Macroeconomic Report & Economic Updates
October 4, 2016
Nigeria Economic Update (Issue 40)
OPEC
weekly basket price declined by 2.4 percent to $42.68/barrel on September 16,
2016. This was triggered by a rise in US oil reserve, amid an
outlook on weak global oil demand. Similarly, provisional data by
OPEC reveals a steady decline in Nigerias crude oil production. Notably, production
declined by 3.4 percent to 1.47 mbd in August, 2016.
Related
Nigeria Economic Update (Issue 34)
Recently released report by the National Bureau of Statistics shows that Nigeria recorded remarkable Year-on-Year (YoY) and Quarter-over-Quarter (QoQ) increase in capital importation. Total capital importation stood at $1,792.3 million in 2017Q2, representing 72 percent YoY and 97 percent QoQ growths respectively. Disaggregated data points to portfolio investment as the dominant type of investment imported, with a value of $770.5 million, 43 percent of total capital importation. The increase in capital importation was driven by 145 percent QoQ surge in portfolio investment and a remarkable increase in capital imported through shares.