production

Nigeria Economic Update (Issue 11)

Following the food inflation of 17.1 percent in February 2022, the Selected Food Price Watch of the National Bureau of Statistics (NBS) indicates an increase in the average cost of most food items, including beans, sliced bread, groundnut oil, and tomato2. The average price per kg of beans rose by 50.1 percent from N331.5 in February […]

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Nigeria Economic Update (Issue 44)

The manufacturing and non-manufacturing Purchasing Managers’ Index (PMI) for the month of October showed a slowing contraction relative to previous months, making it the 7th consecutive month both indices have been below the 50-index point benchmark.1 Manufacturing PMI increased from 46.9 index points to 49.4 index points while non-manufacturing increased from 41.9 index points to […]

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Nigeria Economic Update (Issue 02)

Recently, oil price surpassed US$70 per barrel due to the heightened threat to energy facilities in the Middle East. As the tension between the United States and Iran increases with the US threatening to attack Iran’s oil installations, there has been a significant rise in oil prices from US$64 to US$72 between December 2019 and […]

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Nigeria Economic Update (Issue 44)

At N4,401.91 billion or 7.7 per cent of GDP, gross federally collected revenue for the first half of 2018 was 33.7 percent below the proportionate budget estimates but 47.1 percent above the level recorded in corresponding period of 2017.1 The difference in revenue, relative to the proportionate budget estimates, was driven by shortfalls in both […]

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Nigeria Economic Update (Issue 40)

The World Bank’s recent Africa Pulse publication reveals a revised 2018 growth rate forecast for Nigeria from the earlier projected 2.1 percent to 1.9 percent1 – representing a slight downward review. The revision was premised around what the institution termed “sluggish growth” amid rising debts, and a myriad of factors including declining oil production, disruptions […]

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