GDP

Nigeria Economic Update (Issue 14)

Data from the Central Bank of Nigeria shows that as of April 8, 2022, external reserves were $39.66 billion.1 This indicates an increase of about $122 million from $39.54 billion recorded on April 1, 2022, but still lower than $39.79 billion recorded on March 8, 2022, and $40.5 billion at the commencement of the year. […]

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Nigeria Economic Update (Issue 12)

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) held the second meeting for the year on the 21st of March, 2022, and voted to retain the Monetary Policy Rate (MPR) at 11.5 percent. The MPC also voted to retain other monetary parameters1. The asymmetric corridor was retained at +100/-700 basis points around […]

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Nigeria Economic Update (Issue 10)

The National Bureau of Statistics (NBS) data shows that headline inflation for February 2022 was 15.7 percent. Headline inflation in February 2022 is 0.1 percent points higher than 15.6 percent recorded in January 2022 (month-on-month), although 1.63 percent points lower than 17.3 percent in February 2021 (year-on-year).1 Food inflation was 17.1 percent, and core inflation […]

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Nigeria Economic Update (Issue 9)

The National Bureau of Statistics (NBS) Power Sector Data report shows that Nigeria generated 36,397.92 Gwh of electricity in 2021, a 2 percent increase of over 35,720.27 Gwh generated in 20201. Despite the increase, the data suggests that about 4200MW of power was generated in 2021, which is grossly inadequate for a population above 200 […]

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Nigeria Economic Update (Issue 7)

The NBS report shows that the average retail price paid by consumers for premium motor spirit (petrol) slightly increased to N166.40 per litre in January 2022 from N 164.09 per litre in December 2021, indicating a 1.41 per cent increase year-on-year2. Assessment of month-on-month data shows that the average retail price increased by 0.38 per […]

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Nigeria Economic Update (Issue 4)

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) retained the Monetary Poli-cy Rate (MPR) at 11.5 percent, as well as all other monetary parameters, at the first meeting of the Central Bank of Nigeria (CBN) for 2022, held on the 24th and 25th of January. Specifically, the Cash Reserve Ratio (CRR) was […]

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Nigeria Economic Update (Issue 1)

The Nigerian National Petroleum Company (NNPC) Limited remitted N511.7 billion to the federation account between January and October 2021, against the projected sum of N2.09 trillion, resulting in a shortfall of N1.58 trillion.3 This is according to data obtained from the NNPC. The shortfall can be attributed to two main factors: low revenue generation by […]

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Nigeria Economic Update (Issue 50)

The Nigerian National Petroleum Company (NNPC) Limited remitted N511.7 billion to the federation account between January and October 2021, against the projected sum of N2.09 trillion, resulting in a shortfall of N1.58 trillion.3 This is according to data obtained from the NNPC. The shortfall can be attributed to two main factors: low revenue generation by […]

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Nigeria Economic Update (Issue 49)

According to the National Bureau of Statistics (NBS) latest report on Value-Added Tax (VAT), there was a 17.8 percent year-on-year increase in VAT revenue in Q3 2021. However, on a quarter-on-quarter basis, there was a 2.3 percent decrease.1 VAT collected in Q3 2021 was N500.4 billion. This was lower than the VAT revenue generated in […]

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Nigeria Economic Update (Issue 46)

Estimates from the Organization of Petroleum Exporting Countries (OPEC) show that Nigeria produced about 1.25 million barrels per day (mbpd) in October 2021. This is below the budgeted crude oil production level of 1.86 mbpd in the 2021 budget. Furthermore, crude oil production recorded a decrease of 9% year on year from 1.3 million in […]

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Nigeria Economic Update (Issue 45)

The Anchor Borrowers’ Programme (ABP) was established to create economic linkages between smallholder farmers (SHFs) and reputable companies (anchors) involved in the production and processing of key agricultural commodities. Its main goal is to provide loans to SHFs via these links in order to increase agricultural productivity, create jobs, cut food import bills, and conserve […]

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Nigeria Economic Update (Issue 43)

The Central Bank of Nigeria (CBN) introduced the Tertiary Institutions Entrepreneurship Schemes (TIES) to promote the culture of entrepreneurship among the undergraduates and graduates of Nigerian Universities and Polytechnics. The TIES represents an innovative financial model, comprising three different categories of facilities for entrepreneurship in agribusiness, information technology, creativity industry, and science and technology. The […]

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Nigeria Economic Update (Issue 41)

Under the Nigeria Youth Investment Fund (NYIF), the Central Bank of Nigeria (CBN) as part of its development finance initiative in collaboration with the Federal Ministry of Youths and Sports Development has so far released the sum of N3 billion to 7,057 beneficiaries (4,411 individuals and 2,646 SMEs) across the country.1 The NYIF programme, launched […]

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Nigeria Economic Update (Issue 40)

According to the Debt Management Office (DMO), there was an increase in the country’s total public debt stock in Q2 2021 from the total recorded in Q1 2021.1 The total public debt which was reported as N33,107,247.23(in millions) in Q1 2021, increased to N35,465,005.39(in millions)  in Q2 2021 as reported by the DMO. Although domestic […]

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COVID-19: How Can The G20 Address Debt Distress In SSA?

The Covid-19 pandemic occurred at a time when sovereign debt had already increased substantially in Sub-Saharan Africa (SSA). Between 2010-2017, government debt as a share of GDP averaged 34.5% in SSA but increased significantly to 51.5% in 2019 (IMF 2021a, p. 25). Similarly, in SSA, official external debt as a share of GDP averaged about […]

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Nigeria Economic Update (Issue 39)

As part of its ongoing intervention to address food insecurity, the Central Bank of Nigeria (CBN) has disbursed a total of N798.09 billion to the Anchor Borrowers Programme (ABP) since its inception in November 2015.1 The cumulative disbursement has been given to 3.9 million smallholder farmers cultivating 4.9 million hectares of land, according to the […]

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