Key Macro-Economic Highlights

Key Macro-Economic Highlights (February 2017)

The Nigerian Economy: Headline Inflation increased by 0.17% to 18.72% in January 2017 from the previous month. Though the magnitude and direction of the increase was contrary to expectations, a decomposition of the inflation numbers shows an imminent reversal in the inflation trend as core inflation is expected to fall from key sectors such as Food and Health.

Key Macro-Economic Highlights (March 2017)

The Nigerian economy is beginning to show good signs with Forex reserves growing, increased FX supply, declining Year-on-Year inflation & peace prospects in Niger Delta. Economic Recovery and Growth Plan (ERGP): The plan is expected to deliver on 5 key broad outcomes, namely: a stable macroeconomic environment; agricultural transformation and food security; sufficiency in energy (power and petroleum products); improved transportation infrastructure and industrialization focusing on small and medium scale enterprises.

Key Macro-Economic Highlights (April 2017)

Nigeria to grow by 0.8% in 2017: According to a revised report by the International Monetary Fund (IMF), growth rates is expected to reach 0.8% in 2017. IMF has also forecasted 2.6% growth in sub-Saharan Africa this year, aided by a modest recovery in large economies South Africa, Nigeria and Angola. Growth is projected to rise to 2.6% in 2017 and 3.5% in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016.

Key Macro-Economic Highlights (May 2017)

The Nigerian Budget: The 2017 fiscal budget has been approved in May 2017. With the economy reeling from low oil prices, which have led to recession, a plummeting naira and a spike in inflation, the budget aims to jumpstart growth by increasing capital spending on infrastructural development. In a bid to wean the economy of its dependence on oil, the government has announced an Economic Recovery and Growth Plan (ERGP), with specific measures for the ailing energy sector.

Key Macro-Economic Highlights (June 2017)

World Bank approves $961mn for Nigeria’s economic recovery plan: The World Bank has approved $961mn loan to support the implementation of Nigeria’s Economic Recovery and Growth Plan 2017-2020. The Better Education Service Delivery for All will receive $611mn out of the total fund for the Economy Recovery Plan. The programme aims to bring out-of-school children into the classroom, improve literacy, and strengthen accountability for results in basic education.