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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Nigeria Economic Update (Issue 19)

Internally generated revenue by 35 states for the 2016 fiscal year increased by 17.5 percent to N802 billion from N683 billion generated in the preceding year. A breakdown of the IGR shows that the increase was driven by PAYE, Direct assessment, Road taxes, Revenue from MDAs and other taxes. The highest and lowest revenue generating states were Lagos (38%) and Ebonyi (0.1%) respectively. An improvement in the efficiency of the tax system could improve the contributions of the IGR to overall government revenue. Particularly, incorporating workers in small stores, agricultural and informal businesses into the tax system; building capacity of tax officials and computerizing their operations; as well as investing in quality data collection and access could provide some quick wins.

Nigeria Economic Update (Issue 14)

The considerable increase in inflation continued to be driven by exchange-rate-pass-through from imported items as well as the lingering scarcity in the availability of Premium Motor Spirit (PMS). One of the key ways to reduce inflationary pressures in the near term is to improve the supply of PMS to filling stations. In the medium to long term, the Nigerian National Petroleum Corporation (NNPC) may need to revitalize local refining and bridge the gap between the supply and demand for PMS by households and businesses.

MANUFACTURING SECTOR: Operating Admist Economic Recession And Rising Foreign Exchange Rates

This 2017 Manufacturing Sector survey provides an assessment of the Nigerian manufacturing sector, highlighting the key challenges facing operators within the sector. It also examines the dynamics and major development in the manufacturing sector over the last one year. Overall, the objective of the report is to provide a snapshot of the manufacturing sector in Nigeria, which will provide a framework for policy intervention by policymakers