Macroeconomic Report & Economic Updates
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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Nigeria Economic Update (Issue 15)
Based on the ravaging effects of the covid-19 pandemic, the 2021 Budget sought to reposition the Nigerian economy towards recovery, growth and resilience. The latest 2021 budget implementation report, the…
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Nigeria Economic Update (Issue 14)
Data from the Central Bank of Nigeria shows that as of April 8, 2022, external reserves were $39.66 billion.1 This indicates an increase of about $122 million from $39.54 billion…
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Nigeria Economic Update (Issue 13)
The latest foreign trade data by the National Bureau of Statistics (NBS) shows that in 2021 Nigeria imported N1.29 trillion worth of durum wheat.2 An increase of 71.1 percent over…
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Nigeria Economic Update (Issue 12)
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) held the second meeting for the year on the 21st of March, 2022, and voted to retain the Monetary…
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Nigeria Economic Update (Issue 11)
Following the food inflation of 17.1 percent in February 2022, the Selected Food Price Watch of the National Bureau of Statistics (NBS) indicates an increase in the average cost of…
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Nigeria Economic Update (Issue 10)
The National Bureau of Statistics (NBS) data shows that headline inflation for February 2022 was 15.7 percent. Headline inflation in February 2022 is 0.1 percent points higher than 15.6 percent…
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Nigeria Economic Update (Issue 9)
The National Bureau of Statistics (NBS) Power Sector Data report shows that Nigeria generated 36,397.92 Gwh of electricity in 2021, a 2 percent increase of over 35,720.27 Gwh generated in…
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Nigeria Economic Update (Issue 8)
Data from the Central Bank of Nigeria (CBN) revealed that crude oil price rose above $100 in February 2022 and has exceeded its historical price since 20143. The rise in…
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Nigeria Economic Update (Issue 7)
The NBS report shows that the average retail price paid by consumers for premium motor spirit (petrol) slightly increased to N166.40 per litre in January 2022 from N 164.09 per…
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Nigeria Economic Update (Issue 6)
A report on the telecommunications sector released by the National Bureau of Statistics shows that in Q4 2021, a total of 195.4 million subscribers were active on voice compared to…
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Nigeria Economic Update (Issue 5)
The CBN, in a recent circular to all banks and other financial institutions communicated an amendment to the Global Standing Instruction (GSI).3 The initial GSI which was introduced in July…
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Nigeria Economic Update (Issue 4)
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) retained the Monetary Poli-cy Rate (MPR) at 11.5 percent, as well as all other monetary parameters, at the first…
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Nigeria Economic Update (Issue 3)
On behalf of the Federal Government, the Debt Management Office (DMO) issued a N250 billion sovereign sukuk bond between the 16th and 23rd of December 2021, with a 346 percent…
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Nigeria Economic Update (Issue 2)
According to the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate increased on a month-on-month basis, from 15.40 percent in November 2021 to 15.63 percent in December 20211. This…
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Nigeria Economic Update (Issue 1)
The Nigerian National Petroleum Company (NNPC) Limited remitted N511.7 billion to the federation account between January and October 2021, against the projected sum of N2.09 trillion, resulting in a shortfall…
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