Macroeconomic Report & Economic Updates
January 22, 2016
Nigeria Economic Update (Issue 2)
Inflation rate rose slightly to 9.4 percent in
November 2015 from 9.3 percent in the previous month. This rise is attributed
to price increase in Food and Non-Alcoholic Beverages, and Transportation costs
which extends from shortages of petrol across the country. The food
sub-index grew by 0.2 percentage points to 10. 1 percent while, the Core sub-index
declined by 0.2 percentage points to 8.7 percent within the period. The
inflationary up-tick points to the need to curtail the rising food prices by
increasing the supply of petrol in the country.
Related
Nigeria Economic Update (Issue 44)
Recently released Nigerias
petroleum imports data, show a significant decline in the quantity and value of
petroleum import products (PMS, AGO and NHK) between 2015 and 2016.
Specifically, value of imports significantly declined year-on-year (January to
April) by 30.4 percent to N571 billion in 2016. The huge decline in
the import of (refined) petroleum products likely reflects the lower
(unrefined) crude oil production/exports. Furthermore, it is likely that the
import of petroleum products could decline in subsequent years; however, this
is dependent on the prospects of the three domestic refineriesbeing refurbished.