ECONOMIC REPORT
SECOND QUARTER 2013


CENTRAL BANK OF NIGERIA


C e n t r a l B a n k o f N i g e r i a
Page ii
Economic Report Second Quarter

The Central Bank of Nigeria Quarterly Economic Report is designed for the dissemination
of financial and economic information on the Nigerian economy on current basis. The
Report analyses developments in the financial, fiscal, real and external sectors of the
economy, as well as international economic issues of interest. The Report is directed at
a wide spectrum of readers including economists and financial analysts in government
and the private sector, as well as general readers.


Subscription to the Quarterly Economic Report is available without charge to institutions, corporations,
embassies and development agencies. Individuals, on written request, can obtain any particular issue
without a charge. Please direct all inquiries on the publication to the Director of Research, Central Bank
of Nigeria, P.M.B. 187, Garki, Abuja, Nigeria.

The Quarterly Reports can also be freely downloaded from the CBN website: www.cbn.gov.ng


C e n t r a l B a n k o f N i g e r i a
Page iii
Economic Report Second Quarter

Contents


C e n t r a l B a n k o f N i g e r i a
Page iv
Economic Report Second Quarter


Text Tables


C e n t r a l B a n k o f N i g e r i a
Page v
Economic Report Second Quarter

Appendix Tables

Figures


C e n t r a l B a n k o f N i g e r i a
Page vi
Economic Report Second Quarter

C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

1.0 Summary
Available data from the National Bureau of Statistics (NBS) showed
that estimated gross domestic product (GDP) grew by 6.7 per cent
in the second quarter of 2013, compared with 6.6 per cent in the
preceding quarter. The development was attributed, largely, to the
increase in the contribution of the non-oil sector.
Broad money supply, (M2), fell by 0.5 per cent at end-June 2013, in
contrast to the growth of 1.2 and 1.6 per cent at the end of the
preceding quarter and the end of the corresponding period of
2012, respectively. The development reflected largely the fall in
foreign assets (net) of the banking system, which suppressed the
growth in domestic credit (net) and other assets (net) of the banking
system. Narrow money supply, (M1), grew marginally by 0.02 per
cent, in contrast to a decline of 6.5 per cent at the end of the
preceding quarter. Reserve money (RM) fell at the end of the
preceding quarter.
Available data indicated mixed developments in banks’ deposit
and lending rates. The spread between the weighted average term
deposit and maximum lending rates widened by 1.34 percentage
point in the preceding quarter. The margin between the average
savings deposit and the maximum lending rates, also widened by
0.43 per centage point. The weighted average inter-bank call rate
rose by 0.34 percentage point in the second quarter of 2013,
reflecting the liquidity condition in the inter-bank funds market.
Provisional data indicated that the value of money market assets
outstanding for the second quarter of 2013 increased by 5.9 per
cent, in contrast to the decline of 0.6 per cent at the end of the
preceding quarter. The development was attributed, largely, to the
5.6 per cent rise in FGN Bonds outstanding. Activities on the Nigerian
Stock Exchange (NSE) in the second quarter 2013 indicated mixed
developments.
Total federally-collected revenue at the end of the second quarter
of 2013 declined by 2.3 and 5.2 per cent below the receipts in the
preceding quarter and the corresponding quarter of 2012,
respectively. Oil receipts, which constituted 76.5 per cent of the
total, declined below the budget estimate and receipts in the
preceding quarter by 6.2 and 194 per cent, respectively. The
decrease in oil receipts was attributed, largely, to the fall in all
components of oil revenue except domestic crude oil/gas sales
during the review quarter.
Non-oil receipts was below the budget estimate and receipts in the


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

preceding quarter by 38.3 and 3.3 per cent, respectively. Federal
Government retained revenue was N938.29 billion, while total
expenditure was N1,280.14 billion. Thus, the fiscal operations of the
Federal Government resulted in an estimated deficit of 4.8 per cent
of estimated nominal GDP for second quarter 2013, compared with
the quarterly budget deficit of 3.1per cent of estimated GDP.
Major agricultural activities during the review period included
cultivation and harvesting of crops such as maize and vegetables.
Nigeria’s crude oil production, including condensates and natural
gas liquids, was estimated at an average of 1.93 million barrels per
day (mbd) or 175.63 million barrels for the quarter. Crude oil export
stood at 1.48 mbd or 134.68 million barrels for the quarter, while
deliveries to the refineries for domestic consumption remained at
0.45 mbd or 40.95 million barrels. The average price of Nigeria’s
reference crude, the Bonny Light(370 API) fell by 8.8 per cent below
the level in the preceding quarter.
The end-period headline inflation rate (year-on-year) was 8.4 per
cent, compared with 8.6 and 12.9 per cent recorded at the end of
the preceding quarter and the corresponding quarter of 2012,
respectively. Inflation rate on a twelve-month moving average basis
was 10.4 per cent, compared with 11.4 and 11.3 per cent in the
preceding quarter and the corresponding quarter of 2012,
respectively.
Foreign exchange inflow and outflow through the Central Bank of
Nigeria (CBN) amounted to US$9.44 billion and US$12.45 billion,
respectively, resulting in a net outflow of US$3.01 billion during the
quarter. Foreign exchange sales by the CBN to the authorized
dealers amounted to US$10.77 billion, compared with US$4.65 billion
in the preceding quarter. The average exchange rate of the Naira
vis-à-vis the US dollar at the wDAS window remained unchanged at
N157.30 per US dollar, but appreciated marginally by 0.03 when
compared with the level in the corresponding period of 2012. In the
bureau-de-change and the interbank segments of the market, the
Naira depreiciated by 0.6 and 0.7 per cent when compared with
their levels in the preceding quarter.
At the global front, the International Monetary Fund (IMF) slashed its
forecast for world economic growth for the year due to slowing
emerging markets and a prolonged recession in the Eurozone. In an
update to World Economic Outlook (WEO), the IMF reported that it
now expects the world output to expand by 3.1 per cent in 2013,
down from 3.3 per cent forecast in April.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

World Crude Oil demand in the second quarter of 2013 increased
marginally by 0.2 per cent above the level recorded in the
preceeding quarter. Similarly, world crude oil output represented a
decline of 0.3 per cent below the level recorded in the preceeding
quarter. The decline was attributed to a global fall in the demand for
crude as the winter months ease off, giving way to the summer
season. The OPEC reference basket price of eleven selected crude
streams decreased by 7.8 per cent from their levels in the previous
quarter. The prices of the UK Brent and Forcados also exhibited
similar trend.
Other major international economic developments and meetings of
importance to the domestic economy during the review quarter
included: the 2013 Association of African Central Bank (AACB)
Continental Seminar held in Maseru, Lesotho, from May 6 - 8, 2013.
Also, the Annual Meetings of the Board of Governors of the African
Development Bank Group (AfDB) was held in Marrakech, Kingdom
of Morocco from May 27 - June 1, 2013.
The West African Monetary Agency (WAMA), in collaboration with
the Central Bank of West African States (BCEAO), organized a
Regional Workshop on Harmonization of Regulations Governing
Current and Capital Account Transactions in ECOWAS from May 13 –
15, 2013. The 2013 Spring Meetings of the Board of Governors of the
World Bank Group and the International Monetary Fund (IMF) was
held in Washington D.C., USA from April 15 – 22, 2013. The Ministers of
the Inter-governmental Group of 24, the International Monetary and
Finance Committee (IMFC) and the Development Committee also
held their respective meetings.
Moreover, the African Development Bank (AfDB) Executive Directors,
approved its new Ten-Year Strategy (2013 – 2022) in April 2013. The
Strategy was designed to place the Bank at the centre of Africa’s
transformation and to improve the quality of growth. Meanwhile,
representatives of the AfDB, the African Union Commission (AUC),
the Economic Commission for Africa (ECA), and the New Partnership
for Africa’s Development (NEPAD) Secretariat gathered in Tunis on
June 25-26, 2013 to discuss the African Union’s ‘Agenda 2063’. In
related development, the African Development Bank (AfDB), in
partnership with the Economic Community of West African States
(ECOWAS) Commission, organized a brainstorming workshop for
migration experts and stakeholders from ECOWAS member states in
Dakar, Senegal, on June 20-21, 2013.
Finally, the Economic Community for West African States (ECOWAS),
West African Monetary Agency (WAMA), and the West African


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Monetary Institute (WAMI) Joint Multilateral Surveillance Mission to
Nigeria was conducted from April 2 – 9, 2013.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

2.0 Financial Sector Developments
2.1 Monetary and Credit Developments
Provisional data indicated that growth in the major monetary
aggregates slowed at the end of the second quarter of 2013. Banks’
deposit and lending rates generally exhibited mixed developments
during the review quarter. The value of money market assets
outstanding increased, due largely, to the increase in FGN Bonds
outstanding. Development on the Nigerian Stock Exchange (NSE)
were mixed during the review quarter.
Provisional data indicated that growth in the key monetary
aggregates slowed at the end of the second quarter of 2013
relative to the level at the end of the preceding quarter.
Broad money supply, (M2), fell by 0.5 per cent to N15,593.3
billion at end-June 2013, in contrast to the growth of 1.2 and
1.6 per cent at the end of the preceding quarter and the
corresponding period of 2012, respectively. The development
reflected largely the 6.9 per cent fall in foreign assets (net) of
the banking system, which suppressed the growth of 4.3 and
0.6 per cent in domestic credit (net) and other assets (net) of
the banking system, respectively. Over the level at end-
December 2012, growth in (M2) decelerated to 0.7 per cent,
owing largely to the decline in net foreign assets which more
than offset the increase in net domestic credit.
At N6,939.6 billion, narrow money supply grew marginally by
0.02 per cent at the end of the second quarter of 2013, in
contrast to a decline of 6.5 per cent at the end of the
preceding quarter. The development was wholly attributed to
the 2.0 per cent increase in the demand deposit component.
Over the level at end-December 2012, narrow money supply
(M1) contracted by 6.5 per cent, due to the decline of 13.3
and 5.0 per cent in currency and demand deposits
components, respectively.
Quasi money, at N8,653.6 billion, fell by 0.9 per cent, in
contrast to the growth rates of 8.3 and 2.0 per cent at the end
of the preceding quarter and the corresponding period of
2012, respectively. The development was attributed to the
decline in time and savings deposits at the DMB‟s. Relative to
the level at end- December 2012, quasi money grew by 7.3
Growth in key
monetary
aggregates fell
during Q2 2013.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

per cent (Fig. 1, Table 1).
Figure 1: Growth Rate of Narrow Money (M1) and Broad Money (M2)1
-10
-5

-10
-5

Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Quarterly (%)
Cumulative (%)
QM1 (RHS)
QM2 (RHS)
CM1 (LHS)
CM2 (LHS)

At N13,294.5 billion, aggregate banking system‟s credit (net)
to the domestic economy, rose by 4.3 per cent at the end of
the second quarter of 2013, compared with the growth of 0.3
per cent at the end of the preceding quarterand in contrast
to a decline of 0.8 per cent at the end of the corresponding
quarter of 2012. The development relative to the preceding
quarter was due to the respective increase of 4.9 and 2.8 per
cent in net claims on the Federal Government and claims on
the private sector. Over the level at end- December 2012,
aggregate banking system‟s credit (net) to the domestic
economy, rose by 4.7 per cent, due largely to the increase of
3.6 per cent in claims on the private sector.
Banking system‟s credit (net) to the Federal Government, at
the end of the review quarter, rose by 4.9 per cent to negative
N2,397.5 billion, in contrast to the decline of 2.8 and 157.2 per
cent at the end of the preceding quarter and the
corresponding period of 2012, respetively. The development
relative to the preceding quarter was accounted for, largely,

1 QM1 and QM2 represent quarter-on-quarter changes, while CM1 and CM2 represent
cumulative changes (year-to-date).

Banking system
credit to the
federal
government
rose at the end
of the second
quarter of 2013.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

by the increased holdings of treasury instruments by the
banking system. Over the level at end- December 2012, credit
(net) to the Federal Government rose by 2.3 per cent,
reflecting largely the increase in banking system‟s holding of
Federal Government securities.
At the end of second quarter of 2013, banking system‟s credit
to the private sector rose by 2.8 per cent to N15,692.0 billion,
compared with the increase of 0.7 and 4.1 per cent at the
end of the preceding quarter and the corresponding period
of 2012, respectively. The development, relative to the
preceding quarter was attributed, wholly, to the 3.0 per cent
rise in claims on the core private sector. Relative to the level at
end-December 2012, banking system‟s credit to the private
sector rose by 3.6 per cent (Fig. 2, Table 1).
Figure 2: Growth Rate of Aggregate Domestic Credit to the Economy2


Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Quarterly (%)
Cumulative (%)
QCP (RHS)
QCG (RHS)
QAC (RHS)
CCP (LHS)
CCG (LHS)
CAC (LHS)

At N9,017.0 billion, foreign assets (net) of the banking system
decreased by 6.9 per cent at the end of the review quarter, in
contrast to the increase of 7.1 and 2.9 per cent at the end of
the preceding quarter and the corresponding period of 2012,
respectively. The development was attributed, largely, to the
7.2 and 5.4 per cent decline in CBN‟s and DMBs‟ holdings of

2 QCP, QCG and QAC represent quarter-on-quarter changes in credit to private sector, credit to
government (net) and aggregate credit (net) to the domestic economy, respectively, while CCP,
CCG and CAC, represent the cumulative changes (year-to-date).
Foreign assets
(net) of the
banking system
decreased at the
end of the
review quarter.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

foreign assets, respectively. Over the level at end-December
201, foreign assets (net) of the banking system fell by 0.3 per
cent.
At the end of the review quarter, other assets (net) of the
banking system rose marginally by 0.6 per cent to negative
N6,718.2 billion, in contrast to the decline of 8.0 per cent at the
end of the preceding quarter, but showed an increase of 1.4
per cent when compared with the outcome at the end of the
corresponding period of 2012. The increase, relative to the
preceding quarter, reflected, largely, the rise in unclassified
assets of both the CBN and the DMBs during the review
period. Over the level at end-December 2012, other assets
(net) of the banking system fell by 7.4 per cent.
Table 1: Growth in Monetary and Credit Aggregates (Percent) Over
Preceding Quarter
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Domestic Credit (Net)

Claims on Federal Government (Net)

Claims on Private Sector

Claims on Other Private Sector

Foreign Assets (Net)

Other Assets (Net)

Broad Money Supply (M2)

Quasi-Money

Narrow Money Supply (M1)

Memorandum Items:
Reserve Money (RM)

Currency-in-circulation (CIC) and Deposits at
the CBN
At N1,425.5 billion, currency in circulation fell by 5.6 per cent
at the end of the second quarter of 2013, compared with the
decline of 7.6 per cent at the end of the preceding quarter.
The development was attributed, largely, to the 9.3 per cent
decline in currency outside the banks.

Total deposits at the CBN amounted to N6,112.4 billion,
indicating a decline of 10.2 per cent, compared with the
decline of 8.3 per cent at the end of the preceding quarter.
The development reflected largely, the 24.6 and 21.9 per
cent fall in deposits of banks and Federal Government,
respectively. Of the total deposits, the shares of the Federal


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Government, banks and „‟Others‟‟ were N3,822.1 billion (62.5
per cent), N1,810.7 billion (29.6 per cent) and N479.6 billion
(21.9 per cent), respectively.
Reserve money (RM), at N3,236.15 billion, fell by 17.3 per cent
in contrast to the 5.5 per cent increase recorded in the
preceding quarter, but showed a decline of 0.6 per cent
below the level in the corresponding period of 2012. The
development was attributed to the decline in currency in
circulation and DMBs deposit with the CBN.
2.3
Money Market Developments
During the review period, money market rates were
influenced by the liquidity condition in the banking system.
Monetary Policy stance remained largely restrictive as the
Monetary Policy Rate (MPR) was maintained at 12.0 per cent.
The Liquidity Ratio (L/R), Cash Reserve Requirement (CRR) and
the Net Open Position were also retained at their previous
levels of 30.0, 12.0 and 1.0 per cent, respectively. Money
market indicators were relatively stable in the review quarter.
On two occasions, the Bank offered special OMO auctions at
fixed rates of 12.75 and 12.35 per cent during the quarter. The
Bank‟s discount window also remained open to authorized
dealers to access both the standing deposit facility (SDF) and
standing lending facility (SLF).
Provisional data indicated that the value of money market
assets outstanding for the second quarter of 2013 stood at
N6,547.20 billion, showing an increase of 5.9 per cent, in
contrast to the decline of 0.6 per cent at the end of the
preceding quarter. The development was attributed, largely,
to the 5.6 per cent increase in FGN Bonds outstanding.
2.3.1
Interest Rate Developments
Available data indicated mixed developments in banks‟
deposit and lending rates during the second quarter of 2013.
The average savings deposit rate rose to 2.04 per cent from
1.73 per cent in the first quarter of 2013. All other rates on
deposits of various maturities, however, fell from a range of
5.05 – 8.39 per cent to a range of 4.71 -7.72 per cent in the
second quarter of 2013. Similarly, at 6.58 per cent, the
average term deposit rate fell by 0.6 percentage point below
Reserve money
(RM) declined
at the end of
the second
quarter of 2013.
There was mixed
development in
the money
market rates
during the review
period.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

the level in the preceding quarter. The prime and maximum
lending rates rose by 0.19 and 0.74 percentage points to
16.62 and 24.56 per cent in the second quarter of 2013.
Consequently, the spread between the weighted average
term deposit and maximum lending rates widened by 1.34
percentage point to 17.98 per cent from 16.64 per cent in the
preceding quarter. The margin between the average savings
deposit and the maximum lending rates, also widened by 0.43
percentage point to 22.52 per cent from 22.09 per cent. With
the headline inflation rate of 8.4 per cent at end-June 2013, all
rates, with the exception of lending rates, were negative in
real terms.
At the interbank funds segment, the weighted average interbank call rate, which stood at 11.35 per cent at the end of the
first quarter of 2013, rose by 0.34 percentage point to 11.69 per
cent in the second quarter of 2013, reflecting the liquidity
condition in the banking system. Similarly, the weighted
average rate at the Open Buy Back (OBB) segment
rose marginally to 11.27 per cent at the end of the review
quarter from 11.26 per cent in the preceding quarter. The
Nigeria Inter-bank Offered Rate (NIBOR) for the 7-day and 30day tenors rose to 12.19 and 12.46 per cent from 11.83 and
12.39per cent, respectively, in the preceding quarter (Fig. 3,
Table 2).

The spread
between the
weighted –
average term
deposit and
maximum lending
rates widened.
Interbank call rate
increased in Q2
2013.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Figure 3: Selected DMBs Interest Rates (Average)

Percent per Annum

Table 2: Selected Interest Rates (Percent, Averages)
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Average Term Deposits

Prime Lending

Interbank

Maximum Lending


2.3.2
Commercial Paper (CP)
The value of Commercial Paper (CP) held by the banks rose
by 51.2 per cent to N15.00 billion at the end of the second
quarter of 2013, compared with N9.92 at the end of the
preceding quarter. The development was due to the increase
in holding of CP by the merchant banks during the review
period. Thus, CP constituted 0.2 per cent of the total value of
money market assets outstanding, same as at the end of the
preceding quarter.
2.3.3
Bankers’ Acceptances (BAs)
The value of BAs held by DMBs increased by 58.1 per cent to
N16.01 billion at the end of the review quarter, compared with
the increase of 5.9 per cent at the end of the preceding
quarter. The development reflected the 36.9 per cent
increase in investments in BAs by deposit money banks.
Consequently, BAs accounted for 0.2 per cent of the total
value of money market assets outstanding at the end of the
review quarter, same as in the the preceding quarter.
Investment in
CP by banks
rose in the
second quarter
of 2013.
DMBs’ holdings of
BAs increased
during Q2 of 2013.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

2.3.4
Open Market Operations
Bills of various maturities, ranging from 58 - 289 days, were used
to mop up excess liquidity, arising from the maturity of CBN
bills, the redemption of the Sovereign Debt Notes and
maturing FGN Bonds. Total sales in the second quarter of 2013
amounted to N2,726.04 billion, while total subscription was
N4,210.29 billion. The bid rates ranged from 11.50 – 14.49 per
cent, while the stop rates ranged from 11.50 – 13.29 per cent.
A total of N2,668.9 billion was repaid during the period,
resulting in a net withdrawal of N57.14 billion.
2.3.5
Primary Market
At the primary market segment, NTBs of 91-, 182- and 364-day
tenors, amounting to N1,000.50 billion, N1,752.99 billion and
N1,000.50 billion, were offered, subscribed to and allotted,
respectively, in the second quarter of 2013, compared with
the respective sums of N1,084.5 billion, N2,515.7 billion and
N1,084.5 billion in the preceding quarter. The bid rates ranged
from 8.50 to 15.02 per cent, for the 91-, 182- and 364-day
tenor, while the stop rates ranged from 10.30 – 13.22 per cent.
2.3.6
Bonds Market
FGN Bonds of 5-, 7-,10- and 20-year tranches were re-opened
and auctioned during the second quarter of 2013. The total
amount offered, subscribed to and allotted for the tranches
were N299.80 billion, N517.89 billion, and N235.61 billion,
respectively. The marginal rates ranged between 11.19 –
13.50 per cent, which was higher than the range obtained in
the preceding quarter. In the review period, N32.06 billion
worth of FGN Bonds matured and were repaid, resulting in a
net withdrawal of N203.55 billion. Relative to first quarter of
2013, the total amount offered, subscribed to and allotted
stood at N285.00 billion, N607.05 billion, and N285.00 billion,
respectively. The amount sold showed a decline of 17.3 per
cent below the level in the preceding quarter.

2.3.7
CBN Standing Facilities
The total Standing Lending Facility (SLF) granted during the
review period was N2,561.7 billion, compared with N2,781.84
billion in the preceding quarter. The decline in the SLF
demanded was attributed mainly to the adjustment in the
investment pattern of DMBs following the restrictions placed
on standing facilities by the Bank in third quarter of 2012. The
Subscription for
FGN Bonds of
various maturities
was impressive
during the second
quarter of 2013.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

total Standing Deposit Facility (SD) was N6,111.90 billion during
the second quarter of 2013, representing a decline of 84.5 per
cent below the level in the preceding quarter. The
development was attributed to the liquidity condition in the
banking system during the quarter. The rates for the SLF and
SDF were maintained at 10.00 and 14.00 per cent,
respectively, during the review quarter.
2.4
Deposit Money Banks’ Activities
Available data indicated that the total assets and liabilities of
the DMBs stood at N22,539.56 billion at the end of the second
quarter of 2013, representing an increase of 1.0 per cent over
the level at the end of the preceding quarter. The funds,
which were sourced, largely, from reserves and increased
mobilization of demand deposit liabilities, were used mainly to
extend credit to the private sector and acquisition of
unclassified assests.
At N11,966.0 billion, DMBs‟ credit to the domestic economy,
rose by 5.3 per cent above the level in the preceding quarter.
The development was attributed, largely, to the 14.3 per cent
increase in claims on the Federal Government.
Central Bank‟s credit to the DMBs, rose by 1.5 per cent to
N242.4 billion at the end of the review quarter, reflecting the
increase in overdrafts to banks, while total specified liquid
assets of the DMBs stood at N8,544.63 billion, representing 56.1
per cent of their total current liabilities. At that level, the
liquidity ratio, fell by 31.6 percentage points below the level in
the preceding quarter, but was 26.1 percentage points above
the stipulated minimum ratio of 30.0 per cent. The loans-todeposit ratio, at 43.9 per cent, was 5.6 percentage points
above the level at the end of the preceding quarter, and 36.1
percentage points below the prescribed maximum ratio of
80.0 per cent.
2.5
Discount Houses’ Activities
Total assets/liabilities of the discount houses stood at N344.2
billion at the end of the second quarter of 2013, indicating a
decline of 4.3 and 4.7 per cent below the levels at the end of
the preceding quarter and the corresponding quarter of 2012,
At 56.1 per cent, the
liquidity ratio in Q2
2013 was 14.6
percentage points
above the stipulated
minimum ratio of 30
per cent. Loan-todeposit ratio fell
below the
prescribed
maximum of 80 per
cent by 41.7
percentage points.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

respectively.The fall in assets relative to the preceding quarter
was accounted for, largely, by the decrease in claims on
“Federal Government and others”, which more than offset the
rise in claims on the State Governments and Banks.
Correspondingly, the fall in total liabilities was attributed,
largely, to the decrease in money at call and other liabilities,
which exceeded the increase in capital and reserves and
other amounts owed to discount houses.
Discount houses‟ investment in Federal Government securities
of less than 91-day maturity decreased by 2.2 per cent to
N148.41 billion and represented 52.5 per cent of their total
deposit liabilities. At this level, discount houses‟ investment was
7.5 percentage points below the prescribed minimum level of
60.0 per cent for fiscal 2013. Total borrowing by the discount
houses was N78.9 billion, while their capital and reserves stood
at N19.5 billion. This resulted in a gearing ratio of 4.1:1,
compared with the stipulated maximum of 50:1 for fiscal 2013.
2.6
Capital Market Developments
2.6.1
Secondary Market
Activities on the Nigerian Stock Exchange (NSE) showed mixed
developments during the review quarter. Available data
indicated that the volume of traded securities declined by
16.6 per cent to 26.5 billion shares valued at N336.59 billion, in
380,946 deals, compared with 31.8 billion shares valued at
N254.98 billion in 383,014 deals in the preceding quarter. The
banking sub-sector maintained its dominance as the most
active with a volume of 12.0 billion shares valued at N110.5
billion in 87,743 deals recorded during the review quarter.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Figure 4: Volume and Value of Traded Securities

Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Value (N billion)
Volume (Billion)
Volume of traded securities (LHS)
Value of securities (RHS)

Table 3: Traded Securities on the Nigerian Stock Exchange (NSE)
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Volume (Billion)

Value (N Billion)


2.6.2
Over-the-Counter (OTC) Bonds Market
Provisional data on the Over-the-Counter (OTC) bond market,
for the second quarter indicated a turnover of 2.22 billion units,
worth N2.63 trillion, in 13,396 deals, compared with 2.51 billion
units worth N2.9 trillion in 14,641 deals in the preceding quarter.
2.6.3
New Issues Market
There were three (3) new and ten (10) supplementary listings in
the review quarter (see table below).


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Table 4: New and Supplementary Listings on the Nigeria Stock Exchange
S/N
Company
Additional Shares (billion)
Reasons
Listings
1 Flour Mills of Nigeria Plc
Outstanding 50,893,281 SharMerger with Nigerian Bag Manufacturing Supplementary
2 C&I Leasing
N940 Million 18 % Fixed Rate N10 Billion Issunace Programme
New
3 Rak Unity Petroleum Plc
43,051,159 Outstanding SharConclusion of Special Placing
Supplementary
4 Osun State Governemnet
N30 Billion Fixed Rate Bond Debt Issuance Programme
New
5 Livestock Feeds Plc
800,000,000 Shares
Placement
Supplementary
6 Custodian and Allied Ins. Plc. 781,017,387 Shares
Merger with Crusader Nigeria Plc.
Supplementary
7 BOC Gases Plc.
23,124,706 Shares
Bonus Shares Issue
Supplementary
8 Okomu Oil Plc
479,955,000 Shares
Bonus Shares Issue
Supplementary
9 CAP Plc
140,000,000 Shares
Script Issue
Supplementary
10 UACN Plc.
320,144,064 Shares
Bonus Shares Issue
Supplementary
11 First City Monument Bank
761,642,721 Shares
Bonus Shares Issue
Supplementary
12 Oando Plc
4,548,236,276 Shares
Rights Issue
Supplementary
13 FCMB Group
19,802,710,754 Shares
Restructure
New

2.6.4
Market Capitalization
The total market capitalization for all the listed securities
(equities and debt) stood at N15.8 trillion at the end of the
review quarter, indicating a decline of 3.8 per cent below the
level
in
the
preceding
quarter.
Conversely,
market
capitalization for the listed equities stood at N11.4 trillion,
representing an increase of 6.5 per cent over the level at the
end of the preceding quarter. The equities sub-sector,
accounted for 72.4 per cent of the aggregate market
capitalization on the Exchange.
2.6.5
NSE All-Share Index
The All-Share Index of listed securities, which opened at
33,536.25 at the beginning of the quarter, closed at 36,164.31,
representing an increase of 7.8 per cent above the level at
the end of the preceding quarter. At end-June 2013, two of
the seven (7) sectoral indices rose. The NSE Consumer Goods
and NSE Lotus II indices increased by 3.5 and 13.4 per cent,
respectively, to close at 1,018.5 and 2,517.6 at the end of the
review period. However, the NSE Banking, NSE Insurance and
NSE Oil/Gas indices fell by 2.4, 10.4 and 13.5 per cent,
respectively, to close at 402.3, 138.5 and 171.5 at the end of
the second quarter of 2013. The newly introduced NSE
industrial goods and NSE AseM indices closed at 2,093.04 and
976.11, respectively, at the end of the review period.
Total Market
capitalization
declined, while
All-Share Index
increasd during
Q2 2013.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Figure 5: Market Capitalization and All-Share Index

N billion

Table 5: Market Capitalization and All Share Index (NSE)
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Market Capitalization (N trillion)

All-Share Index (Equities)
24,980.20

23,373.00

20,730.60

29,652.50

21,599.60

26,022.60

28,078.80

33,536.25

36,164.31


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

3.0
Fiscal Operations
3.1
Federation Account Operations
Available data showed that total federally-collected revenue
during the second quarter of 2013 stood at N2,370.71 billion,
representing a decline of 2.3, 5.2 and 16.4 per cent below the
levels in the preceding quarter, the corresponding quarter of
2012 and the proportionate budget estimate, respectively,
(Fig. 6, Table 6).
Figure 6: Components of Gross Federally Collected Revenue

N
B
i
l
l
i
o
n

Table 6: Gross Federation Account Revenue (N billion)
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Federally-collected revenue (Gross)

Oil Revenue

Non-Oil Revenue


At N1,813.77 billion, gross oil receipts, which constituted 76.5
per cent of the total, declined below the proportionate
budget estimate and the level in the preceding quarter by 6.2
and 1.9 per cent, respectively. The development relative to
the preceding quarter was attributed to the decline in all the
components of oil revenue during the review quarter, except
domestic crude oil and gas sales (Fig. 7, Table 7).
Gross federally
collected
revenue
declined by 2.3
per cent below
the level in the
preceding
quarter.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Figure 7: Gross Oil Revenue and Its Components
-


Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
N billion
Others
PPT/Royalties
Crude oil/Gas Sales

Table 7: Components of Gross Oil Revenue (N billion)


Non-oil receipts (gross), at N556.95 billion (23.5 per cent of the
total), was below the level in the preceding quarter and the
proportionate budget estimate by 3.3 and 38.3 per cent,
respectively. The decline in non-oil revenue relative to the
preceding quarter reflected, largely, the decline in customs
and excise duties, independent revenue of the Federal
Government, education tax and customs levies (Fig. 8, Table
8).
As a percentage of projected second quarter 2013 nominal
GDP, oil and non-oil revenue were 25.6 and 7.9 per cent,
respectively.
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Oil Revenue

Crude oil/Gas Sales

PPT/Royalties

Others


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Figure 8: Gross Non-Oil Revenue and its Components


Table 8 Components of Gross Non-Oil Revenue (N billion)
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Non-Oil Revenue

Value-Added Tax (VAT)

Companies Income Tax & Other Taxes

Customs & Excise Duties

Others

Of the gross federally-collected revenue during the review
quarter, the sum of N1,520.28 billion (after accounting for all
deductions and transfers) was transferred to the Federation
Account for distribution among the three tiers of government
and the 13.0% Derivation Fund. The Federal Government
received
N715.00
billion,
while
the
states
and
local
governments received N362.66 billion and N279.59 billion,
respectively. The balance of N163.03 billion went to the 13.0%
Derivation Fund for distribution to the oil-producing states.
Also, the Federal Government received N27.88 billion from the
VAT Pool Account, while the state and local governments
received N92.95 billion and N65.06 billion, respectively. During
the review period, the sum of N280.07 billion was drawn from
the Excess Crude Account (ECA) to bridge the short-fall in
revenue for the period and was shared as follows: Federal
(N128.36 billion), state (N65.11 billion) and local governments
(N50.19 billion), while the oil producing states received N36.41
billion. The sum of N106.65 billion was also distributed as the
-

1,000
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
N billion
Others
Customs & Excise Duties
Companies Income Tax & Other Taxes
Value-Added Tax (VAT)
The sum of
N1,520.28 billion
out of the federally
collected revenue
was set aside for
distribution by the
three tiers of
government and
the 13.0 %
Derivation Fund for
oil producing
states.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Subsidy Re-Investment and Empowerment Programme (SUREP) among the three tiers of government and the 13%
Derivation Fund as follows: Federal Government (N48.88
billion), States government (N24.79 billion), Local Governments
(N19.11 billion) and 13% Derivation Fund (N13.86 billion).
In addition, the sum of N22.85 billion from NNPC Refund was
shared by the sub-national governments and 13% derivation
Fund as follows: States Government (N11.23 billion), Local
Governments (N8.65 billion)and 13% Derivation Fund (N2.97
billion). Thus, the total allocation to the three tiers of
government in the second quarter of 2013 amounted to
N2,115.74 billion. This was higher than the 2013 quarterly
budget estimate by 2.1 per cent.
3.2
The Fiscal Operations of the Three Tiers of
Government
3.2.1
The Federal Government

At N938.29 billion, the Federal Government retained revenue
for the second quarter of 2013 was lower than the
proportionate budget estimate by 23.5 per cent, but higher
than the receipts in the first quarter of 2013 and the
corresponding quarter of 2012 by 3.3 and 6.0 per cent,
respectively. Of this amount, the Federal Government share
from the Federation Account, VAT Pool Account, FGN
Independent Revenue, Revenue Augmentation and Sure-P
were N715.00 billion, N27.88 billion, N18.17 billion, N128.36
billion and N48.88 billion, respectively (Fig. 9, Table 9).
Federal government
estimated retained
revenue and total
expenditure was
lower than the
proportionate
budget estimate for
the quarter.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Figure 9: Federal Government Retained Revenue
Federation Account (76.20%)
VAT Pool
Account (2.97%)
FGN Independent
Revevue (1.94%)
Others
(18.89%))

Table 9: Federal Government Fiscal Operations (N billion)
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Retained Revenue

Expenditure

Overall Balance: Surplus(+)/Deficit(-)


Total estimated expenditure for second quarter 2013 stood at
N1,280.41 billion, indicating a decline of 11.6 per cent relative
to the quarterly budget estimate. It was, however, higher than
the level in the preceding quarter by 7.3 per cent. The
development relative to the quarterly budget estimate was
attributed largely to the non-release of capital outlay during
the period. A breakdown of the total expenditure showed that
the recurrent component accounted for 64.3 per cent,
capital component 27.5 per cent, while statutory transfers
accounted for the balance of 8.2 per cent (Fig. 10). Further
breakdown of the recurrent expenditure showed that the nondebt component accounted for 75.5 per cent, while debt
service payments accounted for the balance of 24.5 per
cent.
Thus, the fiscal operations of the Federal Government resulted
in an estimated deficit of N342.12 billion or 4.8 per cent of
GDP, compared with a proportionate budget deficit of
The fiscal
operations of
the FG resulted
in an estimated
deficit of
N342.12 billion
in Q2 2013.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

N221.77 billion or 3.1 per cent of GDP for the second quarter
2013.
Figure10: Federal Government Expenditure
Recurrent
Capital
Transfers
Capital
(27.46%)
Transfers
(8.28%)
Recurrent (64.26%)


3.2.2
Statutory Allocations to State Governments

Total
allocation
to
state
governments
(including
the
Federation Account, 13.0% Derivation Fund and VAT) stood at
N773.01 billion during the review quarter. This represented an
increase of 5.3 and 21.6 per cent above the levels in the
preceding quarter and the corresponding quarter of 2012,
respectively.
Further breakdown showed that, at N680.06 billion, receipts
from Federation Account constituted 87.9 per cent of the
total, indicating an increase of 5.3 and 24.0 per cent above
the levels in the preceding quarter and the corresponding
quarter of 2012, respectively. At N92.95 billion, receipts from
the VAT Pool Account, constituted 12.0 per cent of the total ,
indicating an increase of 4.4 and 6.5 per cent relative to the
levels in the preceding quarter and the corresponding quarter
of 2012, respectively. On a monthly basis, the sum of N266.08
billion, N228.09 billion and N278.84 billion was allocated as
statutory allocations and VAT receipts to the 36 state
governments in April, May and June 2013, respectively.
3.2.3
Statutory Allocations to Local Government Councils

Total receipts by the local governments from the Federation
and VAT Pool Accounts during the second quarter of 2013,
stood at N422.62 billion. This amount was higher than the levels


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

in the preceding quarter and the corresponding quarter of
2012 by 5.2 and 19.7 per cent, respectively. Of the total
amount, allocation from the Federation Account was N357.55
billion (84.6 per cent), while VAT Pool Account accounted for
the balance of N65.06 billion (15.4 per cent). On a monthly
basis, the sum of N143.85 billion, N124.06 billion and N154.71
billion was allocated to the 774 local governments in April,
May and June 2013, respectively.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

4.0
Domestic Economic Conditions
Provisional data showed that aggregate output measured by the
real gross domestic product (GDP) grew by 6.7 per cent, compared
with 6.6 per cent in the preceding quarter. The development was
attributed, largely, to the growth in the contribution of the non-oil
sector, during the review period. Crude oil production was estimated
at 1.93 million barrels per day (mbd) or 175.63 million barrels for the
quarter. The end-period inflation rate for the second quarter of 2013,
on year-on-year basis, was 8.4 per cent, compared with 8.6 and 12.9
per cent in the preceding quarter and the corresponding quarter of
2012, respectively. The inflation rate on a 12-month moving average
basis was 10.4 per cent, compared with 11.4 and 11.3 per cent in the
preceding quarter and the corresponding period of 2012,
respectively.
4.1
Aggregate Output
Provisional data showed that in the second quarter of 2013,
output measured by the real gross domestic product (GDP),
grew by 6.7 per cent, compared with the 6.6 per cent
recorded in the preceding quarter. The development was
attributed largely to the growth in the contribution of the nonoil sector. Real non-oil GDP grew at 7.9 per cent and
accounted for 87.1 per cent of total GDP in the review
quarter. Real oil GDP, comprising crude petroleum and
natural gas, fell by 0.7 per cent and accounted for 12.9 per
cent of GDP, compared with the decline of 0.5 per cent
recorded in the preceding quarter of 2013 (Fig. 11, Table 10).


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Figure 11: Real GDP Growth Rate and Share of Oil and Non-oil in GDP
0.0


Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Percent
Oil Share of GDP (RHS)
Non-Oil Share of GDP (RHS)
GDP Growth (LHS)
Oil GDP Growth(LHS)


Table 10: Growth Rate of Real GDP and Sectoral Shares (Percent)
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Growth Rate (%)
Real GDP

Oil (Crude Petroleum/Natural Gas)

Non-oil

Share in Real GDP (%)
Real GDP

Oil (Crude Petroleum/Natural Gas)

Non-Oil


4.2
Agricultural Sector
Available data indicated that the second quarter of 2013
experienced increase and widespread rainfall in most parts of
the country. This led to increased level of agricultural activities,
especially cultivation and harvesting of crops such as maize
and
vegetables.
In
the
livestock
sub-sector,
farmers
concentrated
on
sanitizing
poultry
houses
and
their
surroundings to avoid exposure to livestock related diseases.
A total of N932.6 million was guaranteed to 7,591 farmers
under the Agricultural Credit Guarantee Scheme (ACGS) in
the second quarter of 2013. This represented a decline of 50.7


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

and 41.4 per cent below the levels in the preceding quarter
and the corresponding quarter of 2012, respectively.
A sub-sectoral analysis of the loans guaranteed indicated that
the food crops sub-sector received the largest share of
N601.8 million (64.5 per cent) for 6,014 beneficiaries, while the
livestock sub-sector got N241.6 million (26.0 per cent) for 1,056
beneficiaries. Fisheries sub-sector obtained N60.7 million (6.5
per cent) for 348 beneficiaries; while cash crop sub-sector
received N11.6 million (1.2 per cent) guaranteed to 101
beneficiaries. Mixed crops obtained N10.6 million (1.1 per
cent) guaranteed to 40 beneficiaries, while „Others‟ subsector obtained N6.3 million (0.7 per cent) guaranteed to 32
beneficiaries. Further analysis showed that 30 states benefited
from the scheme during the quarter, with the highest and
lowest sums of N137.3 million (14.7 per cent) and N0.2 million
(0.02 per cent) guaranteed to farmers in Edo and Borno states,
respectively.
At end-June 2013, the total amount released by the CBN
under the Commercial Agriculture Credit Scheme (CACS) to
the participating banks for disbursement stood at N217.4
billion (for two hundred and eighty-eight projects). The
beneficiaries included thirty state governments (Table 11).


Table 11: Disbursement of Credit Under the Commercial Agriculture Credit Scheme (CACS)
S/N
Participating Banks
Amount Disbursed (N billion) mber of Projects/State Governme

United Bank for Africa (UBA) Plc
41.8

Zenith Bank
32.9

First Bank of Nigeria Plc
22.7

Unity Bank Plc
19.9

Union Bank Nigeria PLC
18.2

Stanbic IBTC Bank
11.7

Access Bank Plc
10.90

Skye Bank Plc
9.2

Fidelity Bank Plc
12.90

Sterling Bank Plc
12.10

GTBank Plc
5.80

FCMB Plc.
4.90

ECOBANK
3.80

Citibank Plc
3.00

Diamond Bank Plc
2.70

Mainstreet Bank Plc
2.00

Keystone Bank
1.70

Wema Bank Plc
0.70

Enterprise Bank PLC
0.50

TOTAL
217.4

C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

4.3
Industrial Production
Industrial activities during the second quarter of 2013
indicated an improved performance relative to the level in
the preceding quarter. At 138.69 (1990=100), the estimated
index of industrial production rose by 1.7 and 1.8 per cent
above the levels in the preceding quarter and the
corresponding period of 2012, respectively. The development
was attributed to the improvement in activities in the
electricity and manufacturing sub-sectors.
The estimated index of manufacturing production, at 110.56
(1990=100), rose by 3.9 per cent above the levels in the
preceding quarter and the corresponding period of 2012,
respectively. The estimated capacity utilization also rose
marginally by 0.6 percentage point (57.99 per cent). The
development was attributed to the improved electricity
generation within the quarter (Fig.12, Table 11).
Figure 12: Capacity Utilization Rate

Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Percent

At 146.25 (1990=100), the index of mining production rose by
0.04, compared with the level attained in the preceding
quarter. It, however, fell by 0.3 per cent, compared with the
corresponding quarter of 2012. The marginal increase in
mining production during the quarter was accounted for by
Industrial activities
improved relative to
the preceding
quarter due to
increased
manufactuiring and
electricity supply.
Actual industrial
capacity utilization
increased by 0.6
percentage point
relative to the level
in the preceding
quarter.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

improved quarrying and other mining activities despite a fall in
the domestic crude oil and gas production.
At 3,521.0 MW/h, estimated average electricity generation
increased by 0.9 per cent, compared with the level attained
in the preceding quarter. The development was attributable
largely to the improvement in hydro power generation as a
result of increase in water levels.
At 3,012.0 MW/h, estimated average electricity consumption
increased by 0.5 per cent, compared with the level attained
in the preceding quarter. The development was attributed to
the increased power supply, owing to the improvement in
electricity generation (Fig. 13, Table 12).
Figure 13: Index of Industrial Production (1990=100)

Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Index
Mining
Electricity
All Sectors
Manufacturing

Table 12: Index of Industrial Production and Manufacturing Capacity Utilization Rate
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
All Sectors (1990=100)

Manufacturing

Mining

Electricity

Capacity Utilization (%)

Petroleum Sector
Average
electricity
generation and
consumption
increasedl
during the
quarter under
review.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Nigeria‟s crude oil production, including condensates and
natural gas liquids, was estimated at 1.93 million barrels per
day (mbd) or 175.63 million barrels compared with 2.05 mbd
or (184.5 million barrels) in the preceding quarter. This
represented a decline in production of 0.12 mbd or 5.9 per
cent. Consequently, crude oil export was estimated at 1.48
mbd or (134.68 million barrels) in the review period, compared
with 1.60 mbd or 144.0 in the preceding quarter, thus
representing a decline of 7.5 per cent. The development was
attributed to the incessant pipeline vandalization resulting
from crude oil theft in the Niger Delta. Allocation of crude oil
for domestic consumption was 0.45 mbd or 40.95 million
barrels during the period under review.
At an estimated average of US$105.24 per barrel, the price of
Nigeria‟s reference crude, the Bonny Light (37o API), fell by 8.8
per cent, from the level in the preceding quarter. The average
prices of other competing crudes, namely the U.K Brent and
the Forcados also declined, to US$103.14 and US$106.46 per
barrel, respectively, from US$113.68 and US$116.89 per barrel
in the preceding quarter, while the West Texas Intermediate
(WTI) at US$93.97 per barrel recorded a slight increase of 3.2
per cent. Similarly, at US$100.90 per barrel, the average price
of OPEC‟s basket of eleven crude streams also declined by 7.8
and 4.9 per cent, compared with the average of US$109.48
and US$106.08 per barrel recorded in the preceding quarter
and the corresponding quarter of 2012, respectively. The fall
in prices was attributed to the on–going Eurozone economic
turmoil and high record levels of the US oil inventories (Fig. 14,
Table 13).
Crude oil and
natural gas
production
decreased by 5.9
per cent to 0.12
mbd during Q2
2013.
Crude oil export
also recorded a
decrease in Q2
2013.
Average crude oil
prices, including
Nigeria’s Bony
Light (37o API),
fell in the
international
crude oil market
in Q2 2013.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Figure14: Trends in Crude Oil Prices

Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13
US$ per barrel
Bonny Light
OPEC Basket


Table 13: Average Crude Oil Prices in the International Oil Market
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Bonny Light

OPEC Basket


4.5
Consumer Prices3
Available
data
showed
that
the
all-items
composite
Consumer Price Index (CPI) at the end of the second quarter
of 2013, was 146.6 (November 2009=100), representing an
increase of 1.8 and 8.4 per cent over the levels in the
preceding quarter and the corresponding quarter of 2012,
respectively.
The
development
reflected
the
relative
contributions of food items and non-alcoholic beverages, as
well as housing, water, electricity, gas and other fuel, clothing
and foot wear, transport, furnishing, household equipment
and maintenance, education, health, recreation & culture
and communication.

3 New CPI with November 2009 = 100 as base and new weight based on the 2003/2004 Nigeria Living Standard Survey
(NLSS) was released by the National Bureau of Statistics (NBS) on 18th October 2010.
The general price
level rose in Q2 2013
on account of the
increase in the
prices of food items
and non-alcoholic
beverages, as well as
housing, electricity,
and footwear, gas
and other fuel.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

The urban all-items CPI at the end of the second quarter of
2013, was 145.5 (November 2009=100), indicating an increase
of 1.9 and 8.5 per cent over the levels in the preceding
quarter and the corresponding quarter of 2012, respectively.
Similarly, the rural all-items CPI at the end of the quarter, at
147.9 (November 2009=100), represented an increase of 1.8
and 8.4 per cent over the levels in the preceding quarter and
the corresponding quarter of 2012, respectively (Fig. 15, Table
14).
Figure15: Consumer Price Index

Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Index
Composite
Urban
Rural

Table 14: Consumer Price Index (November 2009=100)
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Composite

Urban

Rural


The end-period inflation rate for the second quarter of 2013,
on a year-on-year basis stood at 8.4 per cent compared with
8.6 per cent in the preceding quarter. This indicated a
decrease of 0.2 and 4.5 percentage points below the levels in
the preceding quarter and the corresponding quarter of 2012,
respectively. The inflation rate on twelve-month moving
average basis was 10.4 per cent, compared with 11.4 and
11.3 per cent in the preceding quarter and the corresponding
quarter of 2012, respectively (Fig. 16, Table 15).
The headline
inflation (y-o-y)
decreased by 0.2
per cent in Q2
2013.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Figure 16: Inflation Rate

Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Percent
12-Month Average
Year-on-Year

Table 15: Headline Inflation Rate (%)
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
12-Month Moving Average

Year-on-Year


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

5.0
External Sector Developments
Provisional data indicated that foreign exchange inflow through the
CBN in the second quarter of 2013 declined by 8.4 and 6.1 per cent
below the levels in the preceding quarter and the corresponding
quarter of 2012, respectively. Outflow through the Bank, however,
increased by 97.2 and 29.8 per cent above the levels in the
preceding quarter and the corresponding quarter of 2012,
respectively. Total non-oil export receipts by banks decreased by
33.0 and 20.1 per cent below the levels in the preceding quarter
and the correspeonding period of 2012, respectively. Relative to the
preceding quarter, the average Naira exchange rate vis-à-vis the US
dollar, remained unchanged at the preceding quarter’s level of
N157.30 per US dollar. In the BDC segment of the market, the
average naira exchange rate at N160.12 vis-à-vis the dollar,
depreciated by 0.6 per cent below the level at the preceding
quarter. Similarly, at the interbank segment, the average Naira
exchange rate relative to the preceding quarter depreciated to
N158.75 per dollar. The gross external reserves fell by 6.1 per cent to
US$44.96 billion from the preceding quarter’s level.
5.1
Foreign Exchange Flows
Foreign exchange inflow through the CBN in the second
quarter of 2012 amounted to US$9.44 billion, representing a
decline of 8.4 and 6.1 per cent below the levels in the
preceding quarter and the corresponding quarter of 2012,
respectively. Outflow amounted to US$12.45 billion, showing
an increase of 97.2 and 29.8 per cent above the levels in the
preceding quarter and the corresponding quarter of 2012,
respectively. This resulted in a net outflow of US$3.01 billion, in
contrast to a net inflow of US$3.99 billion and US$0.46 billion
recorded in the preceding quarter and the corresponding
quarter of 2012, respectively. The fall in inflow relative to the
preceding quarter was attributed to the decline in crude oil
sales and non-oil receipts, while the rise in outflow was
attributed to the increase in the payments of Joint Venture
Cash
Calls,
international
organization
and
embassies,
parastatals and estacode and others (Fig.17, Table 16).


Foreign exchange
inflow through the
CBN declined by
8.4 per cent, while
outflow grew by
97.2 per cent,
resulting in a net
outflow of
US$3.01 billion
during Q2 of 2013.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Figure 17: Foreign Exchange Flows Through the CBN


Table 16: Foreign Exchange Flows Through the CBN (US$ million)

Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Inflow
8,854.93

13,673.10

13,603.64

12,119.80

10,050.94

13,444.07

11,168.38

10,304.46

9,442.91

Outflow
10,970.56

14,121.60

13,395.68

9,760.50

10,118.35

8,668.74

7,817.12

6,313.04

12,450.66

Netflow
(2,115.63)

(448.50)

207.96

2,359.30

(67.41)

4,775.33

3,351.26

3,991.42

(3,007.75)


Available data on aggregate foreign exchange flows through
the economy indicated that total inflow amounted to
US$38.01 billion, representing an increase of 11.5 and 35.3 per
cent above the levels in the preceding quarter and the
corresponding quarter of 2012, respectively. Oil sector
receipts, which accounted for 24.2 per cent of the total, stood
at US$9.20 billion, compared with the US$9.77 billion and
US$9.66 billion achieved in the preceding quarter and the
corresponding quarter of 2012, respectively.
Non-oil public sector inflow, which accounted for 0.6 per cent
of the total, declined by 54.8 per cent below the preceding
quarter‟s level, while autonomous inflow, which accounted for
75.4 per cent, rose by 20.1per cent above the preceding
quarter‟s level.
Autonomous
inflows into the
economy rose by
20.1 per cent in Q2
2013 relative to the
preceding quarter.
-4,000
-2,000


Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
US$ million
Inflow
Outflow
Netflow


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

At US$12.56 billion, aggregate foreign exchange outflow from
the economy grew by 96.1 and 24.1 per cent above the levels
in the preceding quarter and the corresponding quarter of
2012, respectively. The increase, relative to the preceding
quarter, was accounted for mainly by the rise in wDAS
Utilization.
5.2
Non-Oil Export Earnings by Exporters
Total non-oil export earnings by Nigerian exporters stood at
US$0.76 billion. This indicated a decline of 33.0 and 20.1 per
cent below the levels in the preceding quarter and the
corresponding quarter of 2012, respectively. The development
was attributed, largely, to the fall in the proceeds of industrial
and manufacturing sectors, which declined by 49.9 and 20.7
per cent, respectively. A breakdown of the proceeds showed
that industrial, manufactured products, agricultural products,
minerals, food products and transport earned US$317.8 million,
US$255.8 million, US$106.2 million, US$53.8 million, US$28.1
million, and US$0.1million, respectively.
The shares of industrial, manufactured products, agricultural
products, minerals, food products and transport in non-oil
export proceeds were 41.7, 33.6, 13.9, 7.1, 3.7 and 0.0 per
cent, respectively.
5.3
Sectoral Utilisation of Foreign Exchange

The invisible sector accounted for the bulk (60.4 per cent) of
total foreign exchange disbursed in the second quarter of
2013, followed by mineral and oil sector (11.5 per cent). Other
beneficiary sectors, in a descending order included: industrial
sector (11.2 per cent), food products (9.3 per cent,
manufactured products (5.1 per cent), transport sector (1.9
per cent) and agricultural products (0.6 per cent) (Fig.18).
.
The invisible sector
accounted for the
bulk of the total
foreign exchange
disbursed during
Q2 2013.
Total non-oil export
earnings by
exporters fell during
thesecond quarter
of 2013 on account
of declinein the
prices of most
traded
commodities.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Figure18: Sectoral Utilisation of Foreign Exchange


Percent of Total
Q4 12
Q1 13
Q2 13

5.4
Foreign Exchange Market Developments
Foreign exchange demand by the authorized dealers stood
at US$8.13 billion, indicating an increase of 66.7 and 9.7 per
cent above the levels in the preceding quarter and the
corresponding period of 2012, respectively. The sum of
US$10.77 billion (excluding inter-bank sales and swaps) was
sold by the CBN during the review period, indicating an
increase of 130.8 and 23.7 per cent above the levels in the
preceding quarter and the corresponding quarter of 2012,
respectively (Fig. 19, Table 17).
Figure 19: Demand for and Supply of Foreign Exchange

Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
US$ billion
Forex Sales at WDAS
Forex Demand at WDAS
Supply of Forex to BDC
Total Forex Supply

Demand and
Supply of foreign
exchange by
authorized dealers
rose during Q2
2013.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Table 17: Demand for and Supply of Foreign Exchange (US$ billion)
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Forex Sales at WDAS

Forex Demand at WDAS

Supply of Forex to BDC

Total Forex Supply(BDC and WDAS)


Under the wDAS, the average exchange rate of the Naira visà-vis the US dollar remained unchanged at the preceding
quarter‟s level of N157.30 per US dollar. It, however,
appreciated by 0.03 per cent relative to the level in the
corresponding quarter of 2012. In the bureau-de-change
segment of the market, the naira traded at an average of
N160.12 per US dollar, indicating a depreciation of 0.6 per
cent below the level in the preceding quarter. At the
interbank segment, the Naira exchanged at an average of
N158.75 to the US dollar indicating a depreciation of 0.7 per
cent below the level in the preceding quarter. The rates,
however, showed appreciation of 1.3 and 0.2 percent,
respectively, when compared with their levels in the
corresponding quarter of 2012 (Fig. 20, Table 18).
The premium between the wDAS and the bureau-de-change
rates widened from 1.2 per cent in the preceding quarter to
1.8 per cent in the review period. The premium between the
wDAS and interbank widened from 0.2 per cent in the
preceding quarter to 0.9 per cent in the review period (Fig. 21,
Table 18).
The Naira exchange
rate vis-à-vis the US
dollar depreciated at
the interbank and
BDC segments but
remain unchanged
at the wDAS
segments of the
foreign exchange
market in Q2 2013.
The premium
between the wDAS
and the BDC rates as
well as that between
wDAS and interbank
widened in the
review period.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Figure 20: Average Exchange Rate Movements

Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
N/US $
Average WDAS/RDAS
Average BDC
Average Interbank


Table 18: Exchange Rate Movements and Exchange Rate Premium
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Average Exchange Rate (N/US$)
WDAS/RDAS

BDC

Interbank

Premium (%)
WDAS/BDC

WDAS/Interbank


Figure 21: Exchange Rate Premium

Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Percent
WDAS/BDC
WDAS/Interbank


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

5.5
Gross External Reserves
Gross external reserves at the end of the second quarter of
2013 stood at US$44.96 billion, indicating a decrease of 6.1 per
cent below the US$47.88 billion recorded at the end of the
preceding quarter. A breakdown of the reserves showed that
CBN reserves stood at US$36.68 billion (81.6) per cent),
Federation reserves was US$6.98 billion (15.5 per cent) and
the Federal Government reserves was US$1.30 billion (2.9 per
cent) (Fig. 22, Table 18).
Figure 22: Gross External Reserves


Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
US$ million

Table 19: Gross External Reserves (US$ million)
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
External Reserves
33,221.8

31,890.5

31,740.2

35,190.8

35,412.5

40,636.8

43,830.4

47,884.1

44,957.0


Gross external
reserves
declined during
the second
quarter of 2013.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

6.0 Global Economic Conditions
6.1 Global Output
The World Bank revised its 2013 global growth forecast
downwards due to a slowdown in the emerging markets
economies, budget cuts and contraction in the Eurozone
following
the
waninig
investor
confidence.
The
world
economy was forecast to expand by 2.2 per cent, less than
the initial forecast of 2.4 per cent. It estimated that the euro
region‟s gross domestic product would contract by 0.6 per
cent in 2013. In contrast, forecasts were raised for the U.S. and
Japan, which were boosted by fiscal and monetary stimulus. It
lowered its projection for developing countries. China‟s
growth outlook was cut to 7.7 per cent from 8.4 per cent,
while India‟s forecast was revised downwards from 6.1 per
cent to 5.7 per cent. Also, the International Monetary Fund
(IMF) cut its forecast for world economic growth for the year
due to slowing emerging markets and a prolonged recession
in the Eurozone. In an update to World Economic Outlook
(WEO), the IMF reported that it now expects world output to
expand by 3.1 per cent in 2013, down from 3.3 per cent
forecast in April and 3.8 per cent in 2014. Since the last global
report in April, the IMF has cut its 2013 growth forecasts for the
U.S. and China to 1.7 per cent and 7.8 per cent, respectively.
It expects the Eurozone economy, stalled in its longest
recession to contract by 0.6 per cent this year, double the rate
of contraction forecast in April. It was reported that US
economy grew by an annualized rate of 1.8 per cent in the
first quarter of the year, less than the 2.4 per cent previously
estimated.
The
European
Central
Bank
(ECB)
revised
downwards the growth forecast for the Eurozone. The
economy was expected to contract by 0.6 per cent in 2013,
compared with an initial forecast of 0.5 per cent.
6.2 Global Inflation
Inflation continued to accelerate in advanced economies,
while it moderated in emerging markets. In the United States,
the consumer price index rose to 1.8 per cent in June 2013,
compared with 1.4 per cent in May 2013. Similarly, inflation in
the Eurozone rose to 1.6 per cent in June, from 1.4 per cent in


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

May, which was below the European Central Bank's target of
2.0 per cent. The UK rate of consumer price index (CPI)
inflation increased to 2.9 per cent in June, up from 2.7 per
cent in May, mainly due to increase in transport costs,
particularly airfares. China‟s CPI moderated to 2.7 per cent in
June from 2.1 per cent in May, while the wholesale price index
in India moderated to 4.9 per cent in June from 4.7 per cent
recorded in May 2013. In Brazil, the CPI rose to 6.7 per cent in
June from 6.5 per cent in May.
6.3 Global Commodity Demand and Prices
World Crude Oil demand was estimated at 90.04 mbd in the
second quarter of 2013, representing a marginal increase of
0.2 per cent above the level recorded in the preceeding
quarter. Similarly, world crude oil output was estimated at
89.98 mbd, representing a decline of 0.3 per cent below the
level recorded in the preceeding quarter. The decline was
attributed to a global fall in the demand for crude oil as the
severity of winter ease off.
The OPEC Reference Basket price of eleven selected crude
streams decreased by 7.8 per cent from their levels in the
previous quarter to close at US$100.90/b in the second quarter
of 2013. The prices of the UK Brent and Forcados also
exhibited similar trend to close at US$103.14 and US$106.46 per
barrel, respectively.
6.4 Other International Economic Developments
and Meetings
Other major international economic developments and
meetings of importance to the domestic economy during the
review quarter included: the 2013 Association of African
Central Bank (AACB) Continental Seminar held in Maseru,
Lesotho, from May 6 - 8, 2013. The theme of the Seminar was
“The Role of Central Banks in Promoting Sustainable Economic
Growth in Africa”. The primary objective of the Seminar was to
ensure that African central banks do not only pursue their
traditional mandate of price stability, but to also adopt
measures aimed at promoting sustainable economic growth
in their respective economies.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Also, the Annual Meetings of the Board of Governors of the
African Development Bank Group (AfDB) was held in
Marrakech, Kingdom of Morocco from May 27 - June 1, 2013.
The
theme
of
the
meeting
was
“Africa‟s
Structural
Transformation.”
The
meeting
noted
that
despite
the
slowdown in the global economy, Africa recorded 6.6 per
cent growth in 2012, while sub Saharan African growth stood
at 5.7 per cent.
Furthermore, the Africa Group 1 Constituency held a meeting
on May 28, 2013 on the margins of the AfDB Annual Meeting
and considered several issues, including the establishment
and endorsement of a Rules Review Committee (RRC),
comprising Panel Deputies. The meeting agreed that the
status quo for the process of selection, which entails merit and
political endorsement by countries, should be retained. The
next meeting was scheduled for August 23, 2013 in Khartoum,
Sudan.
In another development, the Executive Board of the
International Monetary Fund (IMF) considered the Fund's biannual work programme. The Fund‟s work programme charts
a range of actions needed to invigorate a sustainable
recovery and to make the global economy more resilient. The
Fund would focus on assisting all members in identifying
emerging risks, potential financing needs, as well as designing
calibrated policies to encourage stronger and sustainable
growth.
The West African Monetary Agency (WAMA), in collaboration
with the Central Bank of West African States (BCEAO),
organized
a
Regional
Workshop
on Harmonization
of
Regulations
Governing
Current
and
Capital
Account
Transactions in ECOWAS from May 13 – 15, 2013. The main
objective of the workshop was to discuss modalities for
harmonization of regulations governing current and capital
account transactions in ECOWAS with the ultimate goal of
developing a common regional framework that would
facilitate liberalization of current and capital account
transactions in the region.
The 2013 Spring Meetings of the Board of Governors of the
World Bank Group and the International Monetary Fund (IMF)


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

was held in Washington D.C., USA from April 15 – 22, 2013. The
Ministers of the Inter-governmental Group of 24, the
International Monetary and Finance Committee (IMFC) and
the Development Committee also held their respective
meetings. The G-24 Ministers noted that though policy actions
in advanced economies (AEs) and emerging markets and
developing countries (EMDCs) had reduced short-term risks,
there remained concerned about the fragility and pace of
the global recovery because of the protracted difficulties and
uncertainties in many AEs, including the euro-area and the
United States.
Moreover, the African Development Bank (AfDB) Executive
Directors in April 2013, approved its new Ten-Year Strategy
(2013 - 2022). The Strategy was designed to place the Bank at
the centre of Africa‟s transformation and to improve the
quality of Africa‟s growth. The strategy would focus on two
objectives to improve the quality of Africa‟s growth: inclusive
growth and the transition to green growth. The Strategy
identified five main channels through which the Bank would
deliver its work as follows: infrastructure development; regional
economic
integration;
private
sector
development;
governance and accountability; and skills and technology.
Meanwhile, representatives of the AfDB, the African Union
Commission (AUC), the Economic Commission for Africa, and
the NEPAD Secretariat gathered in Tunis on June 25-26, 2013
to discuss the African Union‟s „Agenda 2063‟. It sets out to
establish a credible platform on which Africa can build its
future development. The Development Agenda 2063 would
include consultations with stakeholders, namely governments,
the private sector, women, youth, various think tanks, and civil
society groups, throughout Africa. It would then be presented,
discussed and adopted at the AU Heads of State and
Governments Summit in June 2014.
In related development, the African Development Bank
(AfDB), in partnership with the Economic Community of West
African
States
(ECOWAS)
Commission,
organized
a
brainstorming workshop for migration experts and stakeholders
from ECOWAS member states in Dakar, Senegal, on June 2021, 2013. Critical issues addressed included skills shortages,


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

harnessing region-wide talent, improving remittance transfer
mechanisms, and addressing the issue of dual citizenships
while improving the protection of migrant populations around
the region in line with international conventions.
In addition, the Committee of Ten (C10) Finance Ministers and
Central Bank Governors met on April 18, 2013 in Washington,
D.C., USA. The objective was to review matters arising from the
G20 work plan with a view to agreeing on the way forward.
However, they noted that Africa faced significant risks ahead
given falling terms of trade, foreign aid, external demand, and
portfolio inflows.
Finally, the Economic Community for West African States
(ECOWAS), West African Monetary Agency (WAMA), and the
West African Monetary Institute (WAMI) Joint Multilateral
Surveillance Mission to Nigeria was conducted from April 2 – 9,
2013. The purpose of the Mission was to assess performance of
the country in 2012, on the macroeconomic convergence
criteria, and policy harmonisation as well as institutional
framework required for the establishment of economic and
monetary union in the ECOWAS region.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

APPENDIX TABLES


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Table A1: Money and Credit Aggregates
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Domestic Credit (Net)

Claims on Federal Government (Net)

Central Bank (Net)

DMBs and Non Interest Banks

Claims on Private Sector

Central Bank

DMBs and Non Interest Banks

Claims on Other Private Sector

Central Bank

DMBs and Non Interest Banks

Claims on State and Local Government

Central Bank
DMBs and Non Interest Banks

Claims on Non-financial Public Enterprises

Central Bank

DMBs and Non Interest Banks

Foreign Assets (Net)

Central Bank

DMBs and Non Interest Banks

Other Assets (Net)

Total Monetary Assets (M2)

Quasi-Money 1/

Money Supply (M1)

Currency Outside Banks

Demand Deposits 2/

Total Monetary Liabilities (M2)

Memorandum Items:
Reserve Money (RM)

Currency in Circulation (CIC)

DMBs Demand Deposit with CBN

N billion

1/ Quasi money consist of Time, Savings and Foreign Currency Deposit at Deposit Money Banks excluding Taking from Discount Houses.
2/ Demand Deposit consist of State, Local and Parastatals Deposits at CBN, State, Local Government and Private Sector Deposits as well as
Demand Deposits of non-financial Public Enterprises at Deposit Money Banks.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Table A2: Money and Credit Aggregates (Growth Rates)
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Domestic Credit (Net)

Claims on Federal Government (Net)

Claims on Private Sector

Claims on Other Private Sector

Claims on State and Local Government

Claims on Non-financial Public Enterprises

Foreign Assets (Net)

Other Assets (Net)

Total Monetary Assets (M2)

Quasi-Money 1/

Money Supply (M1)

Currency Outside Banks

Demand Deposits 2/
-2.6
2.4
-3.4

-6.9
2.0
Total Monetary Liabilities (M2)

Memorandum Items:
Reserve Money (RM)

Currency in Circulation (CIC)
-8.5
-4.8
-1.1

-7.55
-5.5
DMBs Demand Deposit with CBN

Domestic Credit (Net)

Claims on Federal Government (Net)

Claims on Private Sector

Claims on Other Private Sector

Claims on State and Local Governments

Claims on Non-financial Public Enterprises
Foeign Asset (Net)

Other Asset (Net)

Total Monetary Assets (M2)

Quasi-Money 1/

Money Supply (M1)

Currency Outside Banks

Demand Deposits 2/

Total Monetary Liabilities (M2)

Memorandum Items:
Reserve Money (RM)

Currency in Circulation (CIC)

DMBs Demand Deposit with CBN

Percentage Change Over Preceding Quarter
Percentage Change Over Preceding December

1/ Quasi money consist of Time, Savings and Foreign Currency Deposit at Deposit Money Banks excluding Taking from Discount Houses.
2/ Demand Deposit consist of State, Local and Parastatals Deposits at CBN, State, Local Government and Private Sector Deposits as well as Demand Deposits of
non-financial Public Enterprises at Deposit Money Banks.


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Table A3: Federal Government Fiscal Operations (N billion)
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q1-13
Retained Revenue

Federation Account

VAT Pool Account

FGN Independent Revenue

Excess Crude

Others

Expenditure

Recurrent

Capital

Transfers

Overall Balance: Surplus(+)/Deficit(-)


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter

Table A4: Gross Domestic Product at 1990 Basic Prices


Source: National Bureau of Statistics.


Q1-2012
Q2-2012
Q3-2012
Q4-2012
Q1-2013
Q2-2013
Real GDP

Oil GDP

Crude Petroleum & Natural Gas

Non-oil GDP

Agriculture

Industry (excluding crude petroleum/natural Gas)

Building & Construction

Wholesale & Retail Trade

Services

Real GDP

Oil GDP

Crude Petroleum & Natural Gas

Non-oil GDP

Agriculture

Industry (excluding crude petroleum/natural Gas)

Building & Construction

Wholesale & Retail Trade

Services

Real GDP

Oil GDP

Crude Petroleum & Natural Gas

Non-oil GDP

Agriculture

Industry (excluding crude petroleum/natural Gas)

Building & Construction

Wholesale & Retail Trade

Services

Q1-2013 are provisional figures and Q2-2013 are forecasts by NBS
N billion
Relative Share (%)
Growth Rate (%)


C e n t r a l B a n k o f N i g e r i a

Economic Report Second Quarter