November 6, 2020

Nigeria Economic Update (Issue 40)

Data from the National Bureau of Statistics (NBS) shows that 2,080 road accidents occurred in the second quarter of 2020.ยน Accounting for 47 percent of crashes, speed violation was reported to be the leading cause of crashes, followed by wrongful overtaking which accounted for 10 percent. A total of 855 lives were lost in road crashes with 5,535 people injured during the period. In both cases of injury and death, adults formed the majority amounting to 93 percent and 92 percent respectively. According to the report, men were approximately 4 times more likely to be a victim of road accident than women. The leading number of road accident cases occurred in the following states: Kaduna (177), Ogun (170), FCT (165), and Oyo (138). While the Federal Road Safety Corp (FRSC) penalizes traffic violations, it is imperative to display speed limits, sensitize the public on penalties/fines, and implement an automobile speed violation detection system across the country, particularly in urban areas. This will curb accidents as a result of over speeding and also increase the revenue accruing the government through payment of penalties/fines.

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Africa Economic Update (Issue 1)

Sub-Saharan Africa experienced its worst economic performance in over two decades in 2016, with growth slowing to 1.5 percent. The poor performance in South Africa and oil exporting countries is responsible for attenuating regional growth rate, due to their high collective contribution to regional GDP, despite robust performance in non-resource intensive countries. Growth in Sub-Saharan Africa is projected to slightly improve in 2017 (2.9 percent) and further strengthen in 2018 (3.6 percent). At the sub-regional level, growth prospect is estimated to be highest in West Africa (4.78 percent), attributable to 5.93 percent growth rate from West African Monetary Union (WAEMU) Countries. East Africa is expected to grow at 4.5 percent, Southern Africa 3 percent, and Central Africa 2 percent. Agricultural exporting countries are projected to grow at around 7 percent, while oil producing countries are estimated to grow at 1.9 percent, which indicates a recovery from the negative growth recorded in 2016.