Macroeconomic Report & Economic Updates

March 13, 2017

Nigeria Economic Update (Issue 9)

Crude oil prices fluctuated during the
review week. OPEC weekly basket price decreased marginally from $53.63 on
February 24, 2017 to $53.34 on March 3, 2017. Similarly, Brent
crude declined (week-on-week) by 0.84 percent to $55.15, while
Bonny light decreased by 2.4 percent to $54.4 per barrel. During
the week, reports of Russias incomplete compliance to agreed production cut and
rising United States crude production/inventories, led to the
slight pressure exerted on oil prices. The uncertainties and volatility of
global crude oil price stresses the need for the government to channel efforts
at developing other key sectors of the economy, particularly the manufacturing
sector.

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Internally Generated Revenue

Internally Generated Revenue: Total internally generated revenue particularly declined across the 36 states in Nigeria, in 2015. This is attributable to the weak macroeconomic and financial conditions

Nigeria Economic Update (Issue 8)

Recent data from the National Bureau of Statistics (NBS) show that total capital importation in 2015 fell steeply by 53.5 per cent from $20,750.76 million in 2014 to $9,643.01 million in 20152. This decline was largely driven by a substantial drop in portfolio investment (the largest component of Capital Inflows), which fell by 59.74 percent. The exclusion of Nigeria from the JP Morgan EM Bond index, the slump in crude oil prices, the decision of the US Federal Reserve to raise interest rates and the capital control measures imposed by the Central Bank of Nigeria (CBN) are the notable drivers of the reduced inflow of capital. Going forward, improving the business environment, especially easing foreign exchange controls, would determine the extent to which the economy can attract increased capital inflows.