Macroeconomic Report & Economic Updates

March 10, 2018

Nigeria Economic Update (Issue 7)

Month-on-Month analysis of food prices show that average prices of selected food items reduced from December 2017 to January 2018. Precisely, total average month-on-month price decreased from 2.48 percent to 1.19 percent, with reductions in unit prices of items such as eggs, chicken, beef, rice, fish, and palm oil among others. Food prices which remains […]

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Month-on-Month analysis of food prices show that average prices of selected food items
reduced from December 2017 to January 2018. Precisely, total average month-on-month price
decreased from 2.48 percent to 1.19 percent, with reductions in unit prices of items such as
eggs, chicken, beef, rice, fish, and palm oil among others. Food prices which remains largely
volatile in the short term, may have reduced in the review period due to a slight fall in consumer
demand following the end of the festive period. Looking forward, the decline in food prices may
be short-lived in the absence of yield-enhancing investments that can sustain food
production/supply. Hence, the government should promote policies that alleviate the credit constraints to yield-enhancing investment in the private sector.




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Nigeria Economic Update (Issue 21)

Nigerias domestic crude production increased significantly in April 2017. OPECs Month-on-Month data shows a 22.6 percent increase to 1.5 million barrels per day constituting the biggest increase among oil producing group. Crude production increased at the backdrop of completion of scheduled maintenance/repairs at the Bonga oil field, implying resumption of crude production by an additional 225,000 barrels. Remarkably, Nigeria is progressively moving towards meeting daily output benchmark/target (2.2 million barrels per day). Given recent boost in domestic crude oil production, considerable effort should be made to improve the countrys refining capacity in order to reduce fuel importation and conserve foreign exchange.