Nigeria Economic Review (First Half Report 2014)

Total federally collected revenue increased to N2.42 trillion in 2014Q1 compared to N2.20 trillion in 2013Q4 as a result of a significant increase in crude oil and gas exports to some countries like India, Malaysia and China. Also, the federal government consistently incurred fiscal deficit from 2013Q1 to 2014Q1; the level of deficit increased drastically in 2013Q4 and was sustained through 2014Q1.

Inflation rate remained within the Central Banks target (6 9 percent) for 2014 although it ticked up marginally from 7.7 percent in February to 8.0 percent in May. Inflationary pressures are expected in the second half of the year but it is expected that monetary policies and supply-side interventions can be used to cushion the effect.

Globally, advanced economies showed strong signs of recovery during 2014H1 despite the adverse effect of the severe winter (especially on the United States economy) while economic activities slowed and growth was below projection in emerging and developing economies.”

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