Nigeria Economic Update (Issue 4)

The Oil market report for the fourth quarter of 2023 by the International Energy Agency indicates that the
growth of global oil demand is expected to slow down by 1.2 million barrels per day (mb/d) in 2024 compared to 2.3 mb/d in 2023. The decline in projected oil demand is due to several factors including slow GDP growth in major economies falling below trend, increased energy efficiency and electrification of vehicle fleets. Conversely, the world oil supply was projected to rise by 1.5 mb/d to a new high of 103.5 mb/d, fuelled by record- setting output from non-OPEC countries like the US, Brazil, Guyana, and Canada. OPEC supply is expected to hold steady on previous supply.

Nigeria Economic Update (Issue 41)

Latest World Economic Outlook (WEO) report by the International Monetary Fund reveals that Nigerias economy will grow by 1.9 percent in 2018 an unchanged stance from earlier projections. However, the figure is 2.9 percentage points lower than the 4.8 percent 2018 estimated growth rate in Nigerias ERGP (Economic Recovery and Growth Plan) 2 showing a very large disparity between domestic and international growth forecasts for Nigeria. The Funds projection however seems to have taken into cognizance underlying factors that could slow growth in the medium term: faster pace of population growth relative to GDP growth3, poor policy implementation, banking system fragilities and foreign exchange market segmentation.

Nigeria Economic Update (Issue 40)

Nigeria Economic Update (Issue 30)

Power sector analysis shows an increase in power generated by 3.01 percent from 2903.5mw to 2991.8mw between July 1, 2016 and July 8, 2016, with a peak of 3260.8mw on July 5, 2016. This is however, still below the highest (5074.7mw) recorded in February, 2016. The increase reflects improved use of hydro (water) for power generation. The easing out of gas constraint occasioned by recent pipeline repairs have also contributed to the increase in power generation. Improvements in power generation would be sustained if hydro measures are complemented with fast-tracked repairs on damaged gas channels and intensified efforts at tackling pipeline sabotage.

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