Nigeria Biannual Economic Update, Fall 2018 PDF Download

Author: Weltbankgruppe
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Languages : en
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The Nigerian economy rema ...

Author: World Bank Group
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Languages : en
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The Nigerian economy remains dependent on the small oil sector (under 10 percent of GDP) for the bulk of its fiscal revenues and foreign exchange earnings. This makes Nigeria's balance of payments and government budgets vulnerable to volatilities in oil prices. Indeed, growth and investment in Nigeria have been negatively impacted by repeated oil-price driven boom-bust cycles. The oil price shock of late 2014 and its aftermath pushed the economy into recession and precipitated a major budgetary crisis at the national and state levels which brought to light the longer-term trend of weak domestic revenue mobilization. Nigeria's weak revenue mobilization has major implications for growth and development, including for improving its dire social service delivery outcomes. Thus, the country needs to take concrete steps to break its oil dependency to improve its economic and social outcomes. Oil revenues are recovering with increasing oil prices, but distributions to the tiers of government are constrained by the unbudgeted fuel subsidy and other deductions. The fuel subsidy, no longer an explicit first line deduction from oil revenues, mostly benefits the affluent and it is also widely-known that a portion of Nigeria's imported petrol is smuggled out to neighboring countries where petrol is more expensive. The constrained net oil revenues, combined with non-oil revenues that are constrained by limited tax policy reforms and are thus stagnated (relative to GDP), limit overall revenue realization, thus constraining budget execution and the build-up of fiscal buffers. The growth in the public debt stock between the first half of 2017 and the first half of 2018 was mainly attributable to the increased Eurobond issuances, some of which were used to liquidate costlier domestic short-term debt. The Nigeria Economic Recovery and Growth Plan (ERGP) 2017-2020 aims to achieve macroeconomic stability and economic diversification and there is thus the need to accelerate its implementation progress. The special focus topic for this report is on human capital development in Nigeria. Studies show that between 10 and 30 percent of the differences in per capita income between countries can be attributed to human capital. The economic burden of malaria alone in Nigeria, accounting for direct and indirect costs excluding mortality, is estimated at 13.5 percent of GDP. However, in the quest for sustainable growth, Nigeria, like many other countries, has underinvested in human capital. While physical capital remains critical, it does not fully account for improvements in growth.

Author: World Bank Group
Publisher:
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Category :
Languages : en
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Book Description
The Nigeria Biannual Economic Update is a product of the staff of the World Bank and has three broad aims. First, it reports on the key developments in the Nigerian Economy in the recent past Secondly, it summarizes the likely economic outcomes in the short-to-medium term, given the policy developments, and highlights key short-term risks and upside potentials. Finally, the Update provides a more in-depth examination of selected highly relevant economic issues. The Nigeria Biannual Economic Update is intended for a wide audience, including policy makers, business leaders, financial market participants, and the community of analysts and professionals engaged inNigeria's economy.

Author: Weltbankgruppe
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
The Nigeria Biannual Economic Update is a product of the staff of the World Bank and has three broad aims. First, it reports on the key developments in the Nigerian Economy in the recent past Secondly, it summarizes the likely economic outcomes in the short-to-medium term, given the policy developments, and highlights key short-term risks and upside potentials. Finally, the Update provides a more in-depth examination of selected highly relevant economic issues. The Nigeria Biannual Economic Update is intended for a wide audience, including policy makers, business leaders, financial market participants, and the community of analysts and professionals engaged inNigeria's economy.

Author: Weltbank
Publisher:
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Category :
Languages : en
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This economic update provides an overview of recent developments in the Nigerian economy.Low oil revenues and the lack of major tax policy reforms to significantly increase non-oil revenues led to large revenue shortfalls at all levels of governmentin 2016. Monetary policy remained accommodative, with broad money growth at 18.5 percent, driven by increased lending from the Central Bank to the Government to finance the budget deficit. After a sharp depreciation of the exchange rate following the June 2016 liberalization of the Naira,the Central Bank of Nigeria (CBN) maintained theinterbank exchange rate at around N 305 per USD. The chapter second describes the World Bank's view on Nigeria's economic outlook for 2017. The chapter third summarizes the findings of a forthcoming Bank report Toward Sustainable Growth in Nigeria: Empirical Analysis and Policy options, which analyzes the patterns of economic growth in Nigeria; the underlying determinants of growth from both a macro and micro perspective; and policy priorities tosupport higher growth. In addition, analysis of constraints to doing business and the impact of current trade policies highlights the need to improve access to finance, improve the reliability of power supply, and adjust trade policies to promote productivity growth.

Author: World Bank Group
Publisher:
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Category :
Languages : en
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Nigeria's emergence from recession remains slow: real GDP grew by 1.9 percent in 2018. While this was above the 0.8 percent growth of 2017, it was below the population growth rate, government projections and pre-recession levels. The oil and gas sector reverted to contraction from the second quarter of the year and the non-oil economy was thus the main driver of growth in 2018. While agriculture slowed down significantly due to conflict and weather events, whose effects were not counteracted by direct interventions by the Central Bank of Nigeria (CBN), non-oil, non-agricultural growth, which remained negative up to the third quarter of 2017 strengthened through 2018 - but remained weak - with services (primarily ICT) resuming as the key driver. As the oil sector is not labor-intensive, and the non-oil economy was still relatively weak, nearly a quarter of the work force was unemployed in 2018; and another 20 percent under-employed. With 3.9 million net entrants into the labor force (now 90.5 million people) during 2018 (up to September) (4.5 percent growth), but virtually no growth in the stock of jobs, unemployment rose by 2.7 percentage points since end-2017, and more than doubled compared to the pre-recession levels (9.9 percent in Q3 of 2015).

Author: Weltbankgruppe
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
Nigeria's emergence from recession remains slow: real GDP grew by 1.9 percent in 2018. While this was above the 0.8 percent growth of 2017, it was below the population growth rate, government projections and pre-recession levels. The oil and gas sector reverted to contraction from the second quarter of the year and the non-oil economy was thus the main driver of growth in 2018. While agriculture slowed down significantly due to conflict and weather events, whose effects were not counteracted by direct interventions by the Central Bank of Nigeria (CBN), non-oil, non-agricultural growth, which remained negative up to the third quarter of 2017 strengthened through 2018 - but remained weak - with services (primarily ICT) resuming as the key driver. As the oil sector is not labor-intensive, and the non-oil economy was still relatively weak, nearly a quarter of the work force was unemployed in 2018; and another 20 percent under-employed. With 3.9 million net entrants into the labor force (now 90.5 million people) during 2018 (up to September) (4.5 percent growth), but virtually no growth in the stock of jobs, unemployment rose by 2.7 percentage points since end-2017, and more than doubled compared to the pre-recession levels (9.9 percent in Q3 of 2015).

Author: Food and Agriculture Organization of the United Nations
Publisher: Food & Agriculture Org.
ISBN: 9251347549
Category : Technology & Engineering
Languages : en
Pages : 52

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The Food and Agriculture Organization of the United Nations (FAO) has developed this three-year strategy to strengthen resilience of agriculture-based livelihoods in Nigeria under recurring threats from both conflict and natural hazard-induced disasters to better withstand shocks and thrive. It integrates the pathways for resilience through four main outcome areas. The first one is the strengthening of the national institutions and their entities for disaster risk reduction, natural resources management and food crisis prevention and management in the agriculture sector. Secondly, it aims to inform agriculture-based livelihood interventions with reliable data, analysis and a well-established early warning system against known and emerging risks and hazards, for enhanced food security. Besides, the strategy aims to promote diversified, resilient and inclusive agriculture-based livelihood systems and also to improve and protect food security and nutrition, and agriculture-based livelihoods of crisis-affected populations.

Author: Marc J. Cohen
Publisher: Elsevier
ISBN: 044319307X
Category : Technology & Engineering
Languages : en
Pages : 370

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Book Description
Advances in Food Security and Sustainability, Volume Eight highlights new advances in the field with this new volume presenting interesting chapter on important topics such as Food Security, Diversification, and Inequality: Indonesia in the Era of Economic Recovery and High Price Trends, Oil Palm Cultivation and the Impact of Climate Change in Malaysia: A Systematic Review, Food Loss and Waste in Nigeria: Implications for Food Security and Environmental Sustainability, and the Role of different stakeholders and their relative importance in managing disaster. - Provides the authority and expertise of leading contributors from an international board of authors - Presents the latest release in the Advances in Food Security and Sustainability series

Author: Gbadebo Odularu
Publisher: Springer Nature
ISBN: 3030345521
Category : Business & Economics
Languages : en
Pages : 243

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Book Description
As the fourth industrial era evolves, the role of blockchain technology, Artificial Intelligence (AI), and machine learning in transforming national commerce cannot be overemphasized, especially with the expansion of e-commerce in Africa. In other words, technological advancement and innovation are becoming essential to many aspects of Nigerian businesses, thereby considerably enhancing trade and productivity. This book provides a primer on the role that digital technology may play in Nigeria’s trade flows, and the implications for enabling an economy-wide deployment of digitization in trade facilitation. This book analyzes the importance of STI’s contributions to the Nigerian economy, focusing on the transition to digital solutions and their potential to significantly increase trade and commerce. Since AfCFTA’s 2018 launch, academic and political responses to the automation of business have increased. Further, business promotion, aid-for-trade, regional integration and trade facilitation issues are at the forefront of business development policy and intellectual discourse in Nigeria. This book details Nigeria’s business opportunities, capacities and challenges with a special interest in sustainably enhancing the nation’s business ecosystem in the digital age. Through the examination of trade facilitation policies, programs, tools, models and technologies, this book demonstrates Nigeria’s need for strategic public-private partnership in digital trade to foster a more sustainable business future.