) of the economy as key exporting and revenue generation sectors, and thus minimize volatility risks

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.