Macroeconomic Report & Economic Updates

July 23, 2018

Nigeria Economic Update (Issue 24)

Agricultural sector exports increased at a remarkable pace in 2017. Total earnings from agricultural export goods grew by 181 percent to N170.4 billion1, compared to the N60.7 billion earned in 2016. The remarkable improvements in exports and export earnings reflect improvements in agricultural production and supply, at the backdrop of the provision of farm mechanization […]

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Agricultural sector exports increased at a remarkable pace in 2017. Total earnings from agricultural export goods grew by 181 percent to N170.4 billion1, compared to the N60.7 billion earned in 2016. The remarkable improvements in exports and export earnings reflect improvements in agricultural production and supply, at the backdrop of the provision of farm mechanization services2 and a likely boost in harvest periods during the year under review




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Nigeria Economic Update (Issue 1)

Nigerias external reserves improved in 2017. The reserve stood at approximately $39 billion as at the end of December 2017, up by about 50 percent from the $26 billion at the beginning of the year 20172. The surge in reserve was particularly boosted by increased capital importation, and crude revenue earnings prompted by a relatively higher crude oil price and improved domestic production. Given that the recent uptick in external reserves is still largely associated with improved crude oil price, efforts should be geared towards conserving current reserve gain so as to cushion future external shock. In the medium term, there is need to diversify export earning away from oil so as to mitigate the effects of volatility in crude oil prices.