Macroeconomic Report & Economic Updates

November 6, 2018

Nigeria Economic Update (Issue 43)

The CBN quarterly consumer expectation survey shows that consumers expressed optimism as outlook for the third quarter of 2018 was positive. Relative to 2018Q2, consumer index increased from -6.3 index points to 1.5 index points.1 Some respondents attributed their increased confidence to improved economic conditions. Consumers also had a favourable outlook for the next quarter […]

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The CBN quarterly consumer expectation survey shows that consumers expressed optimism as outlook for the third quarter of 2018 was positive. Relative to 2018Q2, consumer index increased from -6.3 index points to 1.5 index points.1 Some respondents attributed their increased confidence to improved economic conditions. Consumers also had a favourable outlook for the next quarter and the next 12 months at 24.7 and 30.1 points respectively, owing to expected increase in net household income and the anticipated improvement in Nigeria’s economic conditions. With rallying global oil prices and some stability in the Naira buttresses consumers’ economic expectations, some indicators cast gloomy prospects. These indicators include: capital flow reversals from Nigeria due to consecutive increases in the United States’ benchmark interest rate, as well as Nigeria’s depleting external reserve, declining equities market performance, and uncertainties in the political environment in lieu of the 2019 general elections




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Nigeria Economic Update (Issue 1)

GDP growth rate increased marginally by 2.84 percent in Q3 2015 from 2.35 percent in the preceding quarter. Nominal GDP increased to N24.3 million from N22.9 million in the preceding quarter. Growth in this period was attributed to the improved performance of the non-oil sector which grew by 3.05 percent. The Sectoral disaggregation shows that the Services and Agricultural sectors grew by 3.97 and 3.46 percent respectively, while the Manufacturing sector shrank by 1.75 percent.