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 21)

Recent data from the National Bureau of Statistics (NBS) shows that the value of capital imported to Nigeria declined by 54.34 percent; from $1.56 billion 2015Q4to $710.97 million in 2016Q11. This is the lowest value since the data was first released in 2007. Huge declines in Portfolio Investment (71.54 percent) and other Investment (44.84 percent) were the major drivers of the trend within the period. A myriad of factors have contributed to the decline in investments. The plunge in crude oil prices, and the resultant negative signals on investors confidence, was a key factor. This was exacerbated by the FOREX restrictions and delays in the assentation of 2016 Appropriation Bill. While the slight increases in oil prices and the recent signing of the budget into law could improve the general economic prospects, monetary authorities need to proffer solutions to the negative effects of the current FOREX restrictions on investments.