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Nigeria: Economic Dashboard @ 150121 Proshare Nigeria Pvt. Ltd. Editor’s Note
Source: Proshare Research – January 16, 2021 According to the CBN, the top 10 non-oil exporters in Nigeria exported $57.74m goods in August 2020. The amount earned by the top 10 exporters in Nigeria, declined by -22.8%from $74.48m worth of goods in July to $57.74m goods in August 2020. The top three non-oil exporters in August 2020 were Olam Limited which exported cocoa beans, cashew nuts, and sesame seeds to Turkey and China worth $15.11m, Starlink Global and Ideal Ltd exported cocoa beans worth $6.79m to Malaysia. The third major non-oil exporter was Dangote Cement Plc which exported Dangote portland limestone cement to Togo and the Niger Republic worth $5.71m.
Data from the Association of Nigerian Electricity Distributors showed that electricity consumers paid N362bn out of the N520bn billed by distribution companies in the country in the first nine months of 2020. This represents a default of N158bn, 30.38% of energy billed. The discos’ revenue collected increased to N130bn in Q3 from N105bn in Q2 and N125bn in Q1.
Egbin and Shiroro output hit a record high on Tuesday, January 12 th , 2021. Egbin output rose from 721MW as of 6 a.m on Monday to 913MW on Tuesday. Furthermore, the Shiroro hydropower plant generated a record high of 554MW as of 6 a.m on Tuesday from 400MW on Monday and 161MW on January 1 st .
Nigeria’s inflation rose by 15.75% Y-o-Y in December 2020, which is 0.86 percentage points higher than the rate recorded in November 2020 (14.89%). The composite food index rose by 19.56% in December 2020 compared to 18.3% in November 2020. The rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, fruits, vegetable, fish, and oils & fats. Core inflation stood at 11.37% in December 2020, up by 0.32 percentage points when compared with 11.05% recorded in November 2020.
Global Economy German’s economy shrank by -5%last year, according to official figures, among the smallest declined anticipated in Europe despite the coronavirus pandemic causing the deepest recession since the 2008 financial crisis. German recession will be less severe when compared to other European economies expected to contract worse. Italy is expected to […]