Macroeconomic Report & Economic Updates
Nigeria Economic Update (Issue 7)
According to a report from the National Bureau of Statistics (NBS), the cost of main petroleum products like kerosene, diesel, and Premium Motor Spirit (PMS) all increased in general in…
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Nigeria Economic Update (Issue 6)
According to direct communication data in February 2023 from the oil market report produced by the Organisation of Petroleum Exporting Countries (OPEC) in January 2023, Nigeria’s crude oil production increased…
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Nigeria Economic Update(Issue 5)
There was a general increase in transport fares across different modes of transportation in the country in December 2022. The report on transport fares released by the National Bureau of…
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Nigeria Economic Update (Issue 4)
The International Monetary Fund (IMF), has in its January World Economic Outlook improved its projection for Nigeria’s 2023 economic growth rate to 3.2 per cent, representing 0.2 percentage points increase…
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Nigeria Economic Update (Issue 3)
On Thursday, January 26th, 2023, the Central Bank of Nigeria (CBN) officially unveiled its national domestic card scheme in a session co-hosted by the Nigerian Inter-Bank Settlement System (NBSS). The domestic card…
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Nigeria Economic Update (Issue 2)
According to data from the Nigeria Inter-Bank Settlement System (NIBSS), cashless transactions in Nigeria increased by 42.05 percent to reach N395.47 trillion in 2022. The data revealed that Nigerians spent more through…
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Nigeria Economic Update (Issue 1)
According to the World Bank’s latest Nigeria Development Update published in December 2022, with the title “Nigeria’s Choice”, the country’s gross domestic product (GDP) is expected to grow by 2.9…
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Nigeria Economic Update (Issue 50)
Data from the Nigeria Inter-Bank Settlement Systems (NIBSS) shows that transactions performed electronically through the NIBSS Instant Payment platform (NIP) in Nigeria grew to N38.9 trillion in November 2022, which…
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Nigeria Economic Update (Issue 49)
The Central Bank of Nigeria (CBN) announced a new policy on cash withdrawals on 6th December 2022.2 According to the policy, the maximum weekly withdrawal over the counter is set…
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Nigeria Economic Update (Issue 48)
According to the Food Prices Watch by the National Bureau of Statistics (NBS), the average price of some selected food items in the country rose in October 2022.1 The report…
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Nigeria Economic Update (Issue 47)
The latest monthly oil market report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC) indicates that Nigeria’s crude oil production increased from 938 thousand barrels per day (tb/d) in…
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Nigeria Economic Update (Issue 46)
The National Bureau of Statistics, in its latest National Multidimensional Poverty Index Report, shows that 62.9 percent of Nigerians are multi-dimensionally poor, which translates to 132.93 million Nigerians.3 The Multidimensional…
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Nigeria Economic Update (Issue 45)
Total revenue and income generation by the rail sector dipped significantly in Q2 2022, according to the latest rail transport statistics published by the National Bureau of Statistics (NBS). The…
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Nigeria Economic Update (Issue 44)
Food prices in Nigeria experienced a further increase in September 2022, according to the Selected Food Prices Watch Report for September 2022, published by the National Bureau of Statistics (NBS).2…
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Nigeria Economic Update (Issue 43)
According to the 2022 global hunger index (GHI) report, Nigeria ranked 103rd out of 121 countries, suggesting Nigeria’s weak and fragile food system.3 The GHI is a tool for measuring…
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Nigeria Economic Update (Issue 42)
According to Telecommunications Sector Data for the second quarter (Q2) of 2022, released by the National Bureau of Statistics (NBS), Nigeria’s telecoms sector experienced a growth in both voice and…
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