Macroeconomic Report & Economic Updates

December 29, 2017

Nigeria Economic Update (Issue 49)

OPEC weekly basket price reduced from $61.14 to $60.73 per barrel (December 1 8, 2017). Similarly, Global oil benchmark crude sold for as low as $61.22 per barrel during the week, down week-on-week by 1.8 percent. Nigerias Bonny light declined slightly by approximately 1 percent to $63.534. The fall in crude prices came after a sharp rise in U.S. inventories of refined fuel, which suggested that actual demand may be weakening5 (the EIA data shows an increase of 8.5 million barrels of stored fuel). Given that crude oil revenue remains critical to Nigerias budget performance, investments aimed at improving growth and competitiveness of other key sectors is essential to minimize distortions on budgetary expenditure.

Download Label
March 13, 2018 - 4:00 am
application/pdf
680.00 kB
v.1.7 (stable)

Related

 

Nigeria Economic Update (Issue 2)

International rating body, Fitch, has projected higher economic growth for Nigeria in 2018. The body estimated that Nigerias economy will grow by 2.6 percent, slightly higher compared to projections from the International Monetary Fund (2.1 percent) and The World Bank (1 percent). A myriad of factors may have driven the projected increase: improved availability of forex for the non-oil sector, higher government capital expenditure capability driven by more oil revenue, and fiscal stimulus. However, the relatively strong economic growth projected by Fitch and IMF may be hampered

Real GDP Growth Rate- Nigeria And Selected African Economies

Real GDP Growth Rate- Nigeria and selected African Economies: While GDP growth in selected African economies have generally declined at different magnitudes with the slump in commodity prices, other e

Program Budgeting Analysis Of Education And Health Sectors

This brief aims to deepen stakeholders understanding of the sources of funding and how money is allocated to and spent in the social sectors of health and education, which are critical for pro-poor growth and poverty alleviation.