Figures from the Debt Management Office show a remarkably high percentage change in debt servicing for the first quarter, 2018. Specifically, the Federal Government paid N643 billion for domestic debt servicing1, a quarter-over-quarter and year-on-year increases of 50 percent (from N429.8 billion) and (from N424 billion) respectively. Increasing debt burdens and debt servicing seem to be exacerbated by the high cost of domestic debt, necessitated by huge domestic borrowings to fund budgets and reflate the economy
Macroeconomic Report & Economic Updates
August 2, 2018
Nigeria Economic Update (Issue 26)
Figures from the Debt Management Office show a remarkably high percentage change in debt servicing for the first quarter, 2018. Specifically, the Federal Government paid N643 billion for domestic debt servicing1, a quarter-over-quarter and year-on-year increases of 50 percent (from N429.8 billion) and (from N424 billion) respectively. Increasing debt burdens and debt servicing seem to […]
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Should Nigeria Establish A Sovereign Wealth Fund?
This paper explores the issues relating to the establishment of a Sovereign WealthFund (SWF) in Nigeria consistent with best practices. Experience with established SWFssuggests that successful oil- based funds tend to be underpinned by a sound oil revenuemanagement framework. The paper thus discusses the underlying issues of oil revenuemanagement, the policy choices and SWF implementation issues.
Nigeria Economic Update (Issue 11)
In the crude oil market, OPECs weekly
basket price increased 1.07 percent from $29.02 per barrel in February 19 to
$29.33 per barrel in February 26. A combination of factors were
responsible for the slight price increase. First, a decrease in the number of
active oil rigs in the US2 (the lowest since 2009) may have
marginally eased the glut in the crude oil market. The ongoing efforts by OPEC
and other major oil producers such as Russia to freeze oil production have also
played a significant role in stemming the downward trend in oil prices. With
the current market conditions, the price of crude oil is expected to maintain a
fairly stable and modest upward trajectory in the near term.
Nigeria Economic Update (Issue 36)
Recently
released GDP figures reveals that the three major sectors recorded positive and
negative growth rates individually in 2017Q2. Firstly, Agricultural
sector grew Year on Year by 3.01 percent, down from 3.39 percent in 2017Q1- driven by
weaker output in crop production and Fishing sub-sectors. This is not
unconnected with the planting season and the shortage of grainsfor livestock/fish respectively.