Nigeria

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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Nigeria Economic Update (Issue 43)

According to the 2022 global hunger index (GHI) report, Nigeria ranked 103rd out of 121 countries, suggesting Nigeria’s weak and fragile food system.3 The GHI is a tool for measuring and tracking hunger at global, regional, and national levels. It is calculated based on the values of four component indicators – undernourishment, child wasting, child […]

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Nigeria Economic Update (Issue 41)

Data from the Central bank of Nigeria (CBN) shows that Nigeria’s external reserves dropped to $37.9 billion as of Wednesday, October 12, 2022, from $38.8 billion on September 12 2022.1 The decline is due to CBN’s continuous intervention in the exchange rate market and dwindling export earnings. There has been an increase in the demand […]

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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 […]

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Nigeria Economic Update (Issue 39)

Following its 287th meeting on the 26th and 27th of September 2022, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) raised the monetary policy rate (MPR) by 150 basis points from 14 percent to 15.5 percent.1 Making it the third successive increase on the MPR in 2022 to rein in inflation. […]

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Nigeria Economic Update (Issue 38)

In August 2022, the total net domestic credit was N61.2 trillion, increasing by 33 percent from 46 trillion in August 2021.2 Net domestic credit comprises credit to the government and credit to the private sector. About two-thirds of the credit went to the private sector and the remaining to the government. In August, the total credit […]

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Nigeria Economic Update (Issue 37)

According to the National Bureau of Statistics (NBS), the prices of energy products increased further in August. The average retail price of a litre of petrol increased by 14.89 percent to N189.46 in August 2022 from N164.91 in August 2021.1 The price of a 5kg Cylinder of Cooking gas rose by 101.17 percent to N4,397.68 in August 2022 […]

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Nigeria Economic Update (Issue 35)

Nearly one year after the launch of the eNaira project, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, at the Grand Finale of the eNaira Hackathon, announced the commencement of the second phase of the project1. In October 2021, the CBN introduced the eNaira wallet to enhance financial inclusion. As of August 2022, […]

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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 33)

Data from the Central Bank of Nigeria (CBN) shows that as of 17th August 2022, the official exchange rate of Naira to the US dollar was N420.83 for a dollar suggesting a N5.15 depreciation compared to the N415.68 reported at the end of the previous month (July).2 This fall in value of the domestic currency can be attributed […]

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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 25)

Data from the National Bureau of Statistics (NBS) show that in the first quarter of 2022, Nigeria’s value-added tax (VAT) collected by the Federal Inland Revenue Service (FIRS) stood at N588.6 billion, representing an 18.6 percent increase compared to the N496.5 billion collected in Q1 2021.3 Decomposing the aggregate VAT revenue by classification indicates that local non-import […]

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