Macroeconomic Report & Economic Updates

April 8, 2019

Nigeria Economic Update (Issue 11)

Nigeria’s aviation sector witnessed substantial improvements in 2018 in both air passenger traffic and cargo movements. Figures from the Federal Airport Authorities of Nigeria show that the number of passengers through Nigerian airports stood at 15.2 million in 20181, about 13.4 percent increase from the 13.4 million passengers in 20172. The total cargo movement stood […]

Download Label
March 13, 2018 - 4:00 am
application/pdf
332.30 kB
v.1.7 (stable)
Read →

Nigeria’s aviation sector witnessed substantial improvements in 2018 in both air passenger traffic and cargo movements. Figures from the Federal Airport Authorities of Nigeria show that the number of passengers through Nigerian airports stood at 15.2 million in 20181, about 13.4 percent increase from the 13.4 million passengers in 20172. The total cargo movement stood at 245.89 million kilograms compared to 161.80 million kilograms recorded in 2017. With improvements in infrastructure, launch of new aircrafts by air operators, full-capacity schedule flight services, improved regulation, and less inference from the government in 20183, the sector attracted more customers and ultimately garnered more revenue from the sales of tickets. By implication, these improvements in the industry bolstered the remarkable sectoral annual real growth rate which grew from 1.83 percent in 2017 to 20.7 percent in 20184. Despite the improvements, there is need to create tax incentives that can attract investors that would invest in airport infrastructure upgrade and continuous maintenance to help unlock the full potential of the Nigerian airline industry.




Related

 

Net Domestic Credit And Currency In Circulation (CIC):

Net Domestic Credit: Rising net credit to government and private sector have driven the upward trend in NDC, especially post-2008. In 2016Q1, NDC grew largely on the account of the rise in banking sec

Nigeria Economic Update (Issue 17)

Power sector analysis shows a decline in power generated by 8.5 percent from a peak of 3,675 mw to 3,362 mw between April 3, 2016 and April 10, 20169. This record is however still below 5,074.7 mw- the highest peak ever attained in the country. The declining power supply which has been attributed to vandalism of pipelines and gas shortages, has continued to distort economic activities in the country. With the persistent fall in electricity generation, the possibility of attaining the targeted 10,000 mw by 201910 seems unattainable. A clear strategy towards increasing power generation and curbing vandalism is urgently needed.

Africa Economic Update (Issue 7)

The International Monetary Fund (IMF) slightly revised upward growth projections for SubSaharan Africa by 0.1 percentage point in 2017 but retained growth estimates for 2018.1 Precisely, growth estimate in the region was increased from 2.6 percent in April 2017 forecast to 2.7 percent in July 2017 forecast, while it was retained at 3.5 percent for 2018. The slight upward revision in 2017 is attributable to an upgrade in South Africas growth prospect from 0.8 percent in April 2017 to 1.0 percent in July 2017. Despite the upward 2017 revision, 2018 forecast for South Africa was revised down from 1.6 percent in April 2017 to 1.2 percent in July 2017. Growth forecast for Nigeria remained unchanged at 0.8 percent and 1.9 percent for 2017 and 2018 respectively.