Macroeconomic Report & Economic Updates

September 24, 2021

Nigeria Economic Update (Issue 36)

 Nigeria’s merchandise trade with the rest of the world grew by 23.23 percent between Q1 2021 and Q2 20211. Similarly, year-on -year merchandise trade increased by 88.71 percent between Q2…

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September 16, 2021

Nigeria Economic Update (Issue 35)

In the second quarter of 2021, the country’s Gross Domestic Product (GDP) grew by 5.01 percent (year-on-year) in real terms, marking three consecutive quarters of growth after the negative growth…

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September 13, 2021

Nigeria Economic Update (Issue 34)

The Central Bank of Nigeria has cautioned Microfinance Banks (MFBs) against engaging in foreign exchange (forex) transactions and other prohibited activities including wholesale banking.1 According to the circular issuing this…

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September 2, 2021

Nigeria Economic Update (Issue 33)

According to the National Bureau of Statistics, the volume of Value-Added Tax (VAT) has risen from ₦496.39 billion to ₦512.25 billion between Q1 and Q2 2021, reflecting a 3.2 percent…

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August 31, 2021

Nigeria Economic Update (Issue 32)

Between 2015 and 2021, Nigeria’s external debt from the World Bank and the African Development Bank nearly doubled, increasing from US$7.23 billion to US$14.35 billion. ¹ About US$11.097 billion was…

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August 30, 2021

Nigeria Economic Update (Issue 31)

According to the National Bureau of Statistics, the total value of capital importation declined by 54 percent from US$1,905.89 million in the first quarter of 2021 to US$875.62 million in…

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August 24, 2021

Nigeria Economic Update (Issue 30)

According to the World Bank, the participation in the Nigerian labour force has declined by about 20 million workers between 2018 and 2020.¹ Even for those within the labour force,…

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August 16, 2021

Nigeria Economic Update (Issue 29)

The Federal Government (FG) have announced plans to increase oil reserves by 40 billion barrels by the year 2030 with aim of dominating the West African oil and gas market.¹…

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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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