Macroeconomic Report & Economic Updates

February 12, 2018

Nigeria Economic Update (Issue 4)

Recently released labour force report by the NBS shows a quarter-over-quarter increase in Nigerias working age and labour force population. Working population rose from 110.29 million in 2017Q2, to 111.13 million persons in 2017Q32. The working age population in 2017Q3 constituted 85.08 million persons in the labour force (an increase from 83.94 million), of which 40 percent were either unemployed or underemployed.  Thus, total employed persons in the quarter reached 69.1 million.

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Nigeria Economic Update (Issue 38)

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Nigeria Economic Update (Issue 32)

Available data from the National Bureau of Statistics indicates a decline in oil and other petroleum production between 2015 and 2016. Crude oil production fell by 16 percent, from 777.5 million barrels in 2015 to 656.8 million barrels in 2016. This is also indicative of the number of exploratory rig count that fell from 15 rigs to 8 rigs in 2016. Similarly, Gas production declined by 10 percent to 2,711 million one thousand standard cubic feet (mscf) in 2016. The significant decline in crude oil and petroleum production, brings to perspective the extent of the damage caused on production pipelines by militants in the Niger Delta region in 2016. It is therefore important to invest national resources in maintaining domestic peace and security, especially in resource-rich regions of the country.