Macroeconomic Report & Economic Updates
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…
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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…
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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)…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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Nigeria Economic Update (Issue 31)
According to National Bureau of Statistics (NBS) data, Nigeria’s mineral production in 2021 was 89.48 million tons, which indicates a 39.19 percent improvement over the 64.29 million tons produced in…
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Nigeria Economic Update (Issue 30)
The recently released 2021 Electronic-payment Fact Sheet by the Nigerian Interbank Settlement System (NIBSS) shows that Nigerian banks had a total of 191.4 million bank accounts in 2021, out of…
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Nigeria Economic Update (Issue 29)
In line with the provisions of the Petroleum Industry Act (PIA), the Nigerian National Petroleum Corporation (NNPC) on July 16 was transformed into a new entity and regulated under the…
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Nigeria Economic Update (Issue 28)
The data from the June 2022 Money and Credit Statistics published by the Central Bank of Nigeria (CBN) shows that the net credit to the economy rose to N57.3 trillion at…
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Nigeria Economic Update (Issue 27)
According to the latest transport fare watch by the National Bureau of Statistics (NBS), the average cost of air transport was N55,906.86 in May 2022, an increase of 52.95 percent from N36,552.70…
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Nigeria Economic Update (Issue 26)
Data from the Central Bank of Nigeria (CBN) shows that at the end of the first half of 2022 (H1 2022), Nigeria’s external reserves stood at US$39.16 billion.3 This indicates…
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