Macroeconomic Report & Economic Updates

March 21, 2019

Nigeria Economic Update (Issue 9)

By year-end 2018, the country recorded a total trade value of ₦32.3 trillion1, representing 39.3% increase over the corresponding period in 2017. The volume of total merchandise trade in 2018 is noted to be the highest since 2014, nearly double pre-recession levels. Export component grew by approximately 41%, from ₦13.6 trillion in 2017 to ₦19.1 […]

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By year-end 2018, the country recorded a total trade value of ₦32.3 trillion1, representing 39.3% increase over the corresponding period in 2017. The volume of total merchandise trade in 2018 is noted to be the highest since 2014, nearly double pre-recession levels. Export component grew by approximately 41%, from ₦13.6 trillion in 2017 to ₦19.1 trillion in 2018. Oil (crude and non-crude) is responsible for the most part of export growth in the review year and accounts for about 94% of total exports. Agriculture and manufacturing sector exports also recorded a boost, rising to ₦302 billion and ₦645.7 billion respectively. Similarly, imports rose by 37.5% to ₦13.2 trillion. With exports exceeding imports, the current account balance of trade improved to ₦5.9 trillion in 2018. To further boost Nigeria’s current account position going forward, supply-side policies to improve the efficiency and competitiveness of domestic industries, and thus exports is crucial.




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Internally Generated Revenue

Internally Generated Revenue: Total internally generated revenue particularly declined across the 36 states in Nigeria, in 2015. This is attributable to the weak macroeconomic and financial conditions

Nigeria Economic Update (Issue 8)

The falling tide in the international value of Naira experienced a reversal in the review week with naira appreciating significantly by 11 percent from N516/$ on February 17, 2017 to N460/$ on February 24, 2017 at the parallel market the first appreciation since December 2016. The recent rise in naira value was driven by forex supply-demand gap closure, sequel to improvements in dollar liquidity. The recent CBN Special intervention (e.g. the auction and sale of $370 million and $1.5 million respectively, by the apex bank during the week) and its revised forex policy guidelinescontributed in dousing speculations in the parallel market, thus gradually narrowing the margin between the interbank and parallel market rates. Given that the sustainability of naira appreciation is strongly hinged on the improvement in foreign reserve which is largely dependent on crude oil sales, the government should continue its efforts at calming tensions in the Niger Delta region.

Nigeria Economic Update (Issue 18)

Recent Data released by the Nigeria Bureau of Statistics reveals an increase in total public debt stock between 2015 and 2016. Foreign and domestic debt stock stood at $11.4 billion and N14.0 trillion respectively as at December 2016, from $10.7 billion and N10.5 trillionrecorded as at December 2015. Disaggregated data shows that foreign debt sources comprised Multilateral ($8.0 billion), Bilateral ($0.2 billion) and Exim bank of China ($3.2 billion); domestic sources included government bonds, treasury bills and bonds. The federal government and states accounted for 68.7% and 31.3% respectively of foreign debt stock; 78.9% and 21.1% respectively of domestic debt stock. This maybe particularly at the backdrop of government borrowings in 2016 to finance its expenditure (mostly recurrent).