Nigeria Economic Outlook - 719 Words

Introduction This document will discuss economic concerns of Nigeria. Specially addressed will be the following: Nigeria’s economic outlook, gross domestic product, inflation, and deprecation of the naira. This paper will conclude with a summary of this discussion. Nigeria Economic Outlook Nigeria’s parliament approved the 2017 budget in May. The economy falling from low oil prices, which have led to recession, a plummeting naira and a spike in inflation, the budget aims to jumpstart growth by ramping up capital spending on roads, rail, ports and power. The significant fiscal shortfall is set to be plugged by a mixture of loans and bonds, although with foreign investors skittish, the government may have to turn to more domestic financing,†¦show more content†¦Clearly a lot needs to be done to make tax compliance less onerous for the average taxpayer. Inflation Nigerias consumer prices increased 17.24 percent year-on-year in April of 2017, easing slightly from a 17.26 percent rise in the prior month. The inflation rate fell for the third straight month to the lowest in nine months, led by a slowdown in prices of housing and utilities and transport (Wilson, David, Inyiama, Beatrice, 2014). annual core inflation rate was 14.75 percent, the lowest since April last year. On a monthly basis, consumer prices increased 1.60 percent. Inflation Rate in Nigeria averaged 12.38 percent from 1996 until 2017, reaching an all-time high of 47.56 percent in January of 1996 and a record low of -2.49 percent in January of 2000. Compared to April of 2016, prices went up at a slower pace for housing and utilities (16.05 percent vs 18.85 percent) and transport (14.91 percent vs 15.43 percent). Meanwhile, cost rose faster for food (19.30 percent vs 18.44 percent), including bread ,cereals, meat, fish, potatoes, yams and other tubes, coffee, tea and cocoa, milk cheese, eggs, oils and fats. Yet, food inflation hit the highest since February of 2009. Also, prices advanced for clothing and footwear (17.10 percent vs 16.65 percent), furniture and household equipment (12.84 percent vs 12.47 percent), health (10.66 percentShow MoreRelatedThe Effect Of Macroeconomic Indicators On Economic Growth On A Petrol Dollar Economy Essay1391 Words   |  6 PagesTHE EFFECT OF MACROECONOMIC INDICATORS ON ECONOMIC GROWTH IN A PETROL-DOLLAR ECONOMY: THE NIGERIAN EXPERIENCE 1. Introduction The Central Bank of Nigeria Act of 1958(CBN) vested the monetary policy powers of economic stability on the apex regulatory bank (CBN).Since our independence in 1960,CBN has operated a fixed exchange regime which was at various times was at par with the British pounds and later the United States Dollar. 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