Macroeconomic Report & Economic Updates

August 2, 2018

Nigeria Economic Update (Issue 28)

Information from the Apex bank shows a likelihood of not attaining the financial inclusion target of 2020 as stated in the Nigeria Financial Inclusion Strategy (NFIS) of 2012. Precisely, the CBN’s 2016 financial inclusion report states that only 58.4 percent of Nigerian adults were financially included as against the overall financial inclusion rate targeted at […]

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Information from the Apex bank shows a likelihood of not attaining the financial inclusion target of 2020 as stated in the Nigeria Financial Inclusion Strategy (NFIS) of 2012. Precisely, the CBN’s 2016 financial inclusion report states that only 58.4 percent of Nigerian adults were financially included as against the overall financial inclusion rate targeted at 80 percent. Similarly, only about 48.6 percent use formal financial services compared to the targeted 70 percent1. Related to the targets are 22 key performance indicators that Nigeria still lags behind in. Leveraging on technology to boost financial inclusion would be a significant step forward




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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.