Macroeconomic Report & Economic Updates

March 1, 2019

Nigeria Economic Update (Issue 6)

The Nigerian economy raked in more revenue for the four quarters of 2018 fiscal year than in 2017. In the recently released economic report, the CBN reported that federally collected revenue increased by 28.4 percent to N9.44 trillion in 20181 – from N7.35 trillion in 20172. Both oil and non-oil components of federally collected revenue […]

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The Nigerian economy raked in more revenue for the four quarters of 2018 fiscal year than in 2017. In the recently released economic report, the CBN reported that federally collected revenue increased by 28.4 percent to N9.44 trillion in 20181 – from N7.35 trillion in 20172. Both oil and non-oil components of federally collected revenue rose in the review year, attaining one-year peaks in 2018Q4 (N1.47 trillion) and 2018Q3(N1.14 trillion) respectively. The annual increase was most prominent in oil revenue sources, which grew significantly by 35 percent at the backdrop of 2018 improved oil price and domestic production, and accounted for N5.55 trillion of the total collected revenue. However, after statutory deductions and transfers, the federal government retained N3.96 trillion and a closer review shows that the FG expenditure pattern – at N7.36 trillion – resulted in a fiscal deficit of N3.4 trillion for the whole year 2018. Boosting non-oil sector trade and export, through infrastructure development and credit support, is critical to boosting overall government revenues to levels that match expenditure.




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Nigeria Economic Update (Issue 13)

OPEC basket price increased (Week-on-Week) by 1.6 percent to $49.45 per barrel on March 31, 2017- the first increase recorded in three weeks. Also, Bonny light rose by 4.7 percent to $51.92 per barrel. The rise in crude oil prices reflects demand-side expansion, consequent upon a myriad of factors: slower rise in USA crude reserves, huge supply disruptions in Libya, and the prospective extension of OPEC supply cut deals in member countries. The strengthening of crude oil price amid calm in the Niger Delta oil region, presents positive outlook for the Nigerian economy. However, given the adverse implications of sole dependence on crude oil revenue, the government should avoid returning to the norm and make efforts to intensify investments in other key sectors of the economy

Gross Domestic Product Growth Rate And Contribution To GDP

Gross Domestic Product Growth Rate: The growth performance of the Oil and Gas sector has been unsteady throughout years and declined most significantly in 2015Q4, following a positive growth recorded