Macroeconomic Report & Economic Updates
April 28, 2016
Nigeria Economic Update (Issue 17)
Power sector analysis shows a decline
in power generated by 8.5 percent from a peak of 3,675 mw to 3,362 mw between
April 3, 2016 and April 10, 20169. This record is however still
below 5,074.7 mw- the highest peak ever attained in the country. The declining
power supply which has been attributed to vandalism of pipelines and gas
shortages, has continued to distort economic activities in the country. With
the persistent fall in electricity generation, the possibility of attaining the
targeted 10,000 mw by 201910 seems unattainable. A clear strategy towards
increasing power generation and curbing vandalism is urgently needed.
Related
Nigeria Economic Update (Issue 16)
Nigerias Bonny light price declined by 7.1 percent from $40.19 per barrel on March 24, 2016 to $37.32 per barrel on April 1, 20162. OPEC weekly basket price also decreased by 3 percent from $35.81 per barrel to $34.74 per barrel within the same period3. The remerged downward trend in crude oil price is traceable to concerns over the likely failure of the oil production freeze deal between Saudi Arabia and Iran4. The outcome of the oil production freeze meeting which is scheduled to hold on April 17, 2016, will give further direction for oil supply regulation.