September 19, 2023

Nigeria Economic Update (Issue 34)

According to the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) grew by 2.51% (year-on-year, YoY) in real terms in the second quarter (Q2) of 2023. This growth rate is less than the 3.54% recorded in the Q2 2022 and is primarily driven by the services sector, which recorded a growth rate of 4.42 percent in the period and contributed 58.42 percent to the aggregate GDP. 

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Nigeria Economic Update (Issue 45)

Recently released report by Nigeria Extractive Industries Transparency Initiative (NEITI)shows a significant decline in revenue allocation across the three tiers of government for 2016H1 (January to June). Specifically, total disbursements dropped (year-on-year) by 30.45 percent to N2.01 trillion in 2016H1. The drop in revenue allocations is accountable to the decline in both oil and non-oil revenue. While lower oil revenue was triggered by the drastic fall in oil price and production in 2016H1, lower non-oil revenue was driven by the decline in tax revenue occasioned by contraction in economic activities in the review half-year.