February 8, 2024

Nigeria Economic Update(Issue 3)

The National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) and Inflation report for December 2023, revealed that Nigeria’s headline inflation rate rose to 28.92 percent. On a Year-on-Year (YoY) basis, the figure is 7.58 percentage points higher compared to 21.34 percent recorded in December 2022 and 0.72 percentage points higher than 28.20 percent recorded in November 2023. The inflation rate is 11.76 percentage points higher than the 2023 budget assumption of 17.16 percent. The food inflation rate rose to 33.93 percent from 23.75 percent in December 2022, representing 10.18 percentage points increase.

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Nigeria Economic Update (Issue 32)

The naira continued its downward trajectory this week. Specifically, naira depreciated at the interbank segment by 3.45 percent to N300/$; and by 3.56 percent to 378/$ at the parallel segment. Despite the CBNs effort to support the naira with Forwards and FOREX futures, the excess demand for dollar continues to put pressure on the naira. Looking forward, the stabilization of exchange rate depends on the ability of the CBN and government to attract capital inflows; particularly by raising interest rate, tackling inflation and supporting economy recovery.

Nigeria Economic Update (Issue 4)

Recently released labour force report by the NBS shows a quarter-over-quarter increase in Nigerias working age and labour force population. Working population rose from 110.29 million in 2017Q2, to 111.13 million persons in 2017Q32. The working age population in 2017Q3 constituted 85.08 million persons in the labour force (an increase from 83.94 million), of which 40 percent were either unemployed or underemployed.  Thus, total employed persons in the quarter reached 69.1 million.