June 29, 2023

Nigeria Economic Update (Issue 24)

The Central Bank of Nigeria (CBN) has made repeated attempts to contain the inflationary spike by gradually raising the monetary policy rate to 18.5 percent. However, the inflation rate is still persistently high in May 2023. According to the report by the National Bureau of Statistics (NBS), the inflation rate increased by 0.19 percent on a monthly basis, from 22.22 percent to 22.41 percent in May 2023. 

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Nigeria Economic Update (Issue 33)

Available reports from the Nigerian National Petroleum Corporation(NNPC), suggests a significant reduction in the cost incurred to produce one barrel of crude oil for the past two years. Specifically, the cost of production reduced by 71 percent from $78 as at August 2015, to $23 per barrel as at August 2017. This may be attributable to moderations in operational expenditures, following repairs and restructuring in the oil region.