GDP posted a 6.56% y/y growth in 1Q13. Nigeria's gross domestic product expanded by 6.56% y/y in the first quarter of the current fiscal year, up by 22bps from 6.34% recorded in the corresponding quarter of 2012. We however note that the growth in 4Q12 ou
The National Bureau of Statistics (NBS), in collaboration with the Central Bank of Nigeria (CBN) had, since 2005, been conducting Establishment Sur-veys to provide data for the estimation of the Gross Domestic Product (GDP) for the country. In 2008, the t
In April 2013 the Consumer Price Index (CPI), which measures inflation, rose by 9.1 percent year-on-year (compared to 8.6 per cent in March).This is the fourth consecutive month of single digit year-on-year rates being recorded, and the first time this ha
In expectation of the May 20th and 21st MPC meeting, we highlight our views on the factors which in our opinion will shape the decision of the committee. The MPR was retained at 12% in the last 9 consecutive meetings and the possibility of a further reten
As part of activities to improve the long standing bi-lateral trade relations between the United Kingdom and Nigeria, MP Shadow Secretary of State Mr Chuka Umunna led a trade delegation to visit Nigeria on a strategic trade mission.
I am delighted to be here with you today and to have the opportunity to make a few remarks on infrastructure, which is a major challenge facing the African continent. I thank the World Economic Forum (WEF) for creating the environment and providing the pl
In continuation of his efforts to promote rapid national economic growth and development, President Goodluck Jonathan will lead key members of Nigeria's Economic Management Team to this week's World Economic Forum on Africa in Cape Town where regional a
The link between inflation and interest rates in Nigeria has not been more controversial than in the last quarter. The market had anticipated and second-guessed the MPC and the CBN Governor many times. In most or all cases, the forecasts have been wrong.
The Central Bank of Nigeria (CBN) monetary policy committee has maintained an unwavering position on the monetary policy rate for some time now. The borrowing rate, for some times now, has been kept as high as 12% as a result of inflationary pressure in t
The CBN has mopped up over N4trn or 25% of money supply from the system. Conventional logic suggests that interest rates should have increased significantly. However in reality, interest rates have remained low and are trending downwards. The next MPC mee
The present socio-economic challenges facing the country , from security concerns, political agitations, rising unemployment and fiscal management of the economy remains a small price we have to play to get the country on the right path; where more seriou
The national headline inflation rate slowed to 8.6% year-on-year (y-o-y) in March from 9.5% in February, consistent with our earlier forecast of 8.7%. This 0.9% decline in the headline infla-tion rate makes the current CPI the lowest since April 2008 (8.
Headline inflation records a 5-year low as it dips to 8.60 per cent. Nigeria's inflation rate eased significantly to 8.60 per cent y/y in March 2013 (fig. 1). This was 90 bps lower than the 9.50 per cent recorded in the preceding month.
In March 2013, the Consumer Price Index (CPI) which measures inflation rose by 8.6 per cent year-on-year (compared to 9.5 per cent in February). Relative to February, the relatively slower rise in the headline index could primarily attributable to base ef
Recently, the International Monetary Fund (IMF) has categorically come out this week to state that AMCON should be closed as it creates a moral hazard in our financial system which is something also mentioned in their referenced article. AMCON has now co
The monthly FDC's Lagos urban price index in March declined slightly by 0.05% to 12.72% from the 12.77% recorded in February 2013. The slight moderation in the urban index could be attributed to the non-food index declined by 0.37% in March from 8.86% in
The IMF Article IV Consultation and review is a very important and extremely useful tool for IMF member countries and market analysts. It is a tool used to evaluate the effectiveness and context of a countrys economic policies and management in dealing w
The NBS reports that prices rose 9.5% YoY in February 2013 50bps higher than the January reading while MoM headline inflation rose 0.75% - 13bps higher than the previous month. The YoY reading bucks the downward trend over the last three months largely
Mallam Sanusi Lamido Sanusi, the bold and courageous CBN Governor announced his intention not to seek reappointment in 2014. This only formalizes speculation that he is not interested in a second term.
Output growth in the global economy decelerates by 60bps. Due to continued contraction in the Euro zone and slowdown of output in some advanced countries, the past year was characterised by weak growth performance as global output expanded by 3.2% y/y i.e
President Goodluck Jonathan used the platform of today’s opening session of the Nigeria Summit, an initiative powered by The Economist to reassure Nigerians that his Government is committed to the transformation agenda set out to reposition the country a
Timely, reliable, comparable and accurate information on demographic conditions is a key ingredient in national development planning. In addition, comparable and reliable demographic statistics are needed to measure progress towards the Millennium Develop
The MPC meets on Monday in what is being described as its most anticipated meeting in recent times. Whilst the public outcry for interest rate reduction has been deafening on the one hand, the CBN Governors warning that a premature lowering of rates coul
Nigeria's growth in 2012 came in at 6.58%. This is lower than expected but higher than the 5.5% average for Sub-Saharan Africa. One major reason for the suboptimal growth was that policymakers underestimated the impact of the subsidy reduction on the purc
GDP recorded 6.99% y/y growth in 4Q12. Nigeria's gross domestic product grew by 6.99% y/y in the fourth quarter of 2012, down by 77bps from 7.76% recorded in the corresponding quarter of 2011. We however note that the growth in 4Q output outstrips that of
It is with great pleasure that I present to you today, the 2013 Federal Government Budget. I thank Mr President, my colleagues and the Honourable Members of the National Assembly for their contributions to the planning, preparation, passage and signing in
The NBS reports that prices rose 0.6% MoM in January 2013, bringing the YoY inflation rate to 9%. The decline largely bears out much-anticipated base effects from January 2012 when the partial removal of petroleum subsidies spurred a 3.3% MoM jump in in
The National Bureau of Statistics (NBS), in collaboration with the Central Bank of Nigeria (CBN) had, since 2005, been conducting Establishment Surveys to provide data for the estimation of the Gross Domestic Product (GDP) for the country. In 2008, the tw
Based on theory and practical examples, economic development progresses through three distinct phases; first, the subsistence stage where economic activities are largely crude and dependent on agricultural production and natural resources
Inflation rate sheds 300bps to 9%. Inflation rate in Nigeria recorded a significant decline to 9% y/y in January 2013 - 300 basis points lower than 12% recorded in December 2012; this is the highest y/y decline in inflation rate since April 2008. The lowe
The composite Consumer Price Index (CPI) which measures inflation rose to 9.0 per cent year-on-year In January (compared to 12.0 per cent in December). Year-on-year, the relative moderation in the headline index during the month of January was exhibited i