According to the World Bank, poverty level in Nigeria increased in 2017 with almost half the Nigerian population living in extreme poverty. As stated in the “Nigeria Biannual Economic Update” report, approximately 49.2 percent of Nigeria’s population live below the PPP $1.90 per capita per day poverty line in 20171 – an uptick of 0.8 percentage points. Particularly important is that despite emergence from recession in 2017, poverty and unemployment levels increased. The World Bank suggests that prospects for poverty reduction have been jeopardized by limited connective infrastructure, and policy makers’ inability to identify interventions best suited for development potentials.
Macroeconomic Report & Economic Updates
May 31, 2018
Nigeria Economic Update (Issue 18)
According to the World Bank, poverty level in Nigeria increased in 2017 with almost half the Nigerian population living in extreme poverty. As stated in the “Nigeria Biannual Economic Update” report, approximately 49.2 percent of Nigeria’s population live below the PPP $1.90 per capita per day poverty line in 20171 – an uptick of 0.8 […]
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OPEC basket price increased (Week-on-Week) by 1.6 percent to $49.45 per barrel on March 31, 2017- the first increase recorded in three weeks. Also, Bonny light rose by 4.7 percent to $51.92 per barrel. The rise in crude oil prices reflects demand-side expansion, consequent upon a myriad of factors: slower rise in USA crude reserves, huge supply disruptions in Libya, and the prospective extension of OPEC supply cut deals in member countries. The strengthening of crude oil price amid calm in the Niger Delta oil region, presents positive outlook for the Nigerian economy. However, given the adverse implications of sole dependence on crude oil revenue, the government should avoid returning to the norm and make efforts to intensify investments in other key sectors of the economy
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Capital Importation: Investment in the oil and gas sector has remained low since 2009. However, investments into the sector fell more deeply in 2015, on the account of persistent global and domestic c