Macroeconomic Report & Economic Updates

September 19, 2018

Nigeria Economic Update (Issue 36)

Total value of Nigeria’s merchandise trade contracted in 2018Q2. Valued at N6.6 trillion1, total trade fell quarter-on-quarter by 8.9 percent from the N7.2 trillion recorded in the previous quarter. Both exports and imports declined during the period: Exports shrunk by 4.9 percent down to N4.5 trillion and was triggered by a huge fall in solid […]

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Total value of Nigeria’s merchandise trade contracted in 2018Q2. Valued at N6.6 trillion1, total trade fell quarter-on-quarter by 8.9 percent from the N7.2 trillion recorded in the previous quarter. Both exports and imports declined during the period: Exports shrunk by 4.9 percent down to N4.5 trillion and was triggered by a huge fall in solid minerals and manufacturing exports. On the other hand, imports declined from N2.5 trillion to N2.1 trillion. Further review shows that crude oil accounted for 83.5 percent of total foreign merchandise trade, and trade to GDP lowered to 22.5 percent from 25.5 percent. However, there was a recorded trade surplus during the period, valued at N2.4 trillion. Going forward, there is a need for export promotion strategies, including subsidies, tax exemptions, and special credit lines to support non-oil business growth.




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Nigeria Economic Update (Issue 25)

Naira appreciated in the week under review. At the parallel market, naira gained 0.54 percent to exchange at N368/$ on June 23, 20175. This is at the backdrop of injections into the forex market by the CBN to the tune of $195 million at the beginning of the review week, to meet various forex demands. This is amid a slight week-on-week increase in the external reserves (by 0.1 percent to $30.23 billion). Despite the recent naira appreciation, the long-term prospects seem bleak given that the ongoing intervention that seeks to stabilize naira by depleting reserves is unsustainable.