MACRO-ECONOMIC DATA as at July, 2017

Written by  PROPERTYGATE Published in Data & Information Monday, 03 July 2017 00:00
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This section of our website provides helpful general macroeconomic information on Nigeria

 GROSS DOMESTIC PRODUCT - NIGERIA

GDP (Annual)

GDP Per Capita (using an estimated population of 182 million)  

$463.78 billion (2016) 

2,548.20 

$481.07 billion (2015)

2,640.30 

$568.50 billion (2014)

3,203.30

 

 GDP

The nation's GDP contracted by -0.52% (year-on-year) in real terms in the first quarter of 2017 representing the fifth consecutive quarter of contraction since the first quarter of 2016. During the quarter, aggregate GDP stood at N26,028,356.03 million in nominal terms, compared to N22,235,315.29 million in first quarter of 2016, resulting in a nominal growth of 17.06% which was higher than the growth recorded in the first quater of 2016 (11.39%).

 

Source ~ National Bureau of Statistics

 

Annual Growth Rates

-1.51% (2016)

2.79% (2015)

6.22% (2014)

5.49% (2013)

185

 

 

GDP - Composition by Sector: Q1, 2017

Oil: 8.9%

Non-Oil: 91.1%

2bC

 

GDP Non-Oil Sector Contributions - Some Sub-Sectors

Sub-Sectors 2017 (Q1) 2016 (Q1) Remarks
Real Estate 7.01% 7.42% Decline
Construction 4.14% 4.00% Increase
Agriculture 18.00% 19.19% Decline
Trade 20.20% 21.57% Decline

 

16

Oil sector growth slowed by -11.64% (year-on-year) in the first quarter of 2017 representing a decline of -4.81% relative to the rate recorded in the corresponding quarter of 2016. The oil sector contributed 8.90% of total GDP in the first quarter of 2017, down from the figures recorded in the corresponding period of 2016 (10.02%) and up from the preceding quarter (6.75%).

Non-oil sector growth was largely driven by the activities of the Agriculture Sector (Crop Production), information & communication, manufacturing, transportation, and other services. The non-oil sector grew by 0.72% in real terms during the reference quarter. The non-oil sector contributed 91.10% to the nation's GDP, higher from the share recorded in the first quarter of 2016 (89.98%) but lower than the share recorded in the fourth quarter of 2016 (93.25%).

The construction sector grew by 21.25% in nominal terms (year-on-year) in the first quarter of 2017, an increase of 20.11% points compared to the rate of 1.14% recorded in the same quarter of 2016. It contributed 4.17% to the total real GDP in the first quarter of 2017, higher than its contribution of 4.14% in the previous year.

The real estate sector grew by 10.57% in the first quarter of 2017 in nominal terms, higher by 9.95% points than the growth rate reported for the same period in 2016 and also higher by 8.67% points comparted to the preceding quarter. The sector contributed 6.32% to real GDP in the first quarter of 2017, lower than the 6.48% it recorded in the corresponding quarter of 2016 and still lower than the 7.63% in the preceding quarter.

The nominal year-on-year growth rate of trade in the first quarter of 2017 stood at 9.58%. This indicates a drop by 3.92% points and 4.99% points when compared to the first and fourth quarters of 2016 respectively. Trade's contribution to the GDP was 17.78%, lower than the 18.25% it represented in the previous year, but higher than the 16.73% recorded in the fourth quarter of 2016.

In the first quarter of 2017, Agriculture contributed 18.00% to nominal GDP, which is lower than the rates recorded for the first and fourth quarters of 2016 at 19.19% and 21.35% respectively. The sector in the current quarter contributed 21.35% to the overall GDP in real terms.

Source ~ National Bureau of Statistics

 

BOND MARKET OPERATION (2017 Q1)

FGN 2021 16.24%
FGN 2027 16.24%
FGN 2036 16.04%

 

T-Bills (2017 Q1)

90 days 18.66%
181 days 19.62%
365 days 22.87%

 

POPULATION

COUNTRY YEAR

NUMBER

NIGERIA

2016

182,000,000


Age Structure of Population

0-14 years: 42.79% (male 40,744,956/female 38,870,303)

15-24 years: 19.48% (male 18,514,466/female 17,729,351)

25-54 years: 30.65% (male 29,259,621/female 27,768,368)

55-64 years: 3.96% (male 3,595,293/female 3,769,986)

65 years and over: 3.12% (male 2,754,040/female 3,047,002) (2016 est.)

Population growth rate

2.44% (2016 est.)

Median age

Total: 18.3 years

Male: 18.2 years

Female: 18.4 years (2016 est)

Birth rate

37.3 births/1,000 population (2016 est.) 

Death rate

12.7 deaths/1,000 population (2016 est.)

Infant Mortality Rate
Total: 71.2 deaths/1,000 live births

Male: 76 deaths/1,000 live births

Female: 66.2 deaths/1,000 live births (2016 est.)

Life Expectancy At Birth

Total: 53.4 years

Male: 52.4 years

Female: 54.5 years (2016 est.)

Total Fertility Rate

5.13 children born/woman (2016 est.)

 

MONEY MARKET INDICATORS

INFLATION RATE (%)


 March 2017

 April 2017

May 2017

All Items (Year on Change)

17.26

17.24 

16.25

All Items (12 Month Average Change) 

17.32 

17.59

 17.63

0a

 

CBN OFFICIAL EXCHANGE RATES AS AT JULY 04, 2017

=N=

$ USD (US Dollar)

305.45

£ GBP (Great Britain Pound)

394.9469

€ EUR (Euro)

346.8079

 

 

AUTONOMOUS MARKET EXCHANGE RATES AS AT JULY 04, 2017

=N=

$ USD (US Dollar)                                  365
£ GBP (Great Britain Pound) 462.5
€ EUR (Euro) 407.5

 

 

LENDING RATES (%)

                                                                               MONTH

 

March 2017

April 2017

May 2017

Inter-Bank Call Rate

13.11

64.58

21.29 

Minimum Rediscount Rate (MRR)

----   ----  ----

Monetary Policy Rate (MPR)

14.00

 14.00

14.00 

Money Market Fund

18.09 18.09 18.09

Treasury Bill Rate

22.87

 22.87

13.50 

Savings Deposit Rate

4.23 

4.24 

4.08 

1 Month Deposit Rate

8.58

8.87 

8.73 

3 Months Deposit Rate

9.11

9.46

9.41

6 Months Deposit Rate

10.56 10.64 10.57 

12 Months Deposit Rate

10.57

10.38  11.33

Prime Lending rate

17.43 17.44 17.58

Maximum Lending Rate

30.18 30.31 30.75 

Source ~ CBN

 

 

Sources: National Bureau of Statistics, World Bank, Central Bank of Nigeria, Autonomous Market

 

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