Macroeconomic Report & Economic Updates

October 17, 2018

Nigeria Economic Update (Issue 40)

The World Bank’s recent Africa Pulse publication reveals a revised 2018 growth rate forecast for Nigeria from the earlier projected 2.1 percent to 1.9 percent1 – representing a slight downward review. The revision was premised around what the institution termed “sluggish growth” amid rising debts, and a myriad of factors including declining oil production, disruptions […]

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The World Bank’s recent Africa Pulse publication reveals a revised 2018 growth rate forecast for Nigeria from the earlier projected 2.1 percent to 1.9 percent1 – representing a slight downward review. The revision was premised around what the institution termed “sluggish growth” amid rising debts, and a myriad of factors including declining oil production, disruptions in agricultural activities occasioned by the incessant herdsmen and farmers clashes, and effects of climate change. The contraction in the agricultural sector stalled crop production and dampened prospects of increased non-oil growth, all of which stunted economic recovery2. With the continued implementation of the Economic Recovery and Growth Plan (2017-2020), there are strong possibilities that the economy may benefit from revenue sources other than oil in the near future.




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Nigeria Economic Update (Issue 25)

Naira appreciated in the week under review. At the parallel market, naira gained 0.54 percent to exchange at N368/$ on June 23, 20175. This is at the backdrop of injections into the forex market by the CBN to the tune of $195 million at the beginning of the review week, to meet various forex demands. This is amid a slight week-on-week increase in the external reserves (by 0.1 percent to $30.23 billion). Despite the recent naira appreciation, the long-term prospects seem bleak given that the ongoing intervention that seeks to stabilize naira by depleting reserves is unsustainable.

Africa Economic Update (Issue 2)

Business activities in Africa slightly improved in February 2017 albeit at a slow rate. Sales Managers Index (SMI) for Africa an assessment of business condition in Pan-African Economy increased by 0.4 index points from 52.2 points in January 2017 to 52.6 points in February 2017. Sub-Saharan African countries experienced better business activities than North Africa in the review period. The two largest economies in the region, Nigeria (48.5 index points) and South Africa (49.2 Index points) registered contraction in the review period as Nigeria remained in recession while high unemployment remained a problem in South Africa. The growth in SMI recorded in the review period is driven by improvement in business confidence and sales price which outweighed the fall in other components market growth, sales output and staffing level. 

Net Foreign Exchange Flows Through The Nigerian Economy

Net Foreign Exchange Flows through the Nigerian Economy: The recent fall in foreign exchange earnings reflects the decline in both oil sector receipts from CBN, and non-oil sector inflows from autonom

Nigeria Economic Review (First Half Report 2015)

The modest growth in the global output witnessed in the first quarter of 2015 was driven mainly by advanced economies, particularly the United States. Growth slowed down significantly in emerging and developing economies, primarily natural resource-dependent countries which were adversely affected by falling commodity prices.