Macroeconomic Report & Economic Updates

January 13, 2017

Nigeria Economic Update (Issue 1)

The
external reserve increased week-on-week by 2 percent to $26.3 billion on
January 6, 2017. The increase was likely triggered by continued
marginal rise in crude oil price, which moderated oil revenue in the review
week. The recent rise in crude oil price is likely to be maintained in the
short term given the recent oil production cut deal by OPEC members. Thus, the Nigerian
government should target short term increase in crude oil production to fully
take advantage of Nigerias exemption from oil production cut and potential
rise in oil prices.

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Africa Economic Update (Issue 3)

Available data shows that headline inflation rates increased and remained high in most countries in the region in February 2017. Specifically, inflation rate increased in Egypt (30.2), Burundi (20.9 percent), Kenya (10.28), and Ethiopia (8.5 percent), while it eased in Nigeria (17.78 percent), Ghana (13.2 percent), South Africa (6.3 percent), and Namibia (7.8 percent). Seychelles (-0.6 percent) remained in deflation while Sudan (32.86 percent) and Tunisia (4.6 percent) had unchanged inflation rates within the review period. Increased cost of food continued to plague the region as food component of inflation remained the major driver of inflation. Drought in East Africa continues to compound price pressure in the region. Inflation rates in Burundi6, Kenya and Ethiopia increased by 8, 3.29, and 2.4 percentage points respectively, signifying the three highest price increase in the review period