Macroeconomic Report & Economic Updates

December 12, 2017

Nigeria Economic Update (Issue 46)

On a Month-on-Month basis, average growth rate of selected food prices decreased in October 2017.  Precisely, contracting by 1.24 percent in October, average growth rate fell from 0.08 percent recorded in September 2017. Notably, the contraction reflected in the food sub-index of the headline inflation for October 2017. The marginal decrease in the prices of selected food items may be in line with seasonal levels, as the harvest season reaches its peak, thus making food items relatively available at various demand levels. Going forward, investment towards the provision of better farming inputs, technology, financing, and value addition across the agricultural value chain could help improve yield output and food security all through the year. 

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Nigeria Economic Update (Issue 23)

Recently released report by the NBS shows an increase in Unemployment and Underemployment rates for 2016Q4 relative to preceding and corresponding quarters. The unemployment rate, at 14.2 percent, indicates a 3.8% points YoY4increase, and a 0.3% points QoQ increase with the number of unemployed people increasing by 351,051 persons. Similarly, underemployment rate grew (QoQ) by 1.3% points to 21%, representing about 17 million underemployed persons as at the quarter. The rise in unemployment/underemployment rate is attributable to the disproportionate rise in labour force vis--vis job creation, in addition to slow-down in economic/business activities during the quarter. Going forward, the government should make efforts to strengthen and expand Nigerias entrepreneurial infrastructure.

Nigeria Economic Update (Issue 22)

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