February 28, 2023

Nigeria Economic Update (Issue 4)

The International Monetary Fund (IMF), has in its January World Economic Outlook improved its projection for Nigeria’s 2023 economic growth rate to 3.2 per cent, representing 0.2 percentage points increase from the 3.0 per cent earlier projected in its October 2022 World Economic Outlook. The IMF based its reviewed growth on improved security measures in the oil sector in the country.

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Nigeria Economic Update (Issue 37)

Recent data by the CBN shows a decline in manufacturing capacity utilization by 2.0 percentage points to 50.7 percent in 2016Q2. Foreign exchange challenges in addition to cash squeeze in the review quarter, led to the decline in capacity utilization. This has hindered activities in the sector while impacting negatively on business confidence. Nonetheless, the CBN recently directed authorized FX dealers to dedicate 60 percent of FX purchases to manufacturers. This policy measure is therefore expected to meet the sectors critical FX need for the purchase of imported raw material and other machineries, while boosting the potential for economic growth in the long term.