Macroeconomic Report & Economic Updates

November 30, 2022

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…

Download ↓ Read →

November 24, 2022

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…

Download ↓ Read →

November 21, 2022

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…

Download ↓ Read →

November 7, 2022

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…

Download ↓ Read →

November 3, 2022

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…

Download ↓ Read →

October 26, 2022

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…

Download ↓ Read →

October 18, 2022

Nigeria Economic Update (Issue 41)

Data from the Central bank of Nigeria (CBN) shows that Nigeria’s external reserves dropped to $37.9 billion as of Wednesday, October 12, 2022, from $38.8 billion on September 12 2022.1…

Download ↓ Read →

October 13, 2022

Nigeria Economic Update (Issue 40)

The Organization of Petroleum Exporting Countries (OPEC), alongside OPEC+, cut crude oil output by two million barrels per day (mb/d) to achieve market stability2. As a result, Nigeria’s oil output…

Download ↓ Read →

October 12, 2022

Nigeria Economic Update (Issue 39)

Following its 287th meeting on the 26th and 27th of September 2022, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) raised the monetary policy rate (MPR)…

Download ↓ Read →

October 6, 2022

Nigeria Economic Update (Issue 38)

In August 2022, the total net domestic credit was N61.2 trillion, increasing by 33 percent from 46 trillion in August 2021.2 Net domestic credit comprises credit to the government and credit…

Download ↓ Read →

October 1, 2022

Nigeria Economic Update (Issue 37)

According to the National Bureau of Statistics (NBS), the prices of energy products increased further in August. The average retail price of a litre of petrol increased by 14.89 percent…

Download ↓ Read →

September 27, 2022

Nigeria Economic Update (Issue 36)

According to the National Bureau of Statistics (NBS), Company Income Tax (CIT) revenue increased in Q2 2022.1 CIT revenue was N714.40 billion in Q2 2022, an increase of 29.53 percent on…

Download ↓ Read →

September 21, 2022

Nigeria Economic Update (Issue 35)

Nearly one year after the launch of the eNaira project, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, at the Grand Finale of the eNaira Hackathon, announced…

Download ↓ Read →

September 20, 2022

Nigeria Economic Update (Issue 34)

In the second quarter (Q2) of 2022, Nigeria’s Gross Domestic Product (GDP) grew by 3.54 percent (year-on-year) in real terms, which is an improvement compared to the 3.11 percent growth…

Download ↓ Read →

September 6, 2022

Nigeria Economic Update (Issue 33)

Data from the Central Bank of Nigeria (CBN) shows that as of 17th August 2022, the official exchange rate of Naira to the US dollar was N420.83 for a dollar suggesting…

Download ↓ Read →

August 29, 2022

Nigeria Economic Update (Issue 32)

According to the National Bureau of Statistics (NBS), Nigeria’s inflation rose to 19.64 percent in July 2022, from 18.60 recorded in June, 2022.1 This is 2.27 percentage points higher than…

Download ↓ Read →