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.
Macroeconomic Report & Economic Updates
Carbon pricing has been recognized not only as the most efficient economic policy instruments to internalize the social cost of emissions, but also as a major tool to generate public revenues that can be used to offset the potential adverse distributional effects of climate policy. However, in many developing countries, there is a widespread reluctance to commit to climate policy, largely due to financial constraints, a lack of public support, and concern over its regressive effects.This paper makes recommendations towards the design of an effective carbon pricing system that not only discourages air pollution but also encourages the gradual uptake of climate-friendly technologies by the private sector in Nigerias oil and gas sector, while supporting public investment in sustainable infrastructures and projects that offset the distributional effect of the climate policy.
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.
This report examines the pattern of economic growth and employment generation in Nigeria based on quarterly data. It also analyzes the quality of job creation, dynamics of output and employment and establishes the link or absence thereof between economic growth and labor demand.