September 4, 2023

Nigeria Economic Update (Issue 33)

The July 2023 monthly OPEC oil market report indicates a general increase in international crude oil prices. According to the report, the OPEC reference basket, which reflects the average crude oil prices of OPEC member countries, experienced a month-on-month surge of $5.87 (7.8%), reaching an average of $81.06 per barrel. Concurrently, the ICE Brent front-month contract witnessed a substantial increase of $5.18 (6.9%), reaching $80.16 per barrel.

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Nigeria Economic Update (Issue 17)

Power sector analysis shows a decline in power generated by 8.5 percent from a peak of 3,675 mw to 3,362 mw between April 3, 2016 and April 10, 20169. This record is however still below 5,074.7 mw- the highest peak ever attained in the country. The declining power supply which has been attributed to vandalism of pipelines and gas shortages, has continued to distort economic activities in the country. With the persistent fall in electricity generation, the possibility of attaining the targeted 10,000 mw by 201910 seems unattainable. A clear strategy towards increasing power generation and curbing vandalism is urgently needed.

Nigeria Economic Update (Issue 41)

Latest World Economic Outlook (WEO) report by the International Monetary Fund reveals that Nigerias economy will grow by 1.9 percent in 2018 an unchanged stance from earlier projections. However, the figure is 2.9 percentage points lower than the 4.8 percent 2018 estimated growth rate in Nigerias ERGP (Economic Recovery and Growth Plan) 2 showing a very large disparity between domestic and international growth forecasts for Nigeria. The Funds projection however seems to have taken into cognizance underlying factors that could slow growth in the medium term: faster pace of population growth relative to GDP growth3, poor policy implementation, banking system fragilities and foreign exchange market segmentation.