Economic Review (July - December 2021)
Nigerian economy picked up in 2021 after the country exited the 2020 recession in the fouth quarter of 2020. The fourth qaurter report of NBS in 2021 revealed the fifth positive growth after the recession, which reflected the return of economic activities in the country. Although,...
Economic Review (January - June 2021)
Nigeria economy entered a recession in 2020 after 2 consecutive negative growth of -6.1 percent and -3.62 percent in second and third quarter of 2020 due to fall in crude oil prices on account of fall in global demand and containment measures to fi ght the spread of COVID–19. The Nigerian Government took numerous health, social, and economic measures to cushion the impact of COVID-19. Although, some of the policy responses have weaknesses and are not commensurate with the magnitude of the problem but the economy quickly revamped in fourth quarter of 2020 with a growth rate of 0.11 percent.
According to the World Bank projection, Nigeria economy was projected to grow by 1.8 percent in...
Economic Review (July - December 2020)
Nigeria faced exchange rate crisis in year 2020, which started in the first quarter of the year with the drop in oil prices due to disagreement between two of the world’s largest producers of oil, Saudi Arabia and Russia, on how to proceed concerning oil supply cuts. This triggered a price war that pushed oil prices to crash to as low as under zero dollars. In addition, the world fully became aware of the COVID-19 pandemic, which has since affected millions of people globally and killed hundreds of thousands.
These twin events had negative impact on Nigeria’s economy as an economy that is highly dependent on crude oil. The oil price war made...
Economic Review (January - June 2020)
Advanced economies were projected to decline by -7.0 percent in 2020 by the World Bank, while IMF was more pessimistic with a negative growth rate of 8.0 percent in the year. However, based on projections of the World Bank and IMF, output of advanced economies will grow by 3.9 percent and 4.8 percent in 2021 respectively.
The Emerging and Developing Economies (EMDEs) is projected to decline by 2.5 percent by the World Bank and 3.0 percent according to the IMF projection for 2020. However, recovery is...
...The Nigerian economy decelerated to negative growth in the second quarter 2020 following 12 consecutive positive quarterly economic growth with an average growth rate of -2.12 percent in the first half of 2020. The economy recorded negative growth across sectors with only 13 sectors recording positive growth in the second quarter of the year. In view of the new normal imposed on...
ECONOMIC REPORT & OUTLOOK - Q4 2019
2019 FOURTH QUARTER ECONOMIC REPORTS & OUTLOOK FOR 2020
Economic Review (January - December 2016)
Global and Nigerian Macroeconomic Highlights
Global output growth forecast for 2016 was 2.4 percent and 3.2 percent by the World Bank and International Monetary Fund (IMF) respectively. In the year 2017, global output growth was projected by the World Bank at 2.8 percent while the IMF has a projection of ...