Macroeconomic Report & Economic Updates

November 27, 2017

Nigeria Economic Update (Issue 45)

Crude oil prices recorded increase during the review week. Global benchmark, Brent price increased from $61.42 to $63.522. Nigerias Bonny light gained 9.6 percent to trade at $64.78 per barrel. The weeks rise was at the backdrop of further prospective cuts agreement at OPECs meeting in November 2017 and political tensions and uncertainties in Saudi Arabia given that these events may likely reduce supply and support demand in the near term. Meanwhile, global crude oil market events have been favorable to Nigeria, as the price of bonny light at approximately $65 per barrel, reflects the highest in more than two years.

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Nigeria Economic Update (Issue 40)

OPEC weekly basket price declined by 2.4 percent to $42.68/barrel on September 16, 2016. This was triggered by a rise in US oil reserve, amid an outlook on weak global oil demand. Similarly, provisional data by OPEC reveals a steady decline in Nigerias crude oil production. Notably, production declined by 3.4 percent to 1.47 mbd in August, 2016.