Macroeconomic Report & Economic Updates

July 10, 2017

Nigeria Economic Update (Issue 26)

Power sector statistics indicates a huge decline in power generated in the week under review (June 23, 2017 to June 30, 2017). Power generated, attained a peak of 4,305 MW on June 23, 2017 but fell significantly by 33.1 percent to approximately average of 3,000 MW as at June 30, 2017. The huge decline is attributable to continued poor payment and inability of most GENCOs to pay for gas supply and a system collapse. Consequently, power sector lost huge prospective funds; and daily power supply reduced to 4.5 hours per day7. Going forward, improvement in energy supply is critical to domestic production, job creation, and diversification agenda of the government.

Download Label
March 13, 2018 - 4:00 am
application/pdf
607.27 kB
v.1.7 (stable)

Related

 

Nigeria Economic Update (Issue 48)

Crude oil price decreased in the review week. OPEC weekly basket price reduced by 3.5 percent to $42.06per barrel from November 4, 2016 to November 11, 2016, while Nigerias bonny light price decreased by 1.1 percent to $44.36per barrel in the same period. Global oil market refocused on oversupply, as indicated in the OPECs October crude data figures (global OPEC and Non-OPEC oil supply grew by 0.97mb/day to average 96.32mb/day and outpaced demand by 1.92mb/day).

Nigeria Economic Update (Issue 31)

The Nigeria Stock Exchange market advanced further as equity indices pitched higher in the review week. Benchmark indices, All-share Index and Market Capitalization rose by 1.5 percent to settle at remarkable points, 37,425 and N12.90 trillion respectively an exceptional first-time record in more than two years. The uptrend has been sustained by stronger demand for investment securities due to outstanding H1 performance reports submitted by some listed companies during the week10.

Nigeria Economic Update (Issue 37)

Recent data by the CBN shows a decline in manufacturing capacity utilization by 2.0 percentage points to 50.7 percent in 2016Q2. Foreign exchange challenges in addition to cash squeeze in the review quarter, led to the decline in capacity utilization. This has hindered activities in the sector while impacting negatively on business confidence. Nonetheless, the CBN recently directed authorized FX dealers to dedicate 60 percent of FX purchases to manufacturers. This policy measure is therefore expected to meet the sectors critical FX need for the purchase of imported raw material and other machineries, while boosting the potential for economic growth in the long term.