Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 10)

Nigeria’s balance of payment reversed into surplus in the fourth quarter of 2018, after a third-quarter negative period. As reported by the CBN balance of payment estimates showed significant improvements with surplus of $2.80 million in 2018Q4 as against previous quarter’s huge deficit of $4,542.1 million. The current account balance improved from a deficit of $1,544.41 million in Q3 2018 to a surplus of $1,104.57 million in Q4 2018 on account of improvements in goods account – slight increase in export earnings relative to imports. Also, the financial account showed net acquisition of assets of $2,327.91 million in the review period, as opposed to the financial liabilities incurred in the preceding period. To sustain growth in export earnings, there is need to address age-long challenges that inhibit non-oil export trade: particularly dealing with the inefficient and costly transport system as well as broadening the scope of export financing instruments.

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