Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 29)

Latest report from NBS shows that the Nigeria Immigration Service (NIS) generated ₦39.06 billion in 20181 as against ₦35.72 billion it generated as local revenue in 2017- representing a growth of 9.3%. Whereas the Combined Expatriate Residence Permit and Aliens Card (CERPAC) generated the highest revenue of ₦20.4 billion, the ECOWAS/African affairs revenue section recorded the largest growth. Specifically, revenue generated from ECOWAS travel documents increased by 93.3% YOY, from ₦65.3 million in 2017 to ₦126.1 million in 2018. This huge revenue increase is due to the increased number of ECOWAS residence cards produced and ECOWAS travel certificate issued by the NIS: demand for both documents increased YOY by 25.6% and 18.4% respectively. Evidence suggests that migration drives economic activity and supports the drive for domestic resource mobilization. Nigeria can leverage its dominant position in the region to drive regional economic activities inwards to exploit these gains.

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March 13, 2018 - 4:00 am
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