Macroeconomic Report & Economic Updates

January 15, 2018

Nigeria Economic Update (Issue 50)

In the third quarter of 2017, NBS report show that Nigeria recorded a marginal quarter-overquarter and significant Year-on-Year increases in the value (in Naira terms) of merchandise (goods) foreign trade. At N5.92 trillion, total merchandise trade increased 3.9 percent over the preceding quarter and 23.9 percent over the corresponding quarter in 2016. Specifically, with exports rising QOQ by 15.2 percent to N3.57 trillion and imports shrinking by 9.4 percent to N2.35 trillion, trade balance amounted to a surplus of N1.22 trillion in 2017Q3- a substantial 142 percentage increase (QOQ) in trade surplus value.

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Nigeria Economic Update (Issue 26)

Power sector statistics indicates a huge decline in power generated in the week under review (June 23, 2017 to June 30, 2017). Power generated, attained a peak of 4,305 MW on June 23, 2017 but fell significantly by 33.1 percent to approximately average of 3,000 MW as at June 30, 2017. The huge decline is attributable to continued poor payment and inability of most GENCOs to pay for gas supply and a system collapse. Consequently, power sector lost huge prospective funds; and daily power supply reduced to 4.5 hours per day7. Going forward, improvement in energy supply is critical to domestic production, job creation, and diversification agenda of the government.