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 Chart Pack (2016H1)

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Nigeria Economic Update (Issue 1)

The external reserve increased week-on-week by 2 percent to $26.3 billion on January 6, 2017. The increase was likely triggered by continued marginal rise in crude oil price, which moderated oil revenue in the review week. The recent rise in crude oil price is likely to be maintained in the short term given the recent oil production cut deal by OPEC members. Thus, the Nigerian government should target short term increase in crude oil production to fully take advantage of Nigerias exemption from oil production cut and potential rise in oil prices.