Macroeconomic Report & Economic Updates

August 16, 2021

Nigeria Economic Update (Issue 28)

Within the period of January 1 and May 31, 2021, the Nigerian Communications Commission (NCC) recorded an increase of over 400 percent in revenue budget performance in respect of spectrum…

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August 16, 2021

Nigeria Economic Update (Issue 27)

The Federal Government has approved the Medium-Term Fiscal Framework (MTFF) for 2022-2024. The framework is based on the following key parameters: crude oil price benchmark of $57 per barrel, crude…

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July 19, 2021

Nigeria Economic Update (Issue 26)

Crude oil price increased to the highest since 2019 while external reserve decreased in the week under review. The price of Nigeria’s bonny light increased by 3.5 percent to an…

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July 12, 2021

Nigeria Economic Update (Issue 25)

Inflation rate decreased for the second consecutive month in May 2021. More specifically, inflation rate fell to 17.93 percent in May 2021, 0.19 percent lower than the 18.12 percent recorded…

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July 9, 2021

Nigeria Economic Update (Issue 24)

According to the World Bank, 7.2 million Nigerians could be pushed into poverty due to higher inflation rate and fall in purchasing power in 2020. Inflation rate rose every month…

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July 2, 2021

Nigeria Economic Update (Issue 23)

The value of total merchandise trade increased by 6.99 percent to N9,757.87 billion in the first quarter of 2021 when compared to the value recorded in preceding quarter.1 The increase…

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June 18, 2021

Nigeria Economic Update (Issue 22)

The Monetary Policy Committee (MPC) voted to retain the Monetary Policy Rate (MPR) at 11.5 percent.1 The Monetary Policy Rate (MPR) has remained at 11.5 percent since September 2020. The…

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June 11, 2021

Nigeria Economic Update (Issue 21)

Consumer prices decreased for the first time since August 2019, though marginally. Inflation rates decrease from 18.17 percent in March 2021 to 18.12 percent in April 2021.2 The decrease in…

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June 11, 2021

Nigeria Economic Update (Issue 20)

Based on recent estimates by the World Bank, a total of $17.2 billion diaspora remittances flowed into Nigeria in the year 20201. This represents a decline by 27.7 percent when…

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June 7, 2021

Nigeria Economic Update (Issue 19)

Data from the National Bureau of Statistics shows that Value Added Tax (VAT) revenue for the first quarter of 2021 (Q1 2021) stood at N496.39 billion. This represents 9.17 percent…

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June 7, 2021

Nigeria Economic Update (Issue 18)

Recently released Budget Implementation Report shows that gross total revenue generated in the third quarter of 2020 (Q3 2020) declined by 3.07 percent relative to the previous quarter. Specifically, gross…

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June 7, 2021

Nigeria Economic Update (Issue 17)

Data from the National Bureau of Statistics (NBS) indicates improved performance in total volume and value of electronic banking transactions in Q4 2020. Total volume of e-payment transactions for the…

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April 27, 2021

Nigeria Econnomic Update (Issue 14)

Data from the World Bank Poverty and Shared Prosperity report shows that Nigeria’s poverty level has further increased in the wake of the COVID-19 pandemic. More specifically, 79 million Nigerians…

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April 23, 2021

Nigeria Econnomic Update (Issue 13)

The Monetary Policy Committee (MPC) has voted to retain the monetary policy rate (MPR) at 11.5%1. Other parameters remain unchanged; for instance, the cash reserve ratio (CRR) was maintained at…

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April 7, 2021

Nigeria Economic Update (Issue 12)

Inflation rate for February 2021 rose for the 18th consecutive month to its highest rate since February 2017.1 SGeoffrey Johnson Obipecifically, inflation rate increased to 17.33 percent in February 2021…

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March 24, 2021

Nigeria Economic Update (Issue 11)

Total Nigeria merchandising trade stood at N9.12 trillion in the fourth quarter of 2020, representing an 8.9 percent increase relative to the preceding quarter and a 9.9 percent decrease relative…

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