According to the latest CBN financial inclusion report, overall progress towards achieving the Nigeria Financial Inclusion Strategy (NFIS) fell short of the annualized target in 2017. The World Bank’s Findex database also shows that ownership of an account with a financial institution or a mobile money provider dropped by 4 percentage points from 44% in 2016 to 40% in 20171. The gender disparity in account ownership is greatly manifested, with 51% men owning an account compared to 27% women. Although critical themes were outlined to scale up financial inclusion targets in 2017, factors such as religious and cultural bias to the uptake of financial products, worsening levels of unemployment, and high levels of informality in the economy remained setbacks toward achieving higher rates of financial inclusion in Nigeria.
Macroeconomic Report & Economic Updates
Nigeria's Real Gross Domestic Product (GDP) increased at an annual rate of 0.55 percent in 2017Q21, compared to the -0.91 percent (revised) in 2017Q1 indicating the first quarterly positive growth rate since 2016Q1 and an evidenced exit from five quarters of economic recession. The acceleration in real GDP in 2017Q2 reflects the significant increase in oil sector GDP from -11.64 percent in 2017Q1, to 1.64 percent in 2017Q2 a 13.3 percentage points Quarter-on-Quarter increase. However, Non-oil GDP moderated by 0.3 percentage points to 0.45 percent. Despite the recent favorable economic performance, growth prospect remains fragile.