Macroeconomic Report & Economic Updates

February 22, 2018

Nigeria Economic Update (Issue 5)

Recently released media highlights show that Nigeria has dropped in terms of macroeconomic indicator rankings in 2018. With a headline index of 2.77, Nigeria is ranked 158th globally out of 181 countries five places lower than the previous year rankings. Indicators suggest that Nigeria is presently behind 28 other African countries, and just ahead of only 4 West African countries (Mauritania, Togo, Niger and Guinea Bissau). 

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Nigeria Economic Update (Issue 30)

Power sector analysis shows an increase in power generated by 3.01 percent from 2903.5mw to 2991.8mw between July 1, 2016 and July 8, 2016, with a peak of 3260.8mw on July 5, 2016. This is however, still below the highest (5074.7mw) recorded in February, 2016. The increase reflects improved use of hydro (water) for power generation. The easing out of gas constraint occasioned by recent pipeline repairs have also contributed to the increase in power generation. Improvements in power generation would be sustained if hydro measures are complemented with fast-tracked repairs on damaged gas channels and intensified efforts at tackling pipeline sabotage.

Nigeria Economic Update (Issue 33)

Available reports from the Nigerian National Petroleum Corporation(NNPC), suggests a significant reduction in the cost incurred to produce one barrel of crude oil for the past two years. Specifically, the cost of production reduced by 71 percent from $78 as at August 2015, to $23 per barrel as at August 2017. This may be attributable to moderations in operational expenditures, following repairs and restructuring in the oil region.