Macroeconomic Report & Economic Updates

November 6, 2017

Nigeria Economic Update (Issue 42)

Recently
released survey report by the CBN shows an improvement in the availability of
secured and unsecured banks credit and loans to
households, corporate and small businesses in 2017Q3, and an optimistic outlook
in 2017Q4. Among other indices, availability of overall secured and
unsecured lending to households improved from -6.2 and -19.2 to -0.9 and -15.0
index points respectively; although still in the negative territory. Index for
availability of credit to small businesses improved from -20.1 to -6.7. Lenders
and respondents noted that anticipation of a brighter economic outlook,
favorable liquidity positions, market share objectives and higher appetite for
risk were major factors behind the increase. 

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Related

 

Extra-ECOWAS Trade And Investment Flows: Any Evidence Of Business Cycles Transmission

This study investigates the effects of merchandise trade and investment flows on the transmission of business cycles between members of ECOWAS and the major trading partnersbetween 1985 and 2014. Total trade and FDI significantly influence the transmission of business cycles with elasticities of 1.1% and 0.7%, respectively in the long run. There are little variations across the major trading partners and other measures of trade flows. Intra-industry trade flows with all partners, EU and USA influences the cross-country business cycles with elasticities of 1.0%, 0.5% and 1.8%, respectively. 

Nigeria Economic Update (Issue 18)

Recent Data released by the Nigeria Bureau of Statistics reveals an increase in total public debt stock between 2015 and 2016. Foreign and domestic debt stock stood at $11.4 billion and N14.0 trillion respectively as at December 2016, from $10.7 billion and N10.5 trillionrecorded as at December 2015. Disaggregated data shows that foreign debt sources comprised Multilateral ($8.0 billion), Bilateral ($0.2 billion) and Exim bank of China ($3.2 billion); domestic sources included government bonds, treasury bills and bonds. The federal government and states accounted for 68.7% and 31.3% respectively of foreign debt stock; 78.9% and 21.1% respectively of domestic debt stock. This maybe particularly at the backdrop of government borrowings in 2016 to finance its expenditure (mostly recurrent).