GDP

Nigeria Economic Update (Issue 45)

Data from the National Bureau of Statistics (NBS) shows that Nigeria’s headline inflation rate increased to 27.33% in October 2023 from 26.72% recorded in August 2023 and 21.09% in October 2022. The headline inflation is three times the upper bound inflation target of 9%. The data further show that food inflation stood at 31.52%. Core […]

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Nigeria Economic Update (Issue 42)

According to Central Bank of Nigeria (CBN) data on money and credit, Money Supply (M3) stood at N67.2 trillion in September 2023, an increase of 36.2% from N49.3 trillion in September 2022. On a monthly basis, it rose by 2.3% from N65.7 trillion in August 2023. These statistics show that monetary factors partly contribute to […]

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Nigeria Economic Update (Issue 41)

According to data from the World Population Review, Nigeria has the world’s second-highest number of homeless people. 24 million Nigerians do not have homes, accounting for nearly 10% of the total population. The statistics exclude those not living in a proper home with access to some of the most basic services. Several factors contribute to […]

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Nigeria Economic Update (Issue 37)

Data from the September 2023 report of the Organization of Petroleum Exporting Countries (OPEC)shows that Nigeria’s oil output rose by 9.3% from 1.08 mb/d recorded in July to 1.18 million barrels per day (mb/d) in August 2023. However, oil output still falls short of the 1.74 mb/d quota allocated to Nigeria by OPEC and far […]

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Nigeria Economic Update (Issue 36)

According to the rail transport data released by the National Bureau of Statistics (NBS) in Q2 2023, the volume of goods/cargos transported for Q2 2023 reached 56,029 tons, compared to 31,197 tons in Q2 2022, showcasing a substantial growth trend. Similarly, goods/cargo revenue collected in Q2 2023 was N188.03 million, up by 105.04% from N91.70 million in Q2 […]

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Nigeria Economic Update (Issue 33)

The July 2023 monthly OPEC oil market report indicates a general increase in international crude oil prices. According to the report, the OPEC reference basket, which reflects the average crude oil prices of OPEC member countries, experienced a month-on-month surge of $5.87 (7.8%), reaching an average of $81.06 per barrel. Concurrently, the ICE Brent front-month […]

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Nigeria Economic Update (Issue 27)

According to OPEC’s monthly report on crude oil movement, the price of crude oil dropped significantly in the global market in June. In particular, the OPEC Reference Basket fell by 0.8 percent (63 cents) from $75.82 per barrel in May to $75.19 per barrel. Similarly, the monthly averages for ICE Brent and NewYork Mercantile Exchange […]

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Nigeria’s industries without smokestacks are delivering better economic opportunities than traditional sectors

Persistently high levels of unemployment have emerged to become a key policy challenge in Nigeria. Between 2010 and 2018, the unemployment rate rose from 5 percent to 23 percent. Worsened by the COVID-19 pandemic, the economy is simply not generating enough jobs for labor entrants, particularly women and youth. In 2020, the national unemployment rate […]

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Employment Creation Potential of Industries Without Smokestacks: a Nigeria case study

Young people under the age of 30 account for nearly 70 percent of the population of Africa, making it the world’s youngest continent (United Nations 2021). While this trend provides exciting opportunities for enhancing creativity and innovation, it comes with a high burden, as the formal education system and apprenticeship programs cannot adequately prepare a […]

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Nigeria Economic Update (Issue 12)

As of the end of December 2022, Nigeria’s total debt stock stood at N46.25 trillion, comprising 40.4 percent (N18.7 trillion) in external debt and 59.56 percent (N27.55 trillion) in domestic debt, according to data from the Debt Management Office (DMO)1 . This represents a N6.69 trillion (16.9 percent) increase over the N39.56 trillion recorded for […]

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Nigeria Economic Update (Issue 11)

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), in its 147th meeting, has raised the Monetary Policy Rate (MPR) to 18 percent.1 This represents an increase of 50 basis points from the previous MPR of 17.5 percent. The apex bank attributes this sixth consecutive increase in the MPR since April 2022 […]

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Nigeria Economic Update(Issue 5)

There was a general increase in transport fares across different modes of transportation in the country in December 2022. The report on transport fares released by the National Bureau of Statistics (NBS) in January 2023 revealed that the average fare paid by passengers for bus journey within the city per drop increased from N637.10 in […]

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Nigeria Economic Update (Issue 2)

According to data from the Nigeria Inter-Bank Settlement System (NIBSS), cashless transactions in Nigeria increased by 42.05 percent to reach N395.47 trillion in 2022. The data revealed that Nigerians spent more through cashless forms of payment, which was N117.07 trillion more than the N278.39 trillion total cashless transactions processed in 2021. The N395.47 trillion processed in 2022 […]

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Nigeria Economic Update (Issue 49)

The Central Bank of Nigeria (CBN) announced a new policy on cash withdrawals on 6th December 2022.2 According to the policy, the maximum weekly withdrawal over the counter is set at N100,000 for individuals and N500,000 for organizations. Any withdrawal above these limits shall attract processing charges of 5 percent and 10 percent, respectively. In addition, withdrawals […]

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Why Nigeria should Strengthen Mobile Money: Some Stylized Facts

Nigeria continues to miss its financial inclusion targets. Many constraints around the formal banking system have meant that a greater percentage of the Nigerian population remains excluded from the formal financial sector. This article highlights the need to strengthen mobile money as a means of driving financial inclusion in Nigeria. Introduction The financial sector plays […]

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Nigeria Economic Update (Issue 44)

Food prices in Nigeria experienced a further increase in September 2022, according to the Selected Food Prices Watch Report for September 2022, published by the National Bureau of Statistics (NBS).2 The report highlighted the change in prices of some selected food items. For example, the average price of 1kg of Tomato on a year-on-year (YoY) […]

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