Macroeconomic Report & Economic Updates
February 12, 2018
Nigeria Economic Update (Issue 4)
Recently released labour force report by the NBS shows a quarter-over-quarter increase in Nigerias working age and labour force population. Working population rose from 110.29 million in 2017Q2, to 111.13 million persons in 2017Q32. The working age population in 2017Q3 constituted 85.08 million persons in the labour force (an increase from 83.94 million), of which 40 percent were either unemployed or underemployed. Thus, total employed persons in the quarter reached 69.1 million.
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Gross Federally Collected Revenue
Gross Federally Collected Revenue: Both oil and non-oil components of gross federal revenue fell below N40 billion in 2016, after recording a peak of N90 billion in 2013. The decline was most prominen
Nigeria Economic Update (Issue 8)
Recent
data from the National Bureau of Statistics (NBS) show that total capital
importation in 2015 fell steeply by 53.5 per cent from $20,750.76 million in
2014 to $9,643.01 million in 20152. This decline was largely driven
by a substantial drop in portfolio investment (the largest component of Capital
Inflows), which fell by 59.74 percent. The exclusion of Nigeria from the JP Morgan
EM Bond index, the slump in crude oil prices, the decision of the US Federal
Reserve to raise interest rates and the capital control measures imposed by the
Central Bank of Nigeria (CBN) are the notable drivers of the reduced inflow of
capital. Going forward, improving the business environment, especially easing
foreign exchange controls, would determine the extent to which the economy can
attract increased capital inflows.