As expected, the Monetary Policy Committee left the policy interest rate (MPR) and other parameters unchanged. At 14 percent, the MPR has been left unchanged for the 10th consecutive period1; likewise the CRR at 22.5 percent, Liquidity Ratio at 30.0 percent; and Asymmetric corridor at +200 and -500 basis points around the MPR. All except one member of the MPC agreed to keep rates on hold, mainly in anticipation of a more precise direction of key macroeconomic indicators, including the passage and implementation of the 2018 budget. Complementary factors considered for the hold also points to the current moderation in inflation rate towards single digit, as well as higher reserve levels
Macroeconomic Report & Economic Updates
June 26, 2018
Nigeria Economic Update (Issue 21)
As expected, the Monetary Policy Committee left the policy interest rate (MPR) and other parameters unchanged. At 14 percent, the MPR has been left unchanged for the 10th consecutive period1; likewise the CRR at 22.5 percent, Liquidity Ratio at 30.0 percent; and Asymmetric corridor at +200 and -500 basis points around the MPR. All except […]
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Nigeria Economic Update (Issue 13)
Recent Data on Nigerias Real GDP growth rate
(Year-on-Year) declined by 0.73 percentage points, from 2.84 per cent in 2015Q3
to 2.11 percent in 2015Q4. The slowdown in economic growth was
largely driven by the decline in the performance of the oil sector which was
occasioned by the slump in crude oil prices and the slight drop in the volume
of crude oil produced. Specifically, compared to the 1.05 percent growth
recorded in 2015Q3, the oil sector witnessed a negative growth of 8.28 percent in 2015Q4.
Nigeria Economic Update (Issue 48)
Data released by the National Bureau of Statistics shows that Internally Generated Revenue by states increased in 2017H1. The IGR increased from N392.1 billion in 2016H1, to N396.9 billion in 2017H1, a slight 1.2 percentage half Year-on-year growth. Also, N149.5 billion was generated in 2017Q3. Lagos state remains top in internal revenue generation, with a significant 42.3 percent share of total IGR in the review half year. The improvements in IGR may be attributable to efficient revenue collection by each reported state from the various sources of internal revenue: taxes, fines and fees, licenses, earnings & sales, rent on government property, interests and dividends, among others.
Business Confidence Index
Business Confidence Index: After its peak in 2011, business confidence fell sizeably in 2012 as well as 2015Q2. Most recently, BCI has declined to a negative levels in 2016Q1 and Q2. The recent declin