Reviews & Outlooks | |
Reviews & Outlooks | |
5042 VIEWS | |
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Friday,
January 19, 2018 /10:45 AM /NESG
In 2017, the
Nigerian economy recovered from its recessionary trend as Gross Domestic
Product (GDP) growth bounced back into the positive territory from -0.9% in the
first quarter to 0.72% and 1.4% in the second and third quarters, respectively.
The year also saw improvements, albeit modest, in key economic indicators such
as inflation, which closed the year at 16% from 18.6% in December 2016;
external reserves, which rose to over US$38 billion and exchange rate, which
remained relatively stable during the year.
In addition,
Nigeria recorded significant improvement in the World Bank’s Ease of Doing
Business ranking, moving up 24 places to 145th from 169th in the previous year.
Whilst these achievements are laudable, key socio-economic indicators did not
fare well.
For instance, the
latest report of the National Bureau of Statistics (NBS) showed that
unemployment and underemployment rate rose from 35.2% in 2016Q4 to 40% as at
2017Q3, implying that over 4 million Nigerians lost their jobs in the same
period. Likewise, over 85 million Nigerians lived below the national poverty
line, even as Nigeria remains in the category of countries with low Human
Development Indicators (HDI), according to the World Bank’s HDI Report.
This points to one
fundamental fact that Nigeria’s economic growth needs to be inclusive to
provide employment opportunities and lift millions out of poverty.
Considering
the urgent need to address the apparent dilapidating socio-economic fabric of
the Nigerian state, the NESG’s Macroeconomic Outlook Report for 2018 emphasises
the need for Nigeria to set a sustainable path in achieving inclusive growth
and development in 2018 and beyond.
In
setting out key policy directions towards achieving this goal, the report
examines three pillars of inclusive growth and proposes policy measures to
achieve broad-based and sustained growth in 2018 and beyond. In addition to a
macroeconomic review of the Nigerian economy in 2017, this report provides
forecast for key economic variables premised on plausible economic dynamics in
2018.
Finally,
the report examines government policies, events and interventions that would
shape economic outcomes in 2018. This report is unique in the sense that it
introduces a Policy Efficiency variable, which examines the efficacy of
the Nigerian government to implement the proposed reforms that will lead to
inclusive growth.
Download
Full Report Here
1. NESG 2018 Nigerian economic outlook:Salami harps on
inclusive growth
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3. Outlook 2018 - On Thin Ice; Charting a Course to Solid
Grounds
4. NSR H1 2018 (4)- Commodity prices crater from supply glut
5. FY 2018 Outlook - A Rising Tide
6. NSR H1 2018 (3)- Constructive Flows to EMs But Headwind
Prospers
7. NSR H1 2018 - Africa Economy Back From The Brink
8. Nigeria Outlook 2018 - The Silver Lining?
9. NSR H1 2018 (1) - Growth: Riding on the Swing of Improved
Fundamentals
10. 2017 At a Glance and What to Expect in 2018
11. Nigeria’s Economic Indicators in 2017
12. Nigeria 2018 Outlook: Acta Non Verba
13. Nigeria needs robust reserve buffers to manage cyclical
shocks - Ayo Teriba