In Nigeria, a majority of the adult smoking population (15 years and above) consume tobacco primarily in the form of cigarettes. Nigeria has about 6 million adult smokers, or 5.6 percent smoking prevalence (GATS, 2017). Smoking prevalence is significantly higher for men (at 10 percent) relative to women (1.1 percent), and 18 percent of Nigerian youths between the ages of 13 to 15 years smoke (GATS, 2017). A total of 920 million cigarette packs were consumed in Nigeria in 2015 (GlobalData Plc., 2016), of which 74 percent is domestically produced (NCS, 2015). Tobacco related diseases are responsible for about 17,500 deaths per year (about 207 men and 130 women per week) and about 250,000 cancer diagnoses (Tobacco Atlas, 2015). Economic losses in the form of medical treatments and loss of productivity from tobacco-related diseases is estimated at US$ 591 million in 2015 (Tobacco Atlas, 2015).
Money Supply: On a month-on-month basis, growth in M2 have accelerated overtime; reaching over N20,000 billion by April 2016. The rise in M2 at the end of 2016Q1 reflects the fast-paced rise in aggre
Crude oil prices fluctuated during the review week. OPEC weekly basket price decreased marginally from $53.63 on February 24, 2017 to $53.34 on March 3, 2017. Similarly, Brent crude declined (week-on-week) by 0.84 percent to $55.15, while Bonny light decreased by 2.4 percent to $54.4 per barrel. During the week, reports of Russias incomplete compliance to agreed production cut and rising United States crude production/inventories, led to the slight pressure exerted on oil prices. The uncertainties and volatility of global crude oil price stresses the need for the government to channel efforts at developing other key sectors of the economy, particularly the manufacturing sector.
This Paper examines the response of the Nigerian government to the ongoing recession in the domestic economy, particularly in the context of the recently released Economic Recovery and Growth Plan (ERGP) for 2017-2020. It also provides an analysis of key questions regarding the suitability, achievability, and prospect of the ERGP. The second section of the brief runs through the state of the Nigerian economy with a focus on the cause and drivers of the ongoing recession. The third section reviews the objectives, implementation strategy, and expected outcomes of the ERGP over the medium-term. The fourth section weighs on the potentials of the ERGP by analyzing some pertinent questions: Is the proposed recovery plan and policies well-targeted to address prevailing economic crises in Nigerian economy?