Macroeconomic Report & Economic Updates

July 4, 2017
Nigeria Economic Update (Issue 22)
Available data from Nigeria Bureau of Statistics shows a decline in the Nigeria Aviation sub-sector (Transport Sector) real growth rate in 2017Q1. Compared to the preceding quarter, the sub-sector declined significantly by 9.6 percent, due to decline in the number of passengers and movement of aircrafts this may be connected to the closure of the Abuja airport for infrastructural development during the period. To ensure a near-optimal performance of the aviation sector, the government should also make efforts to improve aviation safety and security, establish a national carrier, and improve aircraft maintenance to world class standards.
Related
Export Commodity Prices And Long-Run Growth Of Primary Commodities-Based African Economies
There
is a link between primary commodity export prices and economic performance.
Many African economies are primary commodities export biased, often in few
primary commodities. Previous studies focus on the impact of commodity prices
on growth in Africa with little attention paid to different primary commodities
and level of diversification in primary commodities export. This study,
investigates the effect of primary commodity prices on the long-run growth of 24
primary commodities-based African economies; by commodity types and level of
diversification in primary commodities exports.
Nigeria Economic Update (Issue 17)
Activities
in the manufacturing sector remained at levels recorded in 2016Q3.
Specifically, manufacturing capacity utilization (a measure of potential
manufacturing output that is actually realized) remained at 48.46 percent in
2016Q4 below average. During the quarter, structural bottlenecks
such as epileptic power supply (average of 2, 548 Megawatts) in
addition to forex constraints, hampered manufacturing activities. As such, high
cost of raw materials and cost of production subdued activities in the short
term. Recent efforts by the monetary authority to increase forex access to the
manufacturing sector as well as improvement in gas supply and electricity
generation would help minimize production costs and enhance production process.