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 49)
Nigerias
Petroleum Products Imports statistics show a gradual reduction in the volume
and value of petroleum imports (PMS, AGO, HHK) between May and September 2016. Specifically,
volume of imports declined by 34.1 percent for PMS, 37.6 percent for AGO, and
60.3 percent for HHK in the period.The significant decline in
imports in the reporting periods may be as a result of persistent forex
scarcity issues faced by importers. On account of stagnation in
domestic production of refined petroleum products, continuous
decline in oil imports may create a demand gap with upward pressure on gasoline
prices in the economy.