Macroeconomic Report & Economic Updates

May 3, 2016

Nigeria Economic Update (Issue 18)

Inflation
rate continued its upward trajectory in the week under review. Specifically,
the Consumer Price Index (CPI) increased by 1.39 per cent, from 11.38 per cent
in February to 12.77 per cent in March, 20161. Remarkably, this is the
highest rate since July 2012, representing a 4-year high. While both components
of the CPI rose in the period, the food sub-index was largely the main driver
of the increase in the CPI, with a growth rate of 1.39 per cent between
February and March. The persistent scarcity in petroleum products, especially
Premium Motor Spirit (PMS), has increased transportation costs and the price of
food items.

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Nigeria Economic Update (Issue 15)

Recent data on Nigerias labour market points to a rise in the rate of unemployment and underemployment in 2015Q4. Specifically, compared to 2015Q3, the rate of unemployment and underemployment rose to 10.4 per cent and 18.7 per cent from 9.9 percent and 17.4 percent respectively. These statistics however masks the true situation of the youth employment in Nigeria. Disaggregated data by age category shows that unemployment and underemployment within the youth age category (15-24) was remarkably higher than the national average, at 19 and 34.5 per cent respectively.