January 28, 2021

Nigeria Economic Update (Issue 3)

According to data from the National Bureau of Statistics (NBS), a 0.28% month-on-month increase in the average price of Automotive Gas Oil (diesel) was recorded as the price in December 2020 increased to N224.37 from N223.74 in November 20201. Similarly, the average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) has increased by 0.12% month-on-month to N1949.75 in December 2020 from N1947.47 in the previous month2. The results were similar regarding the refilling of a 12.5kg cylinder with a 1.75% month-on-month increase. Contrarily, the average price paid by consumers for premium motor spirit (petrol) decreased month-on-month by -0.94% to N165.70 from N167.27 in the previous month3. Overall, in month of December 2020, gas prices rose most likely as a result of rising crude oil prices in the international market. Low-income households are less likely to be affected given that their consumption of these products is relatively lower than middle- and high-income households. However, the general decline in income due to the effect of the COVID-19 pandemic makes the increment nonetheless an economic burden.

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Nigeria Economic Update (Issue 36)

Power sector statistics show a significant increase in power generated from August 12 to August 19, 2016. Precisely, power generated increased by 2.2 percent to 3953.6MW(a 4-month high). Increased water reserves in dams for hydro generating plants occasioned by seasonal adjustments (rainy season), led to improved power generation. Additionally, in a bid to further improve and sustain power generation, the federal government received a $100 million credit facility from India. However, consistent power supply could be jeopardized if the development is not aided by improved distribution by DISCOs.

Africa Economic Update (Issue 8)

Economic growth in Africas largest economies improved in the second quarter of 2017 (2017Q2) relative to the preceding quarter (2017 Q1), as Nigeria and South Africa exited recession. Specifically, GDP growth rate was 0.55 percent and 1.1 percent for Nigeria and South Africa in 2017Q2, compared to 0.91 percent and 0.7 percent in 2017Q2, respectively. The increased growth in Nigerias economy was driven by improved performance in the oil sector (increased crude oil price and production) which offset the decrease in non-oil sector growth, while South Africas emergence from recession is supported by growth in its agriculture sector complimented by growth in finance, real estate, business service, mining and quarrying sectors.