Macroeconomic Report & Economic Updates

September 4, 2018

Nigeria Economic Update (Issue 34)

Total capital imported into Nigeria declined in 2018Q2, compared to 2018Q1 – the first quarterly decline since 2017Q1. At $5.5 billion in 2018Q21, capital importation dropped by 12.5 percent from the $6.3 billion recorded in the preceding quarter. The quarter-over-quarter decline may be attributable to decreases in both portfolio and other investments, which fell by […]

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Total capital imported into Nigeria declined in 2018Q2, compared to 2018Q1 – the first quarterly decline since 2017Q1. At $5.5 billion in 2018Q21, capital importation dropped by 12.5 percent from the $6.3 billion recorded in the preceding quarter. The quarter-over-quarter decline may be attributable to decreases in both portfolio and other investments, which fell by 9.8 percent and 24.1 percent respectively. However, portfolio investment maintained its leading role in contributing to total capital importation, at $4.1 billion or 74.5 percent. On the flip side, FDI continues to be the least contributor since 2017Q1, and accounted for only 4.7 percent ($264.1 million) in the review quarter. The overall lower capital inflows, particularly portfolio investments, puts into perspective the recent persistent downward trend in Nigeria’s capital and money markets.




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Africa Economic Update (Issue 1)

Sub-Saharan Africa experienced its worst economic performance in over two decades in 2016, with growth slowing to 1.5 percent. The poor performance in South Africa and oil exporting countries is responsible for attenuating regional growth rate, due to their high collective contribution to regional GDP, despite robust performance in non-resource intensive countries. Growth in Sub-Saharan Africa is projected to slightly improve in 2017 (2.9 percent) and further strengthen in 2018 (3.6 percent). At the sub-regional level, growth prospect is estimated to be highest in West Africa (4.78 percent), attributable to 5.93 percent growth rate from West African Monetary Union (WAEMU) Countries. East Africa is expected to grow at 4.5 percent, Southern Africa 3 percent, and Central Africa 2 percent. Agricultural exporting countries are projected to grow at around 7 percent, while oil producing countries are estimated to grow at 1.9 percent, which indicates a recovery from the negative growth recorded in 2016.

Nigeria Economic Update (Issue 18)

Recent Data released by the Nigeria Bureau of Statistics reveals an increase in total public debt stock between 2015 and 2016. Foreign and domestic debt stock stood at $11.4 billion and N14.0 trillion respectively as at December 2016, from $10.7 billion and N10.5 trillionrecorded as at December 2015. Disaggregated data shows that foreign debt sources comprised Multilateral ($8.0 billion), Bilateral ($0.2 billion) and Exim bank of China ($3.2 billion); domestic sources included government bonds, treasury bills and bonds. The federal government and states accounted for 68.7% and 31.3% respectively of foreign debt stock; 78.9% and 21.1% respectively of domestic debt stock. This maybe particularly at the backdrop of government borrowings in 2016 to finance its expenditure (mostly recurrent).