Macroeconomic Report & Economic Updates

October 15, 2018

Nigeria Economic Update (Issue 39)

Nigeria’s all products terms of trade (calculated as the receipts of exports as a percentage of payments for imports), indicated increases in the three months of 2018Q2. Indexed at an average of 110.8% in 2018Q21, the favourable TOT reflects improvement from an average of 99.2% in 2018Q1. A further breakdown shows that TOT indices for […]

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Nigeria’s all products terms of trade (calculated as the receipts of exports as a percentage of payments for imports), indicated increases in the three months of 2018Q2. Indexed at an average of 110.8% in 2018Q21, the favourable TOT reflects improvement from an average of 99.2% in 2018Q1. A further breakdown shows that TOT indices for April, May and June stood at 100.5%, 111.1% and 109.2% respectively which implies that the value of exports exceeded imports by 0.5%, 11.1% and 9.02% in each of the months. The positive trade position is attributable to improvements in mineral, animal and vegetable products group, as reported. With renewed interest in the Agric and mineral sectors by the government and private sector, we expect an improvement in the trade position.




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Regional Trade For Inclusive Development In West Africa

This study examines the potential of regional trade in facilitating the achievement of inclusive development in the West African region. It employs descriptive analysis to examine the nature, composition and dimension of ECOWAS trade within the group and with the rest of the world, vis--vis three other Regional Economic Communities (RECs) in sub-Saharan Africa (SSA). From the preliminary study, it can be observed that the growth rate of West African economies is increasing, but the rising economic growth does not translate to improvement in inclusive development, as there was no significant reduction in poverty levels in the region. Further evidence reveals that extra-regional trade of the region is increasing at a very high rate, and also at a disproportionate rate with intra-regional trade, compared with SADC. This indicates the existence of opportunity to boost regional trade for inclusive development through conversion of part of the extra-regional trade into regional trade.