Macroeconomic Report & Economic Updates

September 10, 2018

Nigeria Economic Update (Issue 35)

Latest data from the CBN shows that Nigeria’s external reserves fell significantly in August 2018. As at the end of July, the reserve stood at $47.11 billion; it dropped to $45.83 billion by August 23– losing as much as $1.23 billion in the month. The CBN’s continuous intervention along with affected foreign investment premised around […]

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Latest data from the CBN shows that Nigeria’s external reserves fell significantly in August 2018. As at the end of July, the reserve stood at $47.11 billion; it dropped to $45.83 billion by August 23– losing as much as $1.23 billion in the month. The CBN’s continuous intervention along with affected foreign investment premised around political uncertainties, may have triggered the decline in reserves.  Policy actions that relay a message of future political stability and conducive business environment amid politicking for 2019 elections is critical to sustaining short-medium term investment flows.




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Nigeria Economic Update (Issue 35)

Recent report in the media highlights that Nigerias GDP has dropped to $296 billion in 2016, in contrast to the $481 billion recorded in 20151 and Nigeria has lost its position as Africas largest economy to South Africa. This conclusion was based on the computation of GDP with current naira-dollar exchange rate. However, while the naira has significantly lost its official value since the adoption of a flexible exchange rate, estimating GDP merely with a single exchange rate figure (rather than its yearly average) cannot be regarded as an appropriate method to conclude on Africas largest economy.

Internally Generated Revenue

Internally Generated Revenue: Total internally generated revenue particularly declined across the 36 states in Nigeria, in 2015. This is attributable to the weak macroeconomic and financial conditions