Macroeconomic Report & Economic Updates
October 28, 2016
Nigeria Economic Update (Issue 44)
Recently released Nigerias
petroleum imports data, show a significant decline in the quantity and value of
petroleum import products (PMS, AGO and NHK) between 2015 and 2016.
Specifically, value of imports significantly declined year-on-year (January to
April) by 30.4 percent to N571 billion in 2016. The huge decline in
the import of (refined) petroleum products likely reflects the lower
(unrefined) crude oil production/exports. Furthermore, it is likely that the
import of petroleum products could decline in subsequent years; however, this
is dependent on the prospects of the three domestic refineriesbeing refurbished.
Related
Regional Trade For Inclusive Development In West Africa
This
study examines the potential of regional trade in facilitating the achievement
of inclusive development in the West African region. It employs descriptive
analysis to examine the nature, composition and dimension of ECOWAS trade within
the group and with the rest of the world, vis--vis three other Regional
Economic Communities (RECs) in sub-Saharan Africa (SSA). From the preliminary
study, it can be observed that the growth rate of West African economies is
increasing, but the rising economic growth does not translate to improvement in
inclusive development, as there was no significant reduction in poverty levels in
the region. Further evidence reveals that extra-regional trade of the region is
increasing at a very high rate, and also at a disproportionate rate with
intra-regional trade, compared with SADC. This indicates the existence of
opportunity to boost regional trade for inclusive development through
conversion of part of the extra-regional trade into regional trade.