Macroeconomic Report & Economic Updates
Nigeria Economic Update (Issue 20)
The Nigerian economy grew by 2.31 percent in the first quarter of 2023, according to a report by the National Bureau of Statistics (NBS) released in May 2023. However, compared…
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NIgeria Economic Update(Issue 19)
Nigeria produced a total of 999,000 barrels per day (bpd) in the month of April 2023, according to the latest monthly oil market report of the Organization of Petroleum Exporting…
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Nigeria Economic Update (Issue 18)
The monthly report by the Organisation of Petroleum Exporting Countries (OPEC) on the global movement in oil prices revealed that crude oil prices increased in April 2023. Specifically, the OPEC…
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Nigeria Economic Update (Issue 17)
The National Bureau of Statistics (NBS), in its Selected Food Prices Watch Report for March 2023, has stated that prices of food items such as beef, yam, beans, etc., witnessed…
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Nigeria Economic Update (Issue 16)
The prices of key energy products – petrol, kerosene, cooking gas, and diesel – have increased significantly in March 2023 compared to their respective levels in March 2022. According to…
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Nigeria Economic Update (Issue 15)
Electricity demand increased in Q3 2022, as the National Bureau of Statistics (NBS) report shows.Specifically, the report showed that total customer numbers increased by 1.20 percent from 10.81 million in…
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Nigeria Economic Update (Issue 14)
The International Monetary Fund (IMF) has retained Nigeria’s economic growth projection for 2023 at 3.2 percent in its recent world economic outlook update, titled “A Rocky Recovery,” for April 2023.…
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Nigeria Economic Update (Issue 13)
As of the end of December 2022, Nigeria’s total debt stock stood at N46.25 trillion, comprising 40.4 percent (N18.7 trillion) in external debt and 59.56 percent (N27.55 trillion) in domestic …
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Nigeria Economic Update (Issue 12)
As of the end of December 2022, Nigeria’s total debt stock stood at N46.25 trillion, comprising 40.4 percent (N18.7 trillion) in external debt and 59.56 percent (N27.55 trillion) in domestic…
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Nigeria Economic Update (Issue 11)
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), in its 147th meeting, has raised the Monetary Policy Rate (MPR) to 18 percent.1 This represents an increase…
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Nigeria Economic Update (Issue 10)
Headline inflation in Nigeria stood at 21.91 percent in February 2023, representing a month-on-month increase of 0.09 percent over the 21.82 percent reported in January, and a year-on-year increase of…
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Nigeria Economic Update(Issue 9)
Transport fares continued to increase across different modes of transportation in January 2023. According to the National Bureau of Statistics report on transportation in January, the average fare paid by…
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Nigeria Economic Update (Issue 8)
According to the oil market report by the Organisation of Petroleum Exporting Countries (OPEC) for January 2023, global oil price slightly increased in the month of January 2023, contrary to…
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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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