Macroeconomic Report & Economic Updates

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 commuters for buses within the city per drop increased from N644.66 in December 2022 to N650.70 in January 2023.

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 the decline recorded in the previous month. The report showed that the OPEC reference basket (ORB) stood at $81.62 per barrel in January 2023, showing a marginal increase of $1.94 per barrel or 2.4% on a month-on-month basis when compared with the ORB price which stood at $79.68 per barrel. 

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 January 2023. In particular, the research demonstrated that the cost of PMS increased by 24.70% month-on-month rising from N206.19 in December 2022 to N257.12 in January 2023. 

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 to 1.258 million barrels per day (bpd) from a total oil production figure of 1.235 million bpd in December 2022. This represents an increase of 23,000 bpd in January 2023 when compared with the preceding month, December 2022.

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 Statistics (NBS) in January 2023 revealed that the average fare paid by passengers for bus journey within the city per drop increased from N637.10 in November 2022 to N644.66 in December 2022, representing a 1.19% increase on a month-on-month basis.