May 2, 2023

Nigeria Economic Update (Issue 15)

Electricity demand increased in Q3 2022, as the National Bureau of Statistics (NBS) report shows.
Specifically, the report showed that total customer numbers increased by 1.20 percent from 10.81 million in Q2 2022 to 10.94 million on monthly basis. However, on yearly basis, the total customer numbers declined in Q3 2022 by 1.19 percent from 11.07 million in Q3 2021.

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Nigeria Economic Update (Issue 46)

The Executive council recently approved a three-year external borrowing plan (2016-2018) which specifies external borrowing of approximately $30 billion (to be sourced mostly from MDBs) for infrastructure development. Although, the plan is yet to be approved by the Senate, the planned concessional loans for infrastructural development would imply inflows of foreign exchange which could help moderate the exchange rate volatilities in the near term, and offer potential improvement in business productivity and job creation.