Macroeconomic Report & Economic Updates

January 15, 2018

Nigeria Economic Update (Issue 51)

According to figures released by the Nigeria Bureau of Statistics, employment growth lagged during the recession period, and worsened unemployment/underemployment rates few quarters after. Specifically, unemployment rate rose to 18.8 percent in 2017Q31, up from 16.2 percent in previous quarter (the recession-exit quarter) and 13.9 percent in corresponding quarter. Disaggregated figures reveal that the number of unemployed and underemployed persons in the labour force increased by 17 percent and 2 percent respectively, to 15.9 million and 18.0 million in 2017Q3, majority of which are young persons within ages 15-34. 

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Nigeria Economic Update (Issue 42)

Recently released survey report by the CBN shows an improvement in the availability of secured and unsecured banks credit and loans to households, corporate and small businesses in 2017Q3, and an optimistic outlook in 2017Q4. Among other indices, availability of overall secured and unsecured lending to households improved from -6.2 and -19.2 to -0.9 and -15.0 index points respectively; although still in the negative territory. Index for availability of credit to small businesses improved from -20.1 to -6.7. Lenders and respondents noted that anticipation of a brighter economic outlook, favorable liquidity positions, market share objectives and higher appetite for risk were major factors behind the increase. 

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