Macroeconomic Report & Economic Updates

Information from the Apex bank shows a likelihood of not attaining the financial inclusion target of 2020 as stated in the Nigeria Financial Inclusion Strategy (NFIS) of 2012. Precisely, the CBN’s 2016 financial inclusion report states that only 58.4 percent of Nigerian adults were financially included as against the overall financial inclusion rate targeted at 80 percent. Similarly, only about 48.6 percent use formal financial services compared to the targeted 70 percent¹. Related to the targets are 22 key performance indicators that Nigeria still lags behind in. Leveraging on technology to boost financial inclusion would be a significant step forward

Analysis of transactions at the stock market for the month ended May 2018 reveals an increase in the total transaction by a significant 50 percent. From N212.2 billion recorded in April to N318.3 billion in May 2018¹. Foreign transactions also increased by 57 percent to N193 billion and accounted for 61 percent of total transactions at the bourse. Similarly, domestic investment increased by 40 percent to N125 billion with a 49 percent share of total transactions. With a growing foreign investors’ participation, foreign portfolio investment outperformed domestic investment by 21.3 percent, and for the second consecutive month

The recent report on Nigeria’s Public Debt Stock for the first quarter of 2018 indicates a 4.5 percent Quarter-over-Quarter increase, from N21.7 trillion in Q4 2017 to N22.7 trillion¹, and a Year-on-Year increase of 18.5 percent from N19.2 trillion². The ratio of domestic debt to external debt is put at 70:30, a reduction in domestic debt from the previous share of 73 percent, and an increase of external debt share from 27 percent – a reflection of the need for caution in external borrowings

Agricultural sector exports increased at a remarkable pace in 2017. Total earnings from agricultural export goods grew by 181 percent to N170.4 billion¹, compared to the N60.7 billion earned in 2016. The remarkable improvements in exports and export earnings reflect improvements in agricultural production and supply, at the backdrop of the provision of farm mechanization services² and a likely boost in harvest periods during the year under review