Macroeconomic Report & Economic Updates

February 3, 2017

Nigeria Economic Update (Issue 4)

Recently released power sector report by the
National Bureau of Statistics records a total average energy generation of 2,548GWH
by 25 power stations, from October 2016 to December 2016. Daily
Energy generation, attained the 2016Q4 highest level of 3,859.6MW in October
2016, and a lowest level of 2522MW in the same month. On the average, current
daily energy generated which is below 3,000MW, prompts system malfunctions.
Thus, the irregular power generation and supply experienced in recent times is
attributable to shortage of gas owing to non-functional major pipelines, in
addition to the inability of GENCOs to make payments for the available gas
supply. Given the recent challenges to power supply, efforts should
be geared towards the diversification of electricity generation. Government
should consider investment in renewable as well as coal energy to complement
gas power supply.

Download Label
March 13, 2018 - 4:00 am
application/pdf
493.19 kB
v.1.7 (stable)

Related

 

A Cost-Effectiveness Analysis Of School Feeding And Education Assistance Programs In Nigeria

The study conducts a cost-effectiveness analysis on two education interventions in Nigeria: Education Assistance program and the Home Grown School Feeding and Health Program with the aim of increasing school enrollment.

Nigeria Economic Update (Issue 2)

Inflation rate rose slightly to 9.4 percent in November 2015 from 9.3 percent in the previous month. This rise is attributed to price increase in Food and Non-Alcoholic Beverages, and Transportation costs which extends from shortages of petrol across the country. The food sub-index grew by 0.2 percentage points to 10. 1 percent while, the Core sub-index declined by 0.2 percentage points to 8.7 percent within the period. The inflationary up-tick points to the need to curtail the rising food prices by increasing the supply of petrol in the country. 

Nigeria Economic Update (Issue 24)

Crude oil price increased, in the week under review, to its highest price in 2016. Nigerias bonny light increased by $1.38 from $48.02 per barrel on May 20, 2016 to $49.64 per barrel on May 27, 2016, while Brent crude was sold for $50 per barrel on May 26, 2016. The catalyst for price gains in the period under review is the supply-side contractions, with unplanned production shortages in Nigeria, Canada and Iraq. The upward trend of prices may unlock more supplies in subsequent weeks, but the OPEC meeting scheduled for June 2, 2016, could moderate the effect. Nigeria is expected to benefit from crude oil price rising above the $38 per barrel benchmark. Unfortunately, supply disruptions continue to negatively affect oil revenue and may have contributed to the depletion of external reserve by over $153 millionthis week. The federal government, in collaboration with relevant security agencies, should find a lasting solution to the vandalism of oil pipelines and production facilities.