Afriheritage Economic Statistics and News Updates

May 2, 2018



Real GDP (₦Billion) (2010 constant prices)

 ACTIVITY SECTOR 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017  Year
Agriculture  3,385.60 3,745.09 5,189.37   4,859.44 17,179.50
Mining and quarrying 1,356.85 1,501.30 1,814.24 1,359.32 6,031.72
Manufacturing 1,543.19 1,529.17 1,568.85 1,647.68 6,288.90
Transportation and storage 211.05 177.69 197.78 253.33 839.85
Information and communication 1,968.09 2,020.91 1,702.14 2,085.76 7,776.90
 GDP at 2010 constant price 15,797.97 16,334.72 17,800.73 18,563.50 68,496.92
Net Indirect Taxes on Products 121.69 142.71 228.67 221.65 714.72
GDP  Constant Market  Price 15,919.66 16,477.42 18,029.40 18,785.15 69,211.63


Real GDP Growth Rates

ACTIVITY SECTOR Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Year
 Agriculture 3.39 3.01 3.06 4.23 3.45
 Mining and quarrying -15.40 3.51 25.44 7.96 4.72
 Manufacturing 1.36 0.64 -2.85 0.14 -0.21
 Transportation and storage 10.55 -6.18 -6.25 16.57 3.86
 Information and communication 2.73 -1.15 -4.48 -1.46 -1.04
 Financial and insurance 0.67 10.45 -5.96 0.22 1.26
  GDP at 2010 constant price -0.91 0.72 1.40 1.92 0.83


Nominal GDP (Billion)

ACTIVITY SECTOR Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017  Year
Agriculture 4,686.22 5,210.15 7,198.21 6,857.98 23,952.55
Mining and quarrying 2,153.73 2,455.64 3,288.25 2,591.76 10,489.39
Manufacturing 2,422.50 2,438.59 2,516.86 2,666.53 10,044.48
Transportation and storage 443.59 378.61 421.16 544.13 1,787.49
Information and communication 2,974.67 3,042.61 2,559.90 3,140.38 11,717.56
Financial and insurance 939.75 1,013.59 895.97 986.47 3,835.78
GDP  Current Basic Price 26,028.36 27,030.25 29,451.30 31,209.14 113,719.05
Net Indirect Taxes on Products 200.50 236.14 378.34 372.64 1,187.62
GDP  Current Market  Price 26,228.85 27,266.39 29,829.64 31,581.78 114,906.66


Nominal GDP Growth Rates

ACTIVITY SECTOR Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 YEAR
 Agriculture 9.80 12.53 12.50 10.13 11.29
 Mining and quarrying 140.67 148.89 101.36 32.57 91.78
 Manufacturing 16.63 15.97 10.32 9.20 12.82
 Transportation and storage 28.30 2.17 0.58 24.10 13.60
 Information and communication 9.04 2.66 -2.66 -0.55 2.07
 Financial and insurance 13.83 17.68 -3.88 1.25 6.75
  GDP at current price 17.06 14.79 10.98 6.99 12.05




Average Inflation (CPI) for March is 13.3% easing from the 14.33% of February 2018 and 15.13% recorded in January 2018.


Exchange Rate – April 27th, 2018

Currency Official Exchange Rate Parallel Exchange Rate
Buying (NGN) Average (NGN) Selling (NGN) Buying (NGN) Average (NGN) Selling (NGN)
US DOLLAR 304.65 305.15 305.65 361 362 363
POUNDS STERLING 418.95 419.64 420.33 500 502 504
EURO 367.59 368.19 368.79 439 441 443


Monetary Policy Rate

The Monetary policy rate in Nigeria has remained unchanged (January-April) at 14%.

Oil Price

Crude Type Crude Price ($US) Date
Bonny Light (Nigeria) 74.03 27/4/2018
Mars (USA) 67.97 27/4/2018
Brent Crude (UK) 73.79 27/4/2018
OPEC Basket Prices 71.00 26/4/2018


Broad Money and Currency in Circulation

Broad Money for February 2018 stood at ₦24,019.09 billion, which was an increase from the ₦23,831,915.72 of January 2018. On the other hand, currency in circulation fell from ₦1,945.44 billion in January 2018 to ₦1,93734 billion in February 2018.


Financial Data

The opening balances of banks/discount houses for April 20th, 2018 is about ₦358.61 billion, and the net standing lending facility is ₦59.399 billion and the net standing deposit facility stood at ₦151.03 billion.

Stock Market Update

The highlights of the stock market as at April 28th, 2018 shows an All-Share Index of 41,244.89, from 3,863.00 deals valued at ₦2,795,012,333.09 with a volume of 319,342,703.00. Then the Equity capitalisation recorded ₦14,940,137,642,520.07, the Bond capitalisation ₦10,110,821,580,087.50 and the ETF Capitalisation is ₦7,634,820,397.34. Noteworthy is the fact that the top gainers were Nestle, Intbrew, and Mobil, while the losers, were Nestle, Intbrew and Mobil.



Economic issues

Niger rice cuts imports say FADAMA

According to the National FADAMA Co-ordinator Office, Niger state has contributed to the reduction of rice imports. Nigeria has been listed among the 16 top producers of rice with its local production valued at N684 billion. Niger state produced 545,700 metric tonnes (MT) of rice to top the national production output for last year’s wet season.

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‘Nigeria can attract investments by exporting skills’

The industrial training Fund (ITF) has described the skills gap in the country as a serious problem, saying the country could attract huge foreign investments by exporting skills. Director-General of ITF represented by director Information and Communication Technology, Mr. Dickson Onuoha, at the ITF 50th Human Resources Development Series in Lagos stressed the need for the collaboration of the federal, state and local governments and the private sector in a bid to bridge the skills gap and tackle the high unemployment rate in the country.

For more information:


Two modular refineries for inauguration in December

According to the Federal Government, 2 of the 38 modular refineries granted licences to operate in the Niger Delta region will be completed and ready for inauguration by December this year. It further said noted that the president Buhari’s administration’s engagement to establish modular refineries was part of the long-term plan to end the importation of petroleum products and to discourage illegal oil bunkering activities in the region.

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Credit bureaux stimulating business, economic growth – CBN

The Central Bank of Nigeria says aside of significantly reducing non-performing loans in the country’s financial system; credit bureaux have helped to stimulate the growth rate of business in the country as well as the economy at large. Apart from creating a credit culture, the CBN said credit bureaux have created a lower interest rate system, reduced the need for physical collateral, optimised decision making processes, helped people escape poverty and created access to better economic life.

For more information:


Political issues


Group seeks accountability in government

The Red Card Movement launched last week in Abuja has reiterated the need to promote transparency and accountability in government. The group also kicked off its phase one programmes meant to educate and sensitize citizens on their voting power. They said it would publish data from both local and foreign organisations that reflect the evidential failure of governance and corrupt leadership in the last two decades, third party evidence on the streets from citizens that show governance failure from the huge infrastructural gap.

For more information:


Yoruba KOYA kicks off crusade for restructuring

A Pan-Yoruba socio-cultural group, Yoruba KOYA Movement has kicked off a crusade across the South West, Nigeria aimed at championing the restructuring of Nigeria. The Yoruba group which staged a protest to the State house of Assemblies complex in Lagos, Oyo, Ogun, Osun and the Ekiti States, said it would not end until the house of parliaments in Yoruba land takes it upon themselves to champion the restructuring of Nigeria. The national organizing secretary, Mr Maxwell Adeleye, said the action tagged ‘Sit out for restricting crusade’ also warned the Federal government to commence the restructuring of the country or risk a mother of all mass action.

For more information:


Killings: Don’t play into hands of agents of disunity, Buhari begs Benue people

President Muhammadu Buhari has advised the people of Benue State against playing into the hands of those he described as enemies of the state. According to him, the continued act of mass killings and destruction in parts of the country and Benue State, in particular, was an evil design by enemies of peace to disunite the country.

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Soyinka urges youths to participate in politics

The Nobel laureate, Prof, Wole Soyinka, has advised the nation’s youths to be more serious about having representatives at the seat of power in the next political dispensation by participating in the election and ensuring that the youths are well represented in the government. According to Soyinka, the old ruling politicians had failed the country, as they had no answer to the disaster currently hitting the country.

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Developmental Issue(s)


LCCI seeks increased investment in health financing

Lagos chamber of commerce and industry (LCCI) president. Mr Babatunde Ruwase has urged private investors to scale up their participation in health financing. According to him, the target to minimise the global incidence of malaria and mortality rates cannot be achieved by government and international donor agencies alone.

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We are concerned about 16million jobless graduates, says ASUU

The academic staff union of Universities (ASUU) has expressed its displeasure over 16 million unemployed graduates and about 12 million children out of school. The union called on president Buhari to safeguard the future of Nigerians and protect them from being tagged “youths sitting down and waiting for freebies”.

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