Macroeconomic Report & Economic Updates

October 29, 2018

Nigeria Economic Update (Issue 42)

The recent compilation of Gross Domestic Product (GDP) at sub-national level by the NBS provides estimates for eleven states for a five-year period covering 2013-2017. The eleven states covered, contributed a total of N33.3 trillion to nominal GDP in 2017

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The recent compilation of Gross Domestic Product (GDP) at sub-national level by the NBS provides estimates for eleven states for a five-year period covering 2013-2017. The eleven states covered, contributed a total of N33.3 trillion to nominal GDP in 2017




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Nigeria Economic Update (Issue 49)

OPEC weekly basket price reduced from $61.14 to $60.73 per barrel (December 1 8, 2017). Similarly, Global oil benchmark crude sold for as low as $61.22 per barrel during the week, down week-on-week by 1.8 percent. Nigerias Bonny light declined slightly by approximately 1 percent to $63.534. The fall in crude prices came after a sharp rise in U.S. inventories of refined fuel, which suggested that actual demand may be weakening5 (the EIA data shows an increase of 8.5 million barrels of stored fuel). Given that crude oil revenue remains critical to Nigerias budget performance, investments aimed at improving growth and competitiveness of other key sectors is essential to minimize distortions on budgetary expenditure.