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 […]

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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.




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Nigeria Economic Update (Issue 41)

Latest World Economic Outlook (WEO) report by the International Monetary Fund reveals that Nigerias economy will grow by 1.9 percent in 2018 an unchanged stance from earlier projections. However, the figure is 2.9 percentage points lower than the 4.8 percent 2018 estimated growth rate in Nigerias ERGP (Economic Recovery and Growth Plan) 2 showing a very large disparity between domestic and international growth forecasts for Nigeria. The Funds projection however seems to have taken into cognizance underlying factors that could slow growth in the medium term: faster pace of population growth relative to GDP growth3, poor policy implementation, banking system fragilities and foreign exchange market segmentation.