August 3, 2015
Volume 2 July 2014
External Reserve: External reserve picked up from its year-2000 level below $10,000 million to above $60,000 million in 2008. However, the external reserve fell deeply in 2010/11 and even further in 2
Economic growth in Africas largest economies improved in the second quarter of 2017 (2017Q2) relative to the preceding quarter (2017 Q1), as Nigeria and South Africa exited recession. Specifically, GDP growth rate was 0.55 percent and 1.1 percent for Nigeria and South Africa in 2017Q2, compared to 0.91 percent and 0.7 percent in 2017Q2, respectively. The increased growth in Nigerias economy was driven by improved performance in the oil sector (increased crude oil price and production) which offset the decrease in non-oil sector growth, while South Africas emergence from recession is supported by growth in its agriculture sector complimented by growth in finance, real estate, business service, mining and quarrying sectors.
On average, Nigerias GDP growth rate has averaged about 5 percent; attaining an unusual trough of nearly -10 percent in 2003Q4 and a peak of nearly 20 percent in 2004Q4. However, the Nigerian economy