The International Monetary Fund (IMF) in its latest World Economic Outlook update for January, released last night, has reviewed upwards growth projections for Nigeria in 2023 from 3.0 per cent which was projected in October last year to 3.2 per cent as it retained the growth forecast for 2024 at 2.9 per cent.
 
Earlier this month, the World Bank further reviewed the country’s projected growth to 2.9 per cent from 3.1 per cent last year. The World Bank in its January Global Economic Prospects release had said Nigeria’s slower growth for 2023 and 2024 reflects the downturn in its oil sector as well as the aftermath of rising insecurity and flooding.
 
Improved growth projection for Nigeria by the IMF also impacted the forecast for Sub-Saharan Africa which saw a slight upward review from 3.7 per cent to 3.8 per cent in 2023, whilst 2024 remained at 4.1 per cent. Global growth is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024.
 
More details at:
https://leadership.ng/imf-reviews-nigerias-growth-upwards-to-3-2
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The United Nations has said the Nigerian economy will grow to three per cent in 2023 because of a robust commodities trade and dynamic consumer goods and services markets.
 
It stated that high inflation and power supply issues are affecting economic growth in the country. It disclosed this in its ‘The World Economic Situation and Prospects 2023’ report.
 
The report was produced by the United Nations Department of Economic and Social Affairs, in partnership with the United Nations Conference on Trade and Development and the five United Nations regional commissions: Economic Commission for Africa, Economic Commission for Europe, Economic Commission for Latin America and the Caribbean, Economic and Social Commission for Asia and the Pacific and Economic and Social Commission for Western Asia.
 
More details at:
https://punchng.com/un-projects-three-per-cent-economic-growth-for-nigeria

Africa’s economic growth will outpace the rest of the world’s economy over the next two years, the African Development Bank Group said in a report.
 
In a report titled, ‘Africa’s macroeconomic performance and outlook’, the continent’s real Gross Domestic Product was projected to average four per cent in 2023 and 2024, higher than projected global averages of 2.7 per cent and 3.2 per cent.
 
The report showed that all the continent’s five regions remained resilient with a steady outlook for the medium-term, despite facing significant headwinds due to global socio-economic shocks.
 
More details at:
https://punchng.com/africas-economic-growth-to-exceed-global-projection-afdb 

Nigeria’s economy has been projected to grow by +3.2 per cent year-on-year (y/y) in the 2023 fiscal year.
 
This projection is based on a positive forecast in the oil sector with favourable base effects and higher crude oil production of 1.53mb/d against the 1.37m b/d production of 2022E. Similarly, it is expected that the non-oil sector will remain positive with a +2.45 per cent y/y performance.
 
More details at:
https://businessday.ng/news/article/nigerias-economy-projected-to-grow-3-2-in-2023
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Analysts at the research department of Coronation Merchant Bank have said they expect the Nigerian economy to grow by 3.0 per cent this year. The analysts, who stated this while reacting to the Gross Domestic Product (GDP) data for Q3’22 recently released by the National Bureau of Statistics (NBS), predicted that domestic and external shocks will likely continue to constrain economic growth. The analysts said: “The latest national accounts released by the National Bureau of Statistics (NBS) show that GDP grew by 2.3 per cent y/y in Q3‘22 compared with 3.5 per cent y/y in Q2 ‘22. Meanwhile, on a q/q basis, it grew by 9.7 per cent, reflecting increased economic activity compared with the q/q contraction of -0.4 per cent recorded in the preceding quarter.
 
“The y/y moderation in growth can be partly attributed to base effects, the trickle-down effect of the Russian-Ukraine crisis impacting the prices of deregulated petroleum products (such as diesel and aviation fuel), select manufacturing inputs, and the impact of recent monetary policy rate hikes aimed at combating high inflation. The oil economy contracted by -22.7 per cent y/y in Q3, compared with –11.8 per cent y/y recorded in Q2. Meanwhile, the non-oil economy grew 4.3 per cent y/y in Q3 ’22 compared with 4.8 per cent y/y in Q2 ‘22.”
 
More details at:
https://www.newtelegraphng.com/analysts-predict-3-0-gdp-growth-for-nigeria-this-year
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Stanbic IBTC Bank’s Nigeria Purchasing Managers’ Index (PMI), which is compiled by S&P Global, rose to 54.3 in November from 53.6 in October, according to a report issued by the lender.
 
The report stated that business conditions continued to improve significantly in the Nigerian private sector during November amid improving demand and higher customer numbers, adding that firms expanded their purchasing activity and employment.
 
According to the report, readings above 50.0 signal an improvement in business conditions in the previous month, while readings below 50.0 show a deterioration. Specifically, the report said: “The headline PMI rose to 54.3 in November from 53.6 in October, pointing to a solid monthly improvement in business conditions in the Nigerian private sector. The health of the private sector has now strengthened in 29 successive months, with the latest improvement the most pronounced since April.
 
More details at:
https://www.newtelegraphng.com/report-nigerias-pmi-rose-to-54-3-in-november
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Nigeria’s Gross Domestic Product, GDP, fell quarter-on-quarter (QoQ) by 1.78 percentage points to 2.25 per cent in the third quarter of 2022 (Q3’22) from 3.54 per cent recorded in Q2’22.
 
NBS said: “The reduction in growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities. The Q3’22 growth rate decreased by 1.78 per cent points from the 4.03 per cent growth rate recorded in Q3’21 and decreased by 1.29 per cent points relative to 3.54 per cent in Q2’22.
 
However, QoQ, real GDP grew at 9.68 per cent in Q3’22, reflecting a higher economic activity in Q3’22 than the preceding quarter.
 
More details at:
https://www.vanguardngr.com/2022/11/nigerias-growth-momentum-slows-to-2-25-in-q322
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Over 200 different products ranging from manufactured, semi-processed, solid minerals to raw agricultural products were exported during the period under review. It may interest you to know that, unlike previous records, the export of Nigerian products is gradually shifting from its traditional agricultural exports to semi-processed/manufactured goods. Furthermore, of the top 15 exported products, Urea/Fertilizer recorded 32.49 per cent of total export while Cocoa Beans, Sesame Seed and Aluminum Ingots contributed 12.65 per cent, seven per cent and 5.07 per cent respectively within the same period. The country can do a lot more if more efforts are concentrated on removing non-oil export-identified constraints.
 
More details at:
https://punchng.com/non-oil-export-sector-has-performed-beyond-expectations-nepc-ceo
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The Executive Director and Chief Executive Officer (ED/CEO) of the Nigerian Export Promotion Council (NEPC), Ezra Yakusak, has announced that Nigeria’s non-oil export recorded the highest performance in 2022 with a total value of $2.59 billion.
 
The ED said the figure represented 62.37 per cent compared with $1.60bn recorded during the same period in 2021, adding that the non-oil export performance of the country had been on the onward movement within the last year notwithstanding the impact of COVID-19 on the economy in 2019 and 2020.
 
More details at:
https://dailytrust.com/nigerias-non-oil-export-rises-by-62-to-2-59bn-in-1-year
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There was a clear understanding from the report that the Northern consumer is unique in every way, characterised by a culture-influenced lifestyle, the importance of religion in daily choices and respect for social-cultural religious institutions and roles. “The Northern region accounts for 71 percent of the total land mass of Nigeria, 54 per cent of the total population and about 30 percent of the national GDP”, the report stated.
 
The report which examined the Northern market opportunities for marketers further gave an insight by providing the items the amount was spent on. It showed that $745 million amount was spent monthly on top seven personal care products such as toothpaste, beauty soap, perfume, body lotion, sanitary pads, deodorants and antibacterial soaps.
 
Providing a breakdown of the spending on drinks, the report said “53% of northern consumers consume some form of non-alcoholic drinks several times every single week, 66 per cent currently consume CSDs, 45 percent consume Malt drinks, 24 percent consume fruit-based drinks, 5 percent take wine products and 15% are consumers of Energy drink products. Over 60 percent have Zobo and unbranded milk products within their repertoire of drinks.”
 
More details at:
https://www.thisdaylive.com/index.php/2022/09/29/appraising-northern-market-and-its-spending-habits
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