Nigeria Economic Update (Issue 46)

The average retail prices per litre of petroleum products such as Premium Motor Spirit (petrol), Automobile Gas Oil (diesel), and Household Kerosene (kerosene) generally increased in October 2023. According to the National Bureau of Statistics (NBS), the average price of petrol in October 2023 stood at N630.63, indicating an increase of about 0.71% compared with […]


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 […]


Nigeria Economic Update (Issue 40)

The Organization of Petroleum Exporting Countries (OPEC), alongside OPEC+, cut crude oil output by two million barrels per day (mb/d) to achieve market stability2. As a result, Nigeria’s oil output quota for November 2022 was reduced by 4.6 percent from 1.826 mb/d in August 2022 to 1.742 mb/d. This measure comes following the downward movement […]


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, […]


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 […]


Nigeria Economic Update (Issue 48)

The World Bank, at the launch of November 2021 edition of Nigeria’s Development Update discussed the state of Nigeria’s economy and made several policy recommendations. One of the notable suggestions was that of fixing the exchange rate policies in the country. According to the report, the existence of parallel rates in the foreign exchange market […]


Nigeria Economic Update (Issue 31)

According to the National Bureau of Statistics, the total value of capital importation declined by 54 percent from US$1,905.89 million in the first quarter of 2021 to US$875.62 million in the second quarter.⁴ Portfolio investments were the largest amount of capital importation accounting for 62.97 percent of total capital import and valued at US$551.37 million. […]


Are Conventional Monetary Policies Regulating the Nigerian Economy?

The commitment of the Central Bank of Nigeria (CBN) to stimulate the economy following the      distortions caused by the coronavirus pandemic prompted the decision to reduce the Monetary Policy Rate (MPR) from 12.5% to 11.5% . However, the cash reserve ratio was retained at 27.5% and the liquidity ratio at 30%.  The major goal of […]

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Nigeria Economic Update (Issue 50)

Data from the International Monetary Fund (IMF) shows that real GDP is projected to contract by 3.25 percent at the end of 2020 due to the negative impact of the COVID-19 pandemic.1 The economy is expected to recover with minimal growth of 1.5 percent in 2021 with output returning to its pre-pandemic level by the […]


Nigeria Economic Update (Issue 41)

President Muhammadu Buhari presented the Federal Government’s Proposal for the 2021 fiscal year before a joint sitting of the National Assembly. The proposed Revenue and Expenditure budgets are ₦7.89 trillion and ₦13.08 trillion respectively, representing a ₦5.20 trillion fiscal deficit.1 With an estimated Gross Domestic Product (GDP) of ₦1.43 trillion2, the fiscal deficit is 3.64 […]


Nigeria Economic Update (Issue 28)

Microsoft Word – Harvard help sheet The inflation rate for the month of June rose to 12.56 percent from 12.40 percent in May1. The rise in inflation was driven by a rise in all components of the headline index, as food sub-index rose by 0.14 percent to 15.18 percent and the core sub-index rose by […]


Nigeria Economic Update (Issue 33)

Recent reports suggest that a forex restriction on food imports into Nigeria will be implemented in the coming months1. The Apex bank had enlisted, in 2015, 41 items as invalid for foreign exchange at the Nigerian forex markets. This list is set to increase if the recent directive to ban forex for imported food items […]


Nigeria Economic Update (Issue 4)

The monetary policy committee provided policy parameters at the first meeting for the 2019 fiscal year, held on 21st and 22nd January, 20191. As presumed, all parameters were left unchanged at their current levels: MPR at 14 percent, CRR at 22.5 percent, liquidity ratio at 30 percent, and asymmetric corridor of +200/-500 basis points around […]