Macroeconomic Report & Economic Updates
April 4, 2017
Nigeria Economic Update (Issue 14)
Recently released report by the National Bureau of Statistics indicates decline in output and contribution to GDP in the Nigeria aviation sub-sector. In real terms, output in the sub-sector decreased annually by 4.9 percent between 2015 and 2016; and declined by 13.3 percent (Year-on-Year) in 2016Q4 the largest quarterly decline in 2016. The sectoral fall in output was supply-side driven: increased cost of operations prompted cut-back on services provided by the sector as well as termination of some aviation operations. Going forward, recent improvement in forex supply in the interbank and BDC channel would enhance forex access to airline operators and facilitate smooth running of the airline industry.
Related
Increasing Measles Immunization Coverage In Borno State Nigeria: Some Policy Options
This brief examines two measles immunization programs for
children of age 9-23 months in an effort to boost measles immunization coverage
in Borno State: free immunization against measles with media awareness campaign
and free immunization against measles with house to house campaign.
Nigeria Economic Update (Issue 25)
Crude oil price continued to increase in the
period under review, reaching its 2016 peak at $50.30 on June 2, 2016.
Specifically, OPEC weekly basket price increased by 1.43 percent from $44.65 on
May 27, 2016 to $45.29 on June 3, 2016. Brent was sold for $49.96
on June 3, 2016. The present rise in crude oil price can be
attributed to oil production shocks in several oil-exporting countries, and the
general expectation of a further cut in output following the OPEC meeting in
Vienna on June 2, 2016. However, the OPEC meeting ended with no agreement on
production quotas. In Nigeria, oil production level increased in the period
under review, following repairs on some of the damaged oil and gas facilities. Precisely,
Nigerias output increased by 200,000 barrels on June 3, 2016 to 1.6 million
barrels.