Macroeconomic Report & Economic Updates
November 16, 2017
Nigeria Economic Update (Issue 44)
Latest
Doing Business report by the World Bank ranks Nigeria as one of the top 10 economies
that showed notable improvements in doing business in 2016/2017. Precisely, the
report which presents quantitative indicators on business regulation compared
across 190 economies and ranked Nigeria 145th – up by 24 positions from
the previous report ranking, to reach its highest rank since 2013. This may not
be unexpected, given that it is consequent upon various business environment
reforms in 2016. Particularly, the Presidential Enabling Business Environment
Council (PEBEC) set up in 2016 enacted 31 reforms to improve
business(such as improving credit to small and medium-size
businesses) all of were enacted into law in May 2017.
Related
Nigeria Economic Update (Issue 34)
Recent NBS data shows a significant decline in
power generated in 2016Q2. Precisely, power generated declined by 31 percent
(quarter on quarter) from a total quarterly average of 92,352 MWH in 2016Q1 to
63,692.39 MWH in 2016Q2. Remarkably, the reoccurrences of pipeline
vandalism in 2016Q2 prompted the shortage of gas for power generation. Thus,
there were about eight recorded system collapses in the quarter which led to
several days of power outages. However, subsequent quarterly declines in power
generation could be averted if efforts to repair vandalized pipelines and adopt
hydro sources are intensified.