government

Nigeria Economic Update (Issue 34)

In the second quarter (Q2) of 2022, Nigeria’s Gross Domestic Product (GDP) grew by 3.54 percent (year-on-year) in real terms, which is an improvement compared to the 3.11 percent growth recorded in the previous quarter (2022Q1).2 The aggregate real GDP stood at N17.29 trillion in the second quarter of 2022, a slight decline (-0.37%) compared to N17.35 […]

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Nigeria Economic Update (Issue 32)

According to the National Bureau of Statistics (NBS), Nigeria’s inflation rose to 19.64 percent in July 2022, from 18.60 recorded in June, 2022.1 This is 2.27 percentage points higher than 17.38 per-cent recorded in July 2021. The report also shows that on a month-on-month basis, the Headline inflation rate in July 2022 was 1.82 percent, […]

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Nigeria Economic Update (Issue 29)

In line with the provisions of the Petroleum Industry Act (PIA), the Nigerian National Petroleum Corporation (NNPC) on July 16 was transformed into a new entity and regulated under the provision of the Companies and Allied Matters Act (CAMA).2 As a result, NNPC was transited to Nigerian National Petroleum Company Limited (NNPC Limited) as a […]

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Nigeria Economic Update (Issue 28)

The data from the June 2022 Money and Credit Statistics published by the Central Bank of Nigeria (CBN) shows that the net credit to the economy rose to N57.3 trillion at the end of June 2022 from N48.5 trillion at the end of December 2021, indicating an 18.02 percent increase in the first half of 2022 (H1 […]

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Nigeria Economic Update (Issue 27)

According to the latest transport fare watch by the National Bureau of Statistics (NBS), the average cost of air transport was N55,906.86 in May 2022, an increase of 52.95 percent from N36,552.70 paid in May 2021.4 Similarly, the cost of an inter-city bus journey stood at N3,668.64, suggesting an increase of 47.3 percent from N2,490.60 a year ago. The […]

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Nigeria Economic Update (Issue 26)

Data from the Central Bank of Nigeria (CBN) shows that at the end of the first half of 2022 (H1 2022), Nigeria’s external reserves stood at US$39.16 billion.3 This indicates th at the external reserves grew by 1.8 percent from US$38.48 billion at the beginning of the month (June 1). At mid-year, the external reserve […]

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Nigeria Economic Update (Issue 24)

Data from the National Bureau of Statistics (NBS) shows that the average retail price of Automotive Gas Oil (Diesel) paid by consumers in Nigeria increased by 181 percent from N238.82 in May 2021 to N671.08 recorded in May 2022.4 On a month-on-month basis, the average retail price increased from N654.46 in April 2022, indicating a rise of 2.54 […]

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Data-Driven Enterprises in Africa: An Evaluation of Winners and Losers

The fact is that indigenous firms are still struggling to manage resources to invest in basic IT infrastructure. Hence data analytics adoption, which requires both human personnel and technical infrastructure, is often yet to be strategically considered, shelved for the future, or even when outsourced, it is often poorly managed and under-resourced. Others are also […]

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Nigeria Economic Update (Issue 22)

The value of capital importation into Nigeria in the first quarter of 2022 (Q1 2022) decreased to US$1.57 billion from US$2.19 billion recorded in the preceding quarter.1 When compared on a year-on-year basis to Q1 2021, capital importation decreased by 17.46 percent from US$1.91 billion. The largest inflow of capital importation by type was Portfolio […]

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Nigeria Economic Update (Issue 21)

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) met on the 23rd and 24th of May 2022 to deliberate on local and global economic development. At the end of the meeting, the MPC increased the Monetary Policy Rate (MPR) by 150 basis points to 13 percent from 11.5 percent1. However, the […]

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Africa: Opportunities for a robust COVID-19 recovery grounded on SDG 16

The COVID-19 pandemic has posed significant challenges for the African continent in achieving peace, justice and inclusive and effective institutions, including significant negative effects on economic, social and political conditions. This policy brief presents and discusses key trends on SDG 16 on the African continent, including: an increasing concentration and strengthening of executive power; shrinking […]

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Nigeria Economic Update (Issue 19)

In August 2019, the Nigerian government closed all land borders to check the smuggling of products, especially rice and petroleum products, and other illicit cross-border activities. In December 2020, sixteen months after the closure, the government began the phased reopening of land borders and started with four borders – Illela, Maigatari, Mfun, and Seme. Sequel […]

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Nigeria Economic Update (Issue 17)

sector According to the data on credit allocation by sector released by the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs) ‘s allocation to the agricultural sector rose to approximately N1.458 trillion in December 2021 from N1.049 trillion recorded in December 2020.1 This represents a 38.88 percent increase year-on-year. The CBN’s development financing initiatives, including the […]

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Maximizing Public Awareness for Participatory Data Governance in African Countries

A major argument for advocating for a participatory approach in developing Africa’s data policies and systems stems from the underlying drivers and principles guiding data governance. These principles cut across several themes such as human and digital rights protection, transparency and accountability, that are geared towards engendering greater confidence in the data ecosystem, for more […]

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Nigeria Economic Update (Issue 16)

The International Monetary fund (IMF), in its April 2022 Economic Outlook, has revised its growth projection upward for the Nigerian economy in 2022 to 3.4 percent.1 The IMF had earlier forecasted a 2.7 percent growth for the Nigerian economy in 2022, suggesting an increase of 0.7 percent point. Also, the forecast for 2023 was revised […]

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Nigeria Economic Update (Issue 15)

Based on the ravaging effects of the covid-19 pandemic, the 2021 Budget sought to reposition the Nigerian economy towards recovery, growth and resilience. The latest 2021 budget implementation report, the third quarter, released by the budget office of the federation (BOF), shows that the actual net revenue in the quarter was ₦1.93 trillion, and 8.3 […]

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