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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Nigeria Economic Update (Issue 5)

Recently released media highlights show that Nigeria has dropped in terms of macroeconomic indicator rankings in 2018. With a headline index of 2.77, Nigeria is ranked 158th globally out of 181 countries five places lower than the previous year rankings. Indicators suggest that Nigeria is presently behind 28 other African countries, and just ahead of only 4 West African countries (Mauritania, Togo, Niger and Guinea Bissau).