Macroeconomic Report & Economic Updates

November 16, 2017

Nigeria Economic Update (Issue 44)

Latest
Doing Business report by the World Bank ranks Nigeria as one of the top 10 economies
that showed notable improvements in doing business in 2016/2017. Precisely, the
report which presents quantitative indicators on business regulation compared
across 190 economies and ranked Nigeria 145th – up by 24 positions from
the previous report ranking, to reach its highest rank since 2013. This may not
be unexpected, given that it is consequent upon various business environment
reforms in 2016. Particularly, the Presidential Enabling Business Environment
Council (PEBEC) set up in 2016 enacted 31 reforms to improve
business(such as improving credit to small and medium-size
businesses) all of were enacted into law in May 2017.

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Nigeria Economic Update (Issue 30)

Recent media highlights suggest that there is a prospective decrease in Nigerias budgetary benchmark crude oil production. Precisely, the 1.8 million barrels per day proposed at the Joint OPEC and Non-OPEC Ministerial Monitoring Committee (JMMC) meeting, is 18.2 percent lower than the budgetary production benchmark of 2.2 million barrels per day. This followed OPECs recent review to include Nigeria in the ongoing production cut agreement amid concerns of global oil market oversupply, given the constant production increase from Nigeria over the last few months.