Macroeconomic Report & Economic Updates

February 27, 2024

Nigeria Economic Update (Issue 6)

The Central Bank of Nigeria (CBN) has revealed, in its data on movement on gross foreign reserves, that the country’s foreign reserves, which were $37.1 billion as of January 3,…

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February 27, 2024

Nigeria Economic Update (Issue 5)

The International Monetary Fund (IMF) in its World Economic Outlook Update released in January 2024, estimated that Nigeria grew at 2.8 percent in 2023 and reviewed its 2024 economic growth…

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February 8, 2024

Nigeria Economic Update (Issue 4)

The Oil market report for the fourth quarter of 2023 by the International Energy Agency indicates that thegrowth of global oil demand is expected to slow down by 1.2 million barrels per…

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February 8, 2024

Nigeria Economic Update(Issue 3)

The National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) and Inflation report for December 2023, revealed that Nigeria’s headline inflation rate rose to 28.92 percent. On a…

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January 18, 2024

Nigeria Economic Update (Issue 2)

According to the 2024 United Nations World Economic Situation and Prospects report, global GDP growth is projected to slow from an estimated 2.7 percent in 2023 to 2.4 percent in…

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January 11, 2024

Nigeria Economic Update (Issue 1)

According to the National Bureau of Statistics (NBS), capital importation to Nigeria in Q3 2023 stood at $654.65 million, indicating a 36.45 percent decline from $1.03 billion recorded in Q2 2023 and…

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January 4, 2024

Nigeria Economic Update (Issue 49)

In its latest Nigeria Development Update, the World Bank revealed that 24 million Nigerians had been pushed below the poverty line in 5 years – between 2018 and 2023. In tandem,…

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December 23, 2023

Nigeria Economic Update Issue 48

President Bola Ahmed Tinubu, on the 29th of November 2023, presented the 2024 budget before the joint session of the National Assembly. The budget is the largest in Nigeria’s history…

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December 23, 2023

Nigeria Economic Update (Issue 47)

Data from the National Oil Spill Detection and Response Agency (NOSDRA) reveals that 156 oil spill incidents were reported between September and November 2023, costing the waste of about 2792.51 barrels of crude oil.…

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December 13, 2023

Nigeria Economic Update (Issue 46)

The average retail prices per litre of petroleum products such as Premium Motor Spirit (petrol), Automobile Gas Oil (diesel), and Household Kerosene (kerosene) generally increased in October 2023. According to…

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December 8, 2023

Nigeria Economic Update (Issue 45)

Data from the National Bureau of Statistics (NBS) shows that Nigeria’s headline inflation rate increased to 27.33% in October 2023 from 26.72% recorded in August 2023 and 21.09% in October…

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November 28, 2023

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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November 27, 2023

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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November 27, 2023

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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November 14, 2023

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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October 27, 2023

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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