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
FDI, FPI and other Investments: Portfolio investment has continued to fall rapidly since 2014, while FDI inflows remain subdued since 2010
Crude Oil Price: Crude oil price attained a historical low of $30.7 in January 2016 largely due to excess global oil supply. Crude Oil Production and Export: Oil production has continued to fall in
In the crude oil market, OPECs weekly basket price increased 1.07 percent from $29.02 per barrel in February 19 to $29.33 per barrel in February 26. A combination of factors were responsible for the slight price increase. First, a decrease in the number of active oil rigs in the US2 (the lowest since 2009) may have marginally eased the glut in the crude oil market. The ongoing efforts by OPEC and other major oil producers such as Russia to freeze oil production have also played a significant role in stemming the downward trend in oil prices. With the current market conditions, the price of crude oil is expected to maintain a fairly stable and modest upward trajectory in the near term.