oil

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 […]

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Nigeria Economic Update (Issue 47)

The latest monthly oil market report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC) indicates that Nigeria’s crude oil production increased from 938 thousand barrels per day (tb/d) in September to 1,014 tb/d in October 2022.1 The increase is coming a few weeks after the federal government launched full-blown combat against oil theft in […]

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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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Fiscal Analytic Snapshot: Nigeria

This brief provides an analytical snapshot of the economy and public finances in Nigeria. It is based on publicly available data produced by the Government of Nigeria, and a range of secondary analyses. It is part of a package of 6 country briefs commissioned by the Bill and Melinda Gates Foundation (BMGF) and is intended […]

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Nigeria Economic Update (Issue 18)

According to the Organization of Petroleum Exporting Countries (OPEC) May 2022 oil report, Nigeria’s oil production fell in April 2022.1 The report shows that Nigeria produced an average of 1.22 million barrels per day (mb/d) of crude oil in April 2022. This production level is approximately 18,000 barrels per day (b/d) lower than 1.24 mb/d […]

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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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Nigeria Economic Update (Issue 8)

Data from the Central Bank of Nigeria (CBN) revealed that crude oil price rose above $100 in February 2022 and has exceeded its historical price since 20143. The rise in crude oil is mainly due to the shortage of supply and the ongoing crisis between Russia and Ukraine, which has heightened the level of uncertainty […]

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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 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 26)

Crude oil price increased to the highest since 2019 while external reserve decreased in the week under review. The price of Nigeria’s bonny light increased by 3.5 percent to an average of $76.4 per barrel in the week under review.3 Despite the increase, external reserve fell by $246.9 million to an average of $33.59 billion. […]

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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 […]

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Understanding the impact of the COVID-19 outbreak on the Nigerian economy

With 1.39 million coronavirus cases  and 79,382 deaths globally, the world continues to battle the COVID-19 pandemic. Even before the outbreak, the outlook for the world economy—and especially developing countries like Nigeria—was fragile, as global GDP growth was estimated to be only 2.5 percent in 2020. While many developing countries have recorded relatively fewer cases—Nigeria currently has 238 confirmed cases and 5 […]

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2019 BENCHMARKING EXERCISE REPORT

The 2019 Benchmarking Exercise Report (BER) is produced by the Nigerian Natural Resource Charter (NNRC) in partnership with a consortium of Think Tanks and Civil Society Organisations (CSOs) comprising the Centre for the Study of the Economies of Africa (CSEA), Centre for Public Policy Alternatives (CPPA), We the People: Centre for Social Studies and Development […]

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Nigeria Economic Update (Issue 21)

The value of non-oil exports increased in the first quarter of 2019. According to the latest CBN quarterly economic report, non-oil exports totalled up to US$1.26 billion in 2019Q11, indicating 14.9% quarter over quarter (QOQ) increase and 41.2% year-on-year growth rate. Significant increases were observed in and driven by receipts from all reported sectors, however, […]

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State-owned enterprises

The Nigeria Natural Resource Charter (NNRC) Benchmarking Exercise Report (BER) 2017[1] assessed the operational activities in the nation’s oil and gas sector between 2015 and 2017 against the Natural Resource Charter[2]. The exercise sought to unveil the true state of oil resource extraction, governance, and transparency among others based on a set of underlying economic […]

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