Macroeconomic Report & Economic Updates

June 29, 2023

Nigeria Economic Update (Issue 24)

The Central Bank of Nigeria (CBN) has made repeated attempts to contain the inflationary spike by gradually raising the monetary policy rate to 18.5 percent. However, the inflation rate is…

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June 27, 2023

Nigeria Economic Update (Issue 23)

Following the new government’s plan to unify multiple exchange rates in the foreign exchange (forex) market, the Central Bank of Nigeria (CBN) has taken the monetary policy decision of floating…

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June 26, 2023

Nigeria Economic Update (Issue 22)

The World Bank’s Global Development Prospect report for June 2023 has maintained Nigeria’s projected growth rate 2023 at 2.8 percent. According to the report, this growth will primarily be driven…

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June 25, 2023

Nigeria Economic Update (Issue 21)

In its first administrative steps, the new government of the federation has declared the removal of the country’s controversial subsidy on fuel. Welfare advocates have defended it, but it has also come…

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June 6, 2023

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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June 2, 2023

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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May 18, 2023

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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May 8, 2023

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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May 4, 2023

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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May 2, 2023

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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April 25, 2023

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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April 19, 2023

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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April 19, 2023

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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April 17, 2023

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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April 6, 2023

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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March 30, 2023

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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