Macroeconomic Report & Economic Updates

September 3, 2018

Nigeria Economic Update (Issue 31)

Data from the NBS on mining and quarrying in Nigeria show an increase in the quantity of solid minerals produced in 2017. Precisely, Nigeria produced 45.75 million tons of solid minerals in 20171 – up by 5.2 percent Year-on-Year. Disaggregated by states, Ogun state produced the largest tons of about 51 percent of total solid […]

Download Label
March 13, 2018 - 4:00 am
application/pdf
959.44 kB
v.1.7 (stable)
Read →

Data from the NBS on mining and quarrying in Nigeria show an increase in the quantity of solid minerals produced in 2017. Precisely, Nigeria produced 45.75 million tons of solid minerals in 20171 – up by 5.2 percent Year-on-Year. Disaggregated by states, Ogun state produced the largest tons of about 51 percent of total solid minerals, followed by Kogi and Abuja with 11 and 10 percent respectively. By type, granite and limestone were the most produced solid minerals, representing 38 percent and 31 percent of total tons respectively. The increase in production of solid mineral may have been triggered by improved demand for raw materials needed to produce end-products like cement – given the commissioning of the Okpella factory in 20172




Related

 

Nigeria Economic Update (Issue 43)

The IMF World Economic Outlook report, indicates a downward revision for Nigerias 2017 economic growth. Specifically, growth has been projected to expand by 0.6 percent relative to the 1.1 percent earlier projected. The decrease is attributable to sharp growth slowdown experienced in Nigeria, occasioned by prevailing constraining factors (crude oil production disruptions, Forex and power shortages, and weak investor confidence). The outlook, which does not seem optimistic, reveals Nigerias further vulnerability to potential external and internal risks/shocks.

Nigeria Economic Update (Issue 32)

Available data from the National Bureau of Statistics indicates a decline in oil and other petroleum production between 2015 and 2016. Crude oil production fell by 16 percent, from 777.5 million barrels in 2015 to 656.8 million barrels in 2016. This is also indicative of the number of exploratory rig count that fell from 15 rigs to 8 rigs in 2016. Similarly, Gas production declined by 10 percent to 2,711 million one thousand standard cubic feet (mscf) in 2016. The significant decline in crude oil and petroleum production, brings to perspective the extent of the damage caused on production pipelines by militants in the Niger Delta region in 2016. It is therefore important to invest national resources in maintaining domestic peace and security, especially in resource-rich regions of the country.

Nigeria Economic Update (Issue 23)

Recently released report by the NBS shows an increase in Unemployment and Underemployment rates for 2016Q4 relative to preceding and corresponding quarters. The unemployment rate, at 14.2 percent, indicates a 3.8% points YoY4increase, and a 0.3% points QoQ increase with the number of unemployed people increasing by 351,051 persons. Similarly, underemployment rate grew (QoQ) by 1.3% points to 21%, representing about 17 million underemployed persons as at the quarter. The rise in unemployment/underemployment rate is attributable to the disproportionate rise in labour force vis--vis job creation, in addition to slow-down in economic/business activities during the quarter. Going forward, the government should make efforts to strengthen and expand Nigerias entrepreneurial infrastructure.