Macroeconomic Report & Economic Updates

March 23, 2023

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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March 17, 2023

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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March 10, 2023

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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March 1, 2023

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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February 28, 2023

Nigeria Economic Update (Issue 4)

The International Monetary Fund (IMF), has in its January World Economic Outlook improved its projection for Nigeria’s 2023 economic growth rate to 3.2 per cent, representing 0.2 percentage points increase…

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February 21, 2023

Nigeria Economic Update (Issue 3)

On Thursday, January 26th, 2023, the Central Bank of Nigeria (CBN) officially unveiled its national domestic card scheme in a session co-hosted by the Nigerian Inter-Bank Settlement System (NBSS). The domestic card…

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February 9, 2023

Nigeria Economic Update (Issue 2)

According to data from the Nigeria Inter-Bank Settlement System (NIBSS), cashless transactions in Nigeria increased by 42.05 percent to reach N395.47 trillion in 2022. The data revealed that Nigerians spent more through…

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February 6, 2023

Nigeria Economic Update (Issue 1)

According to the World Bank’s latest Nigeria Development Update published in December 2022, with the title “Nigeria’s Choice”, the country’s gross domestic product (GDP) is expected to grow by 2.9…

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January 6, 2023

Nigeria Economic Update (Issue 50)

Data from the Nigeria Inter-Bank Settlement Systems (NIBSS) shows that transactions performed electronically through the NIBSS Instant Payment platform (NIP) in Nigeria grew to N38.9 trillion in November 2022, which…

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December 14, 2022

Nigeria Economic Update (Issue 49)

The Central Bank of Nigeria (CBN) announced a new policy on cash withdrawals on 6th December 2022.2 According to the policy, the maximum weekly withdrawal over the counter is set…

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December 7, 2022

Nigeria Economic Update (Issue 48)

According to the Food Prices Watch by the National Bureau of Statistics (NBS), the average price of some selected food items in the country rose in October 2022.1 The report…

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November 30, 2022

Nigeria Economic Update (Issue 47)

The latest monthly oil market report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC) indicates that Nigeria’s crude oil production increased from 938 thousand barrels per day (tb/d) in…

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November 24, 2022

Nigeria Economic Update (Issue 46)

The National Bureau of Statistics, in its latest National Multidimensional Poverty Index Report, shows that 62.9 percent of Nigerians are multi-dimensionally poor, which translates to 132.93 million Nigerians.3 The Multidimensional…

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November 21, 2022

Nigeria Economic Update (Issue 45)

Total revenue and income generation by the rail sector dipped significantly in Q2 2022, according to the latest rail transport statistics published by the National Bureau of Statistics (NBS). The…

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November 7, 2022

Nigeria Economic Update (Issue 44)

Food prices in Nigeria experienced a further increase in September 2022, according to the Selected Food Prices Watch Report for September 2022, published by the National Bureau of Statistics (NBS).2…

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November 3, 2022

Nigeria Economic Update (Issue 43)

According to the 2022 global hunger index (GHI) report, Nigeria ranked 103rd out of 121 countries, suggesting Nigeria’s weak and fragile food system.3 The GHI is a tool for measuring…

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