Macroeconomic Report & Economic Updates
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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Nigeria Economic Update (Issue 25)
Data from the National Bureau of Statistics (NBS) show that in the first quarter of 2022, Nigeria’s value-added tax (VAT) collected by the Federal Inland Revenue Service (FIRS) stood at N588.6…
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Nigeria Economic Update (Issue 24)
Data from the National Bureau of Statistics (NBS) shows that the average retail price of Automotive Gas Oil (Diesel) paid by consumers in Nigeria increased by 181 percent from N238.82 in…
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Nigeria Economic Update (Issue 23)
The June edition of the Monthly Oil Market Report (MOMR) of the Organization of Petroleum Exporting Countries (OPEC) shows that Nigeria produced an average of 1,262 million barrels per day…
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Nigeria Economic Update (Issue 22)
The value of capital importation into Nigeria in the first quarter of 2022 (Q1 2022) decreased to US$1.57 billion from US$2.19 billion recorded in the preceding quarter.1 When compared on…
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Nigeria Economic Update (Issue 21)
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) met on the 23rd and 24th of May 2022 to deliberate on local and global economic development. At…
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Nigeria Economic Update (Issue 20)
Data from the National Bureau of Statistics (NBS) shows that Nigeria’s economy grew in real terms by 3.11 percent in Q1 2022.1 The growth rate is 2.6 percent points higher…
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Nigeria Economic Update (Issue 19)
In August 2019, the Nigerian government closed all land borders to check the smuggling of products, especially rice and petroleum products, and other illicit cross-border activities. In December 2020, sixteen…
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Nigeria Economic Update (Issue 18)
According to the Organization of Petroleum Exporting Countries (OPEC) May 2022 oil report, Nigeria’s oil production fell in April 2022.1 The report shows that Nigeria produced an average of 1.22…
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Nigeria Economic Update (Issue 17)
sector According to the data on credit allocation by sector released by the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs) ‘s allocation to the agricultural sector rose to…
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Nigeria Economic Update (Issue 16)
The International Monetary fund (IMF), in its April 2022 Economic Outlook, has revised its growth projection upward for the Nigerian economy in 2022 to 3.4 percent.1 The IMF had earlier…
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