Macroeconomic Report & Economic Updates
August 10, 2017
Nigeria Economic Update (Issue 30)
Recent media highlights suggest that there is a prospective decrease in Nigerias budgetary benchmark crude oil production. Precisely, the 1.8 million barrels per day proposed at the Joint OPEC and Non-OPEC Ministerial Monitoring Committee (JMMC) meeting, is 18.2 percent lower than the budgetary production benchmark of 2.2 million barrels per day. This followed OPECs recent review to include Nigeria in the ongoing production cut agreement amid concerns of global oil market oversupply, given the constant production increase from Nigeria over the last few months.
Related
Nigeria Economic Update (Issue 32)
The naira continued its
downward trajectory this week. Specifically, naira depreciated at the interbank
segment by 3.45 percent to N300/$; and by 3.56 percent to 378/$ at
the parallel segment. Despite the CBNs effort to support the naira
with Forwards and FOREX futures, the excess demand for dollar continues to put
pressure on the naira. Looking forward, the stabilization of exchange rate
depends on the ability of the CBN and government to attract capital inflows;
particularly by raising interest rate, tackling inflation and supporting
economy recovery.
Real GDP Growth Rate
On average, Nigerias GDP growth rate has averaged about 5 percent; attaining an unusual trough of nearly -10 percent in 2003Q4 and a peak of nearly 20 percent in 2004Q4. However, the Nigerian economy