Macroeconomic Report & Economic Updates

February 21, 2018

Nigeria Economic Update (Issue 8)

Global benchmark crude, Brent, sold for $66.43 per barrel, a little above 3.4 percent from the $64. 3 per barrel in the preceding week. Nigeria’s Bonny light exchanged for $65.71 per barrel. Global Crude supply levels have been constrained by a dip in Libya’s production, following the shutdown of the El Feel oilfield in Libya, which […]

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Global benchmark crude, Brent, sold for $66.43 per barrel, a little above 3.4 percent from the $64. 3 per barrel in the preceding week. Nigeria’s Bonny light exchanged for $65.71 per barrel. Global Crude supply levels have been constrained by a dip in Libya’s production, following the shutdown of the El Feel oilfield in Libya, which produces 70,000 bpd. This is complemented by the continued compliance by OPEC member countries to curb production levels, thus rebalancing the global crude oil market and gradually driving prices upwards.

 




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Africa Economic Update (Issue 8)

Economic growth in Africas largest economies improved in the second quarter of 2017 (2017Q2) relative to the preceding quarter (2017 Q1), as Nigeria and South Africa exited recession. Specifically, GDP growth rate was 0.55 percent and 1.1 percent for Nigeria and South Africa in 2017Q2, compared to 0.91 percent and 0.7 percent in 2017Q2, respectively. The increased growth in Nigerias economy was driven by improved performance in the oil sector (increased crude oil price and production) which offset the decrease in non-oil sector growth, while South Africas emergence from recession is supported by growth in its agriculture sector complimented by growth in finance, real estate, business service, mining and quarrying sectors.