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.
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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Nigeria Economic Update (Issue 36)
Recently
released GDP figures reveals that the three major sectors recorded positive and
negative growth rates individually in 2017Q2. Firstly, Agricultural
sector grew Year on Year by 3.01 percent, down from 3.39 percent in 2017Q1- driven by
weaker output in crop production and Fishing sub-sectors. This is not
unconnected with the planting season and the shortage of grainsfor livestock/fish respectively.
Nigeria Economic Update (Issue 43)
Crude oil prices have sustained upward increases for the past few weeks in October. While upward trajectory of crude oil prices is expected to be sustained in the short term in line with OPECs production cuts deal expected to run until March 2018, it is important to note that crude oil prices would remain volatile. The Nigerian government therefore should take advantage of periods of high revenue from crude oil exports to develop other sectors (such as Agriculture, Manufacturing and Services sectors) of the economy as key exporting and revenue generation sectors, and thus minimize volatility risks
Understanding The Ongoing Recession In Nigeria:A Synthesis Of The Events And Policy Options
In
the second quarter of 2016, the Nigerian economy witnessed its first recession
in twenty years due to the interplay of several external and internal factors.
The recession has continued until date and has given rise to relentless
unemployment rate and job losses, double digit and soaring inflation, currency
depreciation and widening gap between parallel market and official exchange
rates, amongst other adverse effect on individuals and firms in the country.
Thus, there is a need to take a deeper look into the nature of the present
recession as well as the impact of monetary and fiscal policy responses thus
far, in order to shed light on the way forward towards tackling the recession
and ensuring sustainable economic growth. This paper analyses the ongoing
recession in the Nigerian economy to provide insights into the interplay of
events and recommendations for policy.