June 6, 2023

Nigeria Economic Update (Issue 20)

The Nigerian economy grew by 2.31 percent in the first quarter of 2023, according to a report by the National Bureau of Statistics (NBS) released in May 2023. However, compared to the fourth quarter’s GDP growth, which was 3.52 percent, this represents a fall of 1.21 percentage points. Compared to the first quarter’s economic growth of 3.11 percent the year before, GDP growth decreased by 0.80 percentage points annually.

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Nigeria Economic Update (Issue 45)

Crude oil prices recorded increase during the review week. Global benchmark, Brent price increased from $61.42 to $63.522. Nigerias Bonny light gained 9.6 percent to trade at $64.78 per barrel. The weeks rise was at the backdrop of further prospective cuts agreement at OPECs meeting in November 2017 and political tensions and uncertainties in Saudi Arabia given that these events may likely reduce supply and support demand in the near term. Meanwhile, global crude oil market events have been favorable to Nigeria, as the price of bonny light at approximately $65 per barrel, reflects the highest in more than two years.