Recently released GDP figures reveals that the three major sectors recorded positive and negative growth rates individually in 2017Q2. Firstly, Agricultural sector grew Year on Year by 3.01 percent, down from 3.39 percent in 2017Q1- driven by weaker output in crop production and Fishing sub-sectors. This is not unconnected with the planting season and the shortage of grainsfor livestock/fish respectively.

Nigerias inflation rate remained above CBNs bandwidth of 6-9 per cent. Specifically, the inflation rate increased slightly from 9.55 percent in December 2015 to 9.62 percent in January 20165. The Core sub-index remains the main driver of inflation in Nigeria. The higher prices of items in the Core sub-index such as clothing and foot wears are reflective of higher domestic production costs as a result of the decline in the value of the naira relative to the dollar. However, in the period, the price increase was moderated by the stable price of Premium Motor Spirit (PMS). Going forward, without any sustainable policy measure to prevent the further depreciation of the naira, inflation may exceed the current single digit inflation rate in the near term.