Macroeconomic Report & Economic Updates

August 25, 2016

Nigeria Economic Review

This report provides an evidence-based analysis
of the state of the Nigerian economy in a bid to inform economic policies
in Nigeria. The report presents some analyses of significant economic events in
Nigeria within the period, and provides an outlook on what policymakers,
businesses, and individuals should expect in subsequent quarters of 2016. It also provides valuable insights
into potential drivers of the economic trends and outlines expectations for
subsequent quarters of the year. The area of focus are Global Economic
Performance, Domestic Economic Performance, External Sector Performance, and
Sectoral Performance. 

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Nigeria Economic Update (Issue 22)

Power sector analysis shows a decline in power generated by 15.07 percent from a peak of 3,424 mw to 2,908 mw between May 8, 2016 and May 15, 20169. The declining power supply is attributable to vandalism of pipelines and gas shortages, which has a debilitating effect on power generation. As part of the efforts by the Federal Government to improve power supply in the country, the Bank of Industry (BoI) is currently funding intervention projects to provide alternative source of energy (solar) in rural areas across the country10. Since the major problem facing power generation in the country is gas shortages, the government should make concerted efforts to combat vandalism.