Macroeconomic Report & Economic Updates
Nigeria Economic Update (Issue 44)
The October 2023 Cadre Harmonisé analysis on food insecurity conducted by the Food and Agricultural Organization (FAO) in partnership with the Nigerian government revealed that 26.5 million Nigerians will face…
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Nigeria Economic Update (Issue 43)
Data released by the Budget Office of the Federation shows that debt service payments on external and domestic debts in the first quarter of 2023 stood at ₦1,317.08 billion, indicating…
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Nigeria Economic Update (Issue 42)
According to Central Bank of Nigeria (CBN) data on money and credit, Money Supply (M3) stood at N67.2 trillion in September 2023, an increase of 36.2% from N49.3 trillion in…
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Nigeria Economic Update (Issue 41)
According to data from the World Population Review, Nigeria has the world’s second-highest number of homeless people. 24 million Nigerians do not have homes, accounting for nearly 10% of the…
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Nigeria Economic Update (Issue 40)
According to the World Bank, the Nigerian currency (naira) has depreciated by almost 40% since the beginning of 2023. The depreciation is not only limited to Nigeria. Other African countries’ currencies…
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Nigeria Economic Update (Issue 39)
According to the latest Transport Fare Watch of the National Bureau of Statistics (NBS), transportation costs increased significantly in August 2023. The average fare paid by bus passengers within the…
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Nigeria Economic Update (Issue 38)
The National Bureau of Statistics (NBS) publication on Terms of Trade (TOT) shows a deterioration in Q2 2023. Term of Trade measures the relative price of imports to exports. In April, it…
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Nigeria Economic Update (Issue 37)
Data from the September 2023 report of the Organization of Petroleum Exporting Countries (OPEC)shows that Nigeria’s oil output rose by 9.3% from 1.08 mb/d recorded in July to 1.18 million…
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Nigeria Economic Update (Issue 36)
According to the rail transport data released by the National Bureau of Statistics (NBS) in Q2 2023, the volume of goods/cargos transported for Q2 2023 reached 56,029 tons, compared to 31,197 tons in…
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Nigeria Economic Update (Issue 35)
According to the National Bureau of Statistics (NBS) report on Foreign Trade in Goods for the second quarter of 2023, total trade stood at N12.7 trillion, a decline of 7.6% from N13.8…
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Nigeria Economic Update (Issue 34)
According to the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) grew by 2.51% (year-on-year, YoY) in real terms in the second quarter (Q2) of 2023. This growth rate is less…
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Nigeria Economic Update (Issue 33)
The July 2023 monthly OPEC oil market report indicates a general increase in international crude oil prices. According to the report, the OPEC reference basket, which reflects the average crude…
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Nigeria Economic Update (Issue 32)
Nigeria’s inflation rate surged by 1.29% points in July 2023 to reach 24.08%, compared to 22.79% in the preceding month, June. This is according to the National Bureau of Statistics…
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Nigeria Economic Update (Issue 31)
The Organisation of Petroleum Exporting Countries (OPEC), in its monthly oil market report for August 2023, revealed that Nigeria’s oil output fell by 13.6 per cent to 1.08 million barrels…
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Nigeria Economic Update (Issue 30)
The International Monetary Fund (IMF), in its latest World Economic Update released in July 2023, projects that the Nigerian economy will experience slowdown in 2023 and 2024. Nigeria’s economy growth rate stood at…
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Nigeria Economic Update (Issue 29)
In June 2023, Nigeria’s money supply (M2) reached a record high of N64.3 trillion, increasing significantly by 15 percent (N8.8 trillion) from N55.5 trillion recorded in May, according to the…
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