Macroeconomic Report & Economic Updates

March 9, 2018

Nigeria Economic Update (Issue 11)

Nigeria’s debt profile reached unprecedented high levels at the end of the year 2017. Figures obtained from the debt management office reveals that debt stock increased Year-on-Year by a significant 42.6 percent and Quarter-over-Quarter by 6.6 percent to N21.73 trillion as at December 20171. Domestic and foreign components of the debt profile grew to N3.35 […]

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Nigeria’s debt profile reached unprecedented high levels at the end of the year 2017. Figures obtained from the debt management office reveals that debt stock increased Year-on-Year by a significant 42.6 percent and Quarter-over-Quarter by 6.6 percent to N21.73 trillion as at December 20171. Domestic and foreign components of the debt profile grew to N3.35 trillion and N18.38 trillion respectively. The increased debt profile may have been triggered by domestic and foreign borrowings to fund Nigeria’s budget deficit, and excessive debt servicing costs – Nigeria serviced domestic debts to the tune of N1.48 trillion in 20172, about 29.13 percent of its total budget revenue. Implicatively, Nigeria’s debt to GDP ratio continues to increase, from 18.6 percent in 2016 to 21 percent




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Nigeria Economic Update (Issue 34)

Recent NBS data shows a significant decline in power generated in 2016Q2. Precisely, power generated declined by 31 percent (quarter on quarter) from a total quarterly average of 92,352 MWH in 2016Q1 to 63,692.39 MWH in 2016Q2. Remarkably, the reoccurrences of pipeline vandalism in 2016Q2 prompted the shortage of gas for power generation. Thus, there were about eight recorded system collapses in the quarter which led to several days of power outages. However, subsequent quarterly declines in power generation could be averted if efforts to repair vandalized pipelines and adopt hydro sources are intensified.