Nigeria Economic Update (Issue 44)

PUBLICATIONS MACROECONOMIC REPORT & ECONOMIC UPDATES Nov 15, 2016

Nigeria Economic Update (Issue 47)

Recent data by NBS indicates an increase in bank credit to private sector. Specifically, private sector credit rose (year on year) by 24.4 percent to N16,185.1 billion in 2016Q3 relative to 2016Q2, with Oil and gas, and Manufacturing sectors taking the consecutive largest shares of the credit. The rise may be connected to the need to improve credit availability to critical sectors in order to hasten the recovery from the ongoing recession. The present rise in bank credit to the manufacturing sector seems to be a step in the right direction as the sector is critical to Nigerias industrialization and economic stability.

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PUBLICATIONS MACROECONOMIC REPORT & ECONOMIC UPDATES Nov 11, 2016

Nigeria Economic Review

This report provides a concise and timely analytical overview of key aspects of the Nigerian economy. The report is an attempt to track the developments in the relevant aspects of the economy over a three-month period. It provides valuable insights into potential drivers of the economic trends and outlines expectations for subsequent quarters of the year. The areas of focus are Global Economic Performance, Domestic Economic Performance, External Sector Performance, and Sectoral Performance.

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PUBLICATIONS MACROECONOMIC REPORT & ECONOMIC UPDATES Nov 07, 2016

Nigeria Economic Update (Issue 46)

The Executive council recently approved a three-year external borrowing plan (2016-2018) which specifies external borrowing of approximately $30 billion (to be sourced mostly from MDBs) for infrastructure development. Although, the plan is yet to be approved by the Senate, the planned concessional loans for infrastructural development would imply inflows of foreign exchange which could help moderate the exchange rate volatilities in the near term, and offer potential improvement in business productivity and job creation.

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PUBLICATIONS MACROECONOMIC REPORT & ECONOMIC UPDATES Oct 31, 2016

Nigeria Economic Update (Issue 45)

Recently released report by Nigeria Extractive Industries Transparency Initiative (NEITI)shows a significant decline in revenue allocation across the three tiers of government for 2016H1 (January to June). Specifically, total disbursements dropped (year-on-year) by 30.45 percent to N2.01 trillion in 2016H1. The drop in revenue allocations is accountable to the decline in both oil and non-oil revenue. While lower oil revenue was triggered by the drastic fall in oil price and production in 2016H1, lower non-oil revenue was driven by the decline in tax revenue occasioned by contraction in economic activities in the review half-year.

Nigeria Economic Update (Issue 44)

Recently released Nigerias petroleum imports data, show a significant decline in the quantity and value of petroleum import products (PMS, AGO and NHK) between 2015 and 2016. Specifically, value of imports significantly declined year-on-year (January to April) by 30.4 percent to N571 billion in 2016. The huge decline in the import of (refined) petroleum products likely reflects the lower (unrefined) crude oil production/exports. Furthermore, it is likely that the import of petroleum products could decline in subsequent years; however, this is dependent on the prospects of the three domestic refineriesbeing refurbished.

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