Macroeconomic Report & Economic Updates

March 12, 2019

Nigeria Economic Update (Issue 7)

Nigeria’s economy has shown sustained signs of recovery. Real GDP growth rate rose Year-on-Year by 2.38 percent in 2018Q4, as against 1.81 percent recorded in the preceding quarter – an increase of 0.57 percentage points.1 Non-oil sector remained the focal point for the economic expansion – growth in the sector’s activities improved to 2.7 percent […]

Download Label
March 13, 2018 - 4:00 am
application/pdf
548.32 kB
v.1.7 (stable)
Read →

Nigeria’s economy has shown sustained signs of recovery. Real GDP growth rate rose Year-on-Year by 2.38 percent in 2018Q4, as against 1.81 percent recorded in the preceding quarter – an increase of 0.57 percentage points.1 Non-oil sector remained the focal point for the economic expansion – growth in the sector’s activities improved to 2.7 percent from 2.3 percent and contributed approximately 93 percent to real GDP. The numbers unveil key high-performing non-oil activities during the quarter, with services manufacturing, and agriculture leading the pack. Going forward, the economy is expected to continue registering positive growth following a more stable political economy. However, inadequate credit among other factors may hinder the non-oil sector from scaling. The CBN may consider revising the banking regulations to include loan quotas for sectors with high growth and revenue-generating potential.




Related

 

Nigeria Economic Update (Issue 38)

Recent NBS data on Nigerias real GDP growth rate declined from -0.36 percent in 2016Q1 to -2.06 percent in 2016Q2. With negative GDP growth rate in two consecutive quarters, Nigeria records its first recession in 23 years. Both the oil and non-oil sectors continued to contract by -15.59 and -0.20 percentage points, respectively, relative to preceding quarter. The worsening growth rate in the oil sector was largely driven by the decline in domestic crude oil production by 14.5 percent relative to preceding quarter

Tax Collected

Tax Collected: Tax revenue which has relatively maintained an upward trend, fell considerably in 2015 and dipped significantly in early 2016 on the account of economic downturn, as many businesses sev

Nigeria Economic Update (Issue 35)

Recent report in the media highlights that Nigerias GDP has dropped to $296 billion in 2016, in contrast to the $481 billion recorded in 20151 and Nigeria has lost its position as Africas largest economy to South Africa. This conclusion was based on the computation of GDP with current naira-dollar exchange rate. However, while the naira has significantly lost its official value since the adoption of a flexible exchange rate, estimating GDP merely with a single exchange rate figure (rather than its yearly average) cannot be regarded as an appropriate method to conclude on Africas largest economy.