Macroeconomic Report & Economic Updates

March 10, 2018

Nigeria Economic Update (Issue 7)

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Month-on-Month analysis of food prices show that average prices of selected food items
reduced from December 2017 to January 2018. Precisely, total average month-on-month price
decreased from 2.48 percent to 1.19 percent, with reductions in unit prices of items such as
eggs, chicken, beef, rice, fish, and palm oil among others. Food prices which remains largely
volatile in the short term, may have reduced in the review period due to a slight fall in consumer
demand following the end of the festive period. Looking forward, the decline in food prices may
be short-lived in the absence of yield-enhancing investments that can sustain food
production/supply. Hence, the government should promote policies that alleviate the credit constraints to yield-enhancing investment in the private sector.




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Nigeria Economic Update (Issue 8)

Recent data from the National Bureau of Statistics (NBS) show that total capital importation in 2015 fell steeply by 53.5 per cent from $20,750.76 million in 2014 to $9,643.01 million in 20152. This decline was largely driven by a substantial drop in portfolio investment (the largest component of Capital Inflows), which fell by 59.74 percent. The exclusion of Nigeria from the JP Morgan EM Bond index, the slump in crude oil prices, the decision of the US Federal Reserve to raise interest rates and the capital control measures imposed by the Central Bank of Nigeria (CBN) are the notable drivers of the reduced inflow of capital. Going forward, improving the business environment, especially easing foreign exchange controls, would determine the extent to which the economy can attract increased capital inflows.