Macroeconomic Report & Economic Updates

November 15, 2016

Nigeria Economic Update (Issue 47)

Recent
data by NBS indicates an increase in bank credit to private sector. Specifically,
private sector credit rose (year on year) by 24.4 percent to N16,185.1 billion
in 2016Q3 relative to 2016Q2, with Oil and gas, and Manufacturing
sectors taking the consecutive largest shares of the credit. The rise may be connected
to the need to improve credit availability to critical sectors in order to
hasten the recovery from the ongoing recession. The present rise in bank credit
to the manufacturing sector seems to be a step in the right direction as the
sector is critical to Nigerias industrialization and economic stability.

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Nigeria Economic Update(Issue 31)

Recent data on Consumer Price Index (CPI) indicates significant increase in general price level for the sixth consecutive month. Headline inflation increased by 0.9 percentage points from 15.6 per cent recorded in May to 16.5 percent in June the highest rate recorded since October 2005 (an 11-year high). The core sub-index increased from 15.1 percent to 16.2 percent while the food sub-index stood at 15.3 percent, an increase of 0.4 percent from the preceding month of May. Higher prices of domestic/imported food and other items, as well as increased energy cost were major drivers of the increase. This is probably explained by the exchange-rate pass-through, given the significant depreciation of the naira.