Macroeconomic Report & Economic Updates

September 25, 2017

Nigeria Economic Update (Issue 37)

OPEC Monthly oil report reveals that Nigeria
recorded the highest month-on-month increase in crude oil production among the
OPEC member countries in August 2017. Specifically, at an increasing rate of 8
percent, domestic oil production rose to pre-2016 level of 1.86 million barrels
per day in August 2017. With ongoing repairs in the sector, oil
production could get to 2.2 million barrels per day in the near term, albeit
the prior voluntary agreement to cap production at 1.8 million barrels per day.
Going forward, there is need to address poor planning and policy
inconsistencies in the sector, in order to ensure the influx of investors who
have channeled their investments to other African countries due to laxity in
policies in the sector.

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Nigeria Economic Update (Issue 9)

Crude oil prices fluctuated during the review week. OPEC weekly basket price decreased marginally from $53.63 on February 24, 2017 to $53.34 on March 3, 2017. Similarly, Brent crude declined (week-on-week) by 0.84 percent to $55.15, while Bonny light decreased by 2.4 percent to $54.4 per barrel. During the week, reports of Russias incomplete compliance to agreed production cut and rising United States crude production/inventories, led to the slight pressure exerted on oil prices. The uncertainties and volatility of global crude oil price stresses the need for the government to channel efforts at developing other key sectors of the economy, particularly the manufacturing sector.

MANUFACTURING SECTOR: Operating Admist Economic Recession And Rising Foreign Exchange Rates

This 2017 Manufacturing Sector survey provides an assessment of the Nigerian manufacturing sector, highlighting the key challenges facing operators within the sector. It also examines the dynamics and major development in the manufacturing sector over the last one year. Overall, the objective of the report is to provide a snapshot of the manufacturing sector in Nigeria, which will provide a framework for policy intervention by policymakers