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August 3, 2015

Volume 1 April 2014

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Nigeria Economic Update (Issue 18)

Inflation rate continued its upward trajectory in the week under review. Specifically, the Consumer Price Index (CPI) increased by 1.39 per cent, from 11.38 per cent in February to 12.77 per cent in March, 20161. Remarkably, this is the highest rate since July 2012, representing a 4-year high. While both components of the CPI rose in the period, the food sub-index was largely the main driver of the increase in the CPI, with a growth rate of 1.39 per cent between February and March. The persistent scarcity in petroleum products, especially Premium Motor Spirit (PMS), has increased transportation costs and the price of food items.

Africa Economic Update (Issue 4)

International Monetary Fund (IMF) revised down growth forecast for Sub-Saharan Africa by 0.2 percentage points, while retaining growth estimates for Nigeria and South Africa in 2017. Precisely, growth rate forecast for Africa was reduced from 2.8 percent in January 2017 forecast to 2.6 percent in April 2017 forecast while growth estimates were retained at 0.8 percent for both South Africa and Nigeria. In contrast, global economic growth outlook was increased by 0.4 percentage points from 3.1 percent to 3.5 percent within the same period. Growth in Sub-Saharan Africa is hampered by adverse cyclical and supply side factors, weak fiscal buffers and rising public debt amongst non-commodity exporters as well as severe drought was experienced in Eastern and Southern Africa