Macroeconomic Report & Economic Updates

February 21, 2018

Nigeria Economic Update (Issue 8)

Global benchmark crude, Brent, sold for $66.43 per barrel, a little above 3.4 percent from the $64. 3 per barrel in the preceding week. Nigeria’s Bonny light exchanged for $65.71 per barrel. Global Crude supply levels have been constrained by a dip in Libya’s production, following the shutdown of the El Feel oilfield in Libya, which […]

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Global benchmark crude, Brent, sold for $66.43 per barrel, a little above 3.4 percent from the $64. 3 per barrel in the preceding week. Nigeria’s Bonny light exchanged for $65.71 per barrel. Global Crude supply levels have been constrained by a dip in Libya’s production, following the shutdown of the El Feel oilfield in Libya, which produces 70,000 bpd. This is complemented by the continued compliance by OPEC member countries to curb production levels, thus rebalancing the global crude oil market and gradually driving prices upwards.

 




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Gross Domestic Product Growth Rate And Contribution To GDP (Transport Sector)

Gross Domestic Product Growth Rate: Growth in the sector which stalled in the second and third quarters of 2015 witnessed a considerable decline in 2015Q4; the stall in growth in 2015 is attributable

Nigeria Economic Update (Issue 52)

Recently released population estimate figures by the Nigeria Bureau of Statistics, show a significant increase in Nigerias population, based on the 2006 census. Notably, total population grew by an estimated 40 percent from 2006, to 193 million persons in 2016. Also, disaggregate demographic data from 2007 to 2016, reveals an increase in the number of males (74 million to 99 million) and females (71 million to 95 million), with a 2016 gender (males to females) percentage ratio of 51:49. The high rate of population growth can be attributed to the improvements in average annual rate of natural increase the difference between crude birth rate and death rate. As in preceding years, the composition of children and youths make up the highest share of the population growth. This presents a potential increase in the rate of labour supply. Going forward, there is need for the government to support rapid job creation in order to check the potential upsurge in unemployment rate.

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Nigeria Economic Update (Issue 48)

Data released by the National Bureau of Statistics shows that Internally Generated Revenue by states increased in 2017H1. The IGR increased from N392.1 billion in 2016H1, to N396.9 billion in 2017H1, a slight 1.2 percentage half Year-on-year growth. Also, N149.5 billion was generated in 2017Q3. Lagos state remains top in internal revenue generation, with a significant 42.3 percent share of total IGR in the review half year. The improvements in IGR may be attributable to efficient revenue collection by each reported state from the various sources of internal revenue: taxes, fines and fees, licenses, earnings & sales, rent on government property, interests and dividends, among others.