Macroeconomic Report & Economic Updates

November 7, 2016

Nigeria Economic Update (Issue 46)

The
Executive council recently approved a three-year external borrowing plan
(2016-2018) which specifies external borrowing of approximately $30 billion (to
be sourced mostly from MDBs) for infrastructure development.
Although, the plan is yet to be approved by the Senate, the planned concessional
loans for infrastructural development would imply inflows of foreign exchange which
could help moderate the exchange rate volatilities in the near term, and offer
potential improvement in business productivity and job creation.

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Nigeria Economic Update (Issue 9)

Crude oil prices fluctuated during the review week. OPEC weekly basket price decreased marginally from $53.63 on February 24, 2017 to $53.34 on March 3, 2017. Similarly, Brent crude declined (week-on-week) by 0.84 percent to $55.15, while Bonny light decreased by 2.4 percent to $54.4 per barrel. During the week, reports of Russias incomplete compliance to agreed production cut and rising United States crude production/inventories, led to the slight pressure exerted on oil prices. The uncertainties and volatility of global crude oil price stresses the need for the government to channel efforts at developing other key sectors of the economy, particularly the manufacturing sector.

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