ECONOMIC REPORT
FIRST 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
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Economic Report First 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
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Economic Report First Quarter

Contents


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Text Tables


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Appendix Tables

Figures


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Economic Report First Quarter

1.0 Summary
Available data from the National Bureau of Statistics (NBS) showed
that estimated gross domestic product (GDP) grew by 6.6 per cent,
compared with 6.9 per cent in the preceding quarter. The fall in
growth rate was attributed, largely, to the decline in the contribution
of the non-oil sector.
Broad money supply, (M2), grew by 3.0 per cent at end-March 2013
relative to the level at end-December 2012, in contrast to a decline
of 0.24 per cent at the end of corresponding period of 2012. The
development, relative to preceding quarter, reflected largely the
10.5 and 16.2 per cent growth in domestic credit (net) and other
assets (net) of the banking system, respectively. Narrow money
supply, (M1), fell by 3.0 per cent, in contrast to a growth of 4.3 per
cent at the end of the preceding quarter. Reserve money (RM) fell
by 1.05 per cent to N3,495.18, from N3,532.1 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 narrowed to 16.60 percentage
points from 17.38 in the preceding quarter. The margin between the
average savings deposit and maximum lending rates also narrowed
from 23.28 percentage points in the preceding quarter to 22.1at the
end of the review quarter. The weighted average interbank call
rate, which stood at 11.72 per cent in the preceding quarter, rose to
12.0 per cent, reflecting the liquidity condition in the interbank funds
market.
Provisional data indicated that the value of money market assets
outstanding declined by 0.7 per cent below the level in the
preceding quarter to N6,168.65 billion. The development was
attributed largely to the fall in government bonds outstanding.
Activities on the Nigerian Stock Exchange (NSE) in the first quarter
2013 were mixed.
Total
federally-collected
revenue
stood
at
N2,425.3
billion,
representing a decline of 2.4 and 17.9 per cent below the receipts in
the preceding quarter and corresponding quarter of 2012,
respectively. At N1,849.5 billion, oil receipts, which constituted 76.3
per cent of the total, exceeded both the budget estimate and
receipts in the preceding quarter by 15.5 and 1.4 per cent,
respectively, but declined by 22.2 per cent below the receipts in the
corresponding period of 2012. The increase in oil receipts relative to
the preceding period was attributed, largely, to the rise in the


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Economic Report First Quarter

receipts from crude oil/gas exports and domestic crude oil/gas sales
and “other” oil revenue during the review period.
Non-oil receipts, at N575.8 billion was below the budget estimate
and receipts in the preceding quarter by 23.3 and 12.8 per cent,
respectively. Federal Government retained revenue was N908.1
billion, while total expenditure was N1,192.9 billion. Thus, the fiscal
operations of the Federal Government resulted in an estimated
deficit of N284.8 billion or 2.9 per cent of estimated nominal GDP for
first quarter 2013, compared with the quarterly budgeted deficit and
the preceding quarter’s deficits of N276.1 billion and N76.9 billion,
respectively.
Major agricultural activities during the review period included:
harvesting of tree crops; tending of irrigation-fed vegetable and
clearing of land for the 2013 wet season farming. Nigeria’s crude oil
production, including condensates and natural gas liquids, was
estimated at an average of 2.05 million barrels per day (mbd) or
184.50 million barrels for the quarter. Crude oil export stood at 1.60
mbd or 144.0 million barrels for the quarter, while deliveries to the
refineries for domestic consumption remained at 0.45 mbd or 40.50
million barrels. The average price of Nigeria’s reference crude, the
Bonny Light(370 API), estimated at US$115.34 per barrel, rose by 2.3
per cent over the level in the preceding quarter.
The end-period headline inflation rate (year-on-year) was 8.6 per
cent, compared with 12.0 and 12.1 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 11.4 per cent, compared with 12.2 and 10.9 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$10.50 billion and US$6.44 billion,
respectively, resulting in a net inflow of US$4.06 billion during the
quarter. Foreign exchange sales by the CBN to the authorized
dealers amounted to US$4.65 billion, compared with US$4.27 billion in
the preceding quarter.
The average exchange rate of the Naira vis-à-vis the US dollar at the
wDAS window appreciated marginally by 0.01 and 0.1 per cent to
N157.30 per US dollar relative to its levels at the end of the preceding
quarter and corresponding period of 2012. In the bureau-de-change
segment of the market, the Naira traded at an average of N159.18
per US dollar, compared with N159.19 per US dollar in the preceding
quarter. In the interbank segment, the Naira exchanged for an


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Economic Report First Quarter

average of N157.57 to the US dollar, compared with N157.38 and
N159.20 per US dollar in the preceding quarter and the
corresponding quarter of 2012, respectively. Provisional data on nonoil export earnings by Nigerian exporters, at US$1,136.33 million, rose
by 15.1 per cent above the level in the preceding quarter.
The International Monetary Fund World Economic Outlook (WEO,
April 2013) lowered its projections for global economic growth due
largely to significant spending cuts in the United States and the
recession in Europe. Consequently, global growth was projected at
3.3 per cent down from 3.5 per cent in January 2013.
The OPEC Reference Basket increased by 2.0 per cent over the level
recorded at the end of the fourth quarter of 2012, to close at
US$109.48/b at the end of the review period. The Bonny Light(370
API), the UK Brent and the Forcados crude closed at US$115.34,
US$113.68 and US$116.89 per barrel, respectively, all showing
upward trend over their levels at the end of the preceding quarter.
However, the West Texas Intermediate (WTI) fell to US$91.07 at the
end of the review period, from its level of US$92.16 in the preceding
quarter. The increase in the prices of the Bonny Light crude was
attributed to improved industrial activities and increased demand
for heating oil in Europe.
Global inflation was projected to have eased to about 3.3 per cent.
Meanwhile, inflation pressure was projected to remain contained in
emerging markets and developing economies.
Other major international economic developments and meetings of
relevance to the domestic economy during the quarter included:
the meetings of the West African Monetary Zone (WAMZ), the West
African Monetary Agency (WAMA) and the West African Institute for
Financial and Economic Management (WAIFEM) held in Abuja,
Nigeria from January 11 – 18, 2013. In a related development, the
28th meeting of the Committee of Governors of WAMZ and the 43rd
meeting of the Committee of Governors of the ECOWAS Member
States were held during the review period. The 36th Meeting of the
Bureau of the Association of African Central Banks (AACB) was held
on February 27th, 2013 at the Headquarters of the Banque Centrale
des Etats de l’Afrique de l’Ouest (BCEAO) Dakar, Senegal. Finally,
the annual meeting of the World Economic Forum was held at
Davos-Klosters, Switzerland with the theme “Resilient Dynamism” from
January 23 – 27, 2013. During the meeting, over 250 sessions were
held on issues relating to global economy, global energy,
technology, leadership, natural resources, sustainable growth,
among others.


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Economic Report First Quarter

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2.0 Financial Sector Developments
2.1 Monetary and Credit Developments
Provisional data indicated that growth in the key monetary
aggregate was modest at the end of the first quarter of 2013. Banks’
deposit and lending rates generally exhibited mixed developments
during the review quarter. The value of money market assets
outstanding declined, due largely, to the significant decline in FGN
Bonds outstanding. Transactions on the Nigerian Stock Exchange
(NSE) were mixed during the review quarter.
Provisional data indicated that growth in the major monetary
aggregate was moderate at the end of the first quarter of
2013. Relative to the level at the end of the preceding
quarter, broad money supply, (M2), grew by 3.0 per cent to
N15,584.7 billion at end-March 2013, compared with the
growth of 7.6 per cent at the end of the preceding quarter
and a decline of 0.24 per cent at the end of the
corresponding period of 2012. The outcome, relative to the
preceding quarter reflected the 10.5 and 16.2 per cent
growth in domestic credit (net) and other assets (net), of the
banking system, respectively.
Narrow money supply, (M1), at N6,854.07 billion, fell by 3.0 per
cent at the end of the first quarter of 2013, in contrast to a
growth of 10.6 per cent at the end of the preceding quarter.
The development reflected the 2.7 and 4.5 per cent decline in
its demand deposit and currency outside bank components,
respectively.
Quasi money, at N8,730.63 billion, rose by 8.3 per cent,
compared with an increase of 5.1 and 3.3 per cent at the end
of the preceding quarter and corresponding period of 2012,
respectively (Fig. 1, Table 1).

Growth in key
monetary
aggregate was
moderate during
Q1 2013.


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Economic Report First Quarter

Figure 1: Growth Rate of Narrow Money (M1) and Broad Money (M2)1
-5

-10
-5

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

At N15,423.2 billion, aggregate banking system credit (net) to
the domestic economy, rose by 10.5 per cent at the end of
the first quarter of 2013, compared with the growth of 4.4 per
cent and a decline of 0.06 per cent at the end of the
preceding quarter and the corresponding quarter of 2012,
respectively. The development relative to the preceding
quarter‟s level, reflected, largely, the 112.4 per cent increase
in claims on the Federal Government.
Banking system‟s credit (net) to the Federal Government, at
the end of the review quarter rose by 112.4 per cent to N164.8
billion, compared with the growth of 15.0 and a decline of
11.3 per cent at the end of the preceding quarter and
corresponding period of 2012, respetively. The development
was accounted for, largely, by the increase in banking
system‟s holdings of Federal Government securities.
At the end of first quarter 2013, banking system‟s credit to the
private sector fell by 0.2 per cent to N15,285.3 billion,
compared with the increase of 2.3 per cent at the end of the
preceding quarter and a decline of 0.45 per cent at the end

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 first
quarter of 2013.


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Economic Report First Quarter

of the corresponding period of 2012. The development,
relative to the preceding quarter was attributed, wholly, to the
0.2 and 0.6 per cent decline in claims on the core private
sector and the State and Local Government, respectively.
(Fig. 2, Table 1).
Figure 2: Growth Rate of Aggregate Domestic Credit to the Economy2


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

At N9,374.8 billion, foreign assets (net) of the banking system
increased by 3.0 per cent at the end of the review quarter,
compared with the increase of 10.1 and 2.4 per cent at the
end of the preceding quarter and corresponding period of
2012, respectively. The development was attributed, largely,
to the 3.1 and 2.7 per cent increase in CBN and DMBs‟
holdings of foreign assets, respectively.
At the end of the review quarter, other assets (net) of the
banking system rose by 16.2 per cent to negative N9,213.3
billion, compared with the growth of 4.6 and 2.6 per cent at
the end of the preceding quarter and the corresponding
period of 2012, respectively. The increase, relative to the
preceding quarter reflected, largely, the rise in unclassified
assets of the CBN.

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
increased at the
end of the
quarter under
review.


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Economic Report First Quarter

Table 1: Growth in Monetary and Credit Aggregates (Percent) Over
Preceding Quarter
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-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)


2.2
Currency-in-circulation (CIC) and Deposits at
the CBN
At N1,508.51 billion, currency in circulation fell by 7.6 per cent
at the end of the first quarter of 2013, in contrast to the growth
of 20.9 per cent at the end of the preceding quarter. The
development was attributed, largely, to the 4.5 per cent
decline in currency outside the banking system.

Total deposits at the CBN amounted to N6,396.32 billion,
indicating a decline of 0.13 per cent, in contrast to the growth
of 6.9 per cent at the end of the preceding quarter. The
development reflected largely, the 0.23 and 0.18 per cent
fall in the deposits of the private sector and Federal
Government, respectively, which more than off-set the
marginal increase in deposits of DMBs. Of the total deposits,
the shares of the Federal Government, banks and „‟others‟‟
were N3,879.67 billion (61.0 per cent), N1,986.67 billion (31.0
per cent) and N529.96 billion (8.0 per cent), respectively.
Though DMBs‟ deposit with CBN rose during the review period,
reserve money (RM) fell by 1.1 per cent to N3,495.18 billion,
from N3,532.10 billion at the end of the preceding quarter,
owing to the 7.6 per cent decline its currency in circulation
component, which more than offset the rise in DMBs deposit
with the CBN.

Reserve money
(RM) declined
at the end of
the first quarter
of 2013.


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2.3
Money Market Developments
During the review period, money market rates were
influenced by the liquidity condition in the banking system as
Monetary Policy remained largely restrictive. In line with the
monetary tightening stance of the authority, the Monetary
Policy Rate (MPR) was maintained at 12.0 per cent. The Cash
Reserve Ratio (CRR) and Liquidity Ratio (L/R) were also
maintained at their previous levels of 12.0 and 30.0 per cent, in
the review quarter. Similarly, the Net Open Position (NOP) was
also retained at 1.0 per cent, while money market indicators,
particularly short tenored instruments were relatively stable
during the review period. 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 first quarter of 2013 stood at
N6,168.65 billion, showing a decline of 0.7 per cent, in contrast
with the increase of 3.1 per cent at the end of the preceding
quarter. The development was attributed, largely, to the 6.4
per cent decline in FGN Bonds.
2.3.1
Interest Rate Developments
Available data indicated mixed developments in banks‟
deposit and lending rates during the first quarter of 2013. The
average savings deposit rate fell to 1.70 per cent in the first
quarter of 2013 from 1.81 per cent in the fourth quarter of
2012. Similarly, with the exception of the 1 month deposit rate,
which rose from 8.09 per cent to 8.20 per cent in the review
period, all other rates on deposits of various maturities fell from
a range of 5.56 - 8.82 per cent to a range of 5.08 – 8.40 per
cent in the first quarter of 2013. At 7.20 per cent, the average
term deposit rate fell by 0.51 percentage point below the
level in the preceding quarter. The prime and maximum
lending rates also fell by 1.01 and 1.29 percentage points to
16.40 and 23.80 per cent in the first quarter. Consequently, the
spread between the weighted average term deposit and
maximum lending rates narrowed by 0.78 percentage point to
16.60 per cent from 17.38 per cent in the preceding quarter.
The margin between the average savings deposit and the
The spread
between the
weighted -
average term
deposit and
maximum lending
rates narrowed.


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Economic Report First Quarter

maximum lending rates, also narrowed from 23.28 percentage
points in the preceding quarter to 22.10 percentage points.
With the headline inflation rate of 8.6 per cent at end-March
2013, all rates, with the exception of lending rates, were
negative in real terms.
At the interbank call segment, the weighted average interbank call rate, which stood at 11.72 per cent at the end of the
fourth quarter of 2012, rose by 0.28 percentage points to 12.0
per cent in the first quarter of 2013, reflecting the liquidity
condition in the inter-bank funds market. Similarly, the
weighted average rate at the Open Buy Back (OBB) segment
rose to 11.70 per cent at the end of the review quarter from
11.56 per cent in the preceding quarter. The Nigeria Inter-bank
Offered Rate (NIBOR) for the 7- day tenor rose to 12.40 per
cent from 12.34 per cent, while the rate for the 30-day tenor
fell to 13.00 per cent from 13.37 per cent in the preceding
quarter (Fig. 3, Table 2).
Figure 3: Selected DMBs Interest Rates (Average)

Q1-11
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Percent per Annum
Percent per Annum
Prime
Interbank
Maximum
Average Term Deposits

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

Prime Lending

Interbank

Maximum Lending


Interbank rate
trended upwards
in Q1 2013.


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Economic Report First Quarter

2.3.2
Commercial Paper (CP)
The value of Commercial Paper (CP) held by DMBs declined
by 99.25 per cent to N0.01 billion at the end of the first quarter
of 2013, compared with a decline of 2.5 per cent at the end
of the preceding quarter. Thus, CP constituted 0.001 per cent
of the total value of money market assets outstanding,
compared with 0.019 per cent at the end of the preceding
quarter.
2.3.3
Bankers’ Acceptances (BAs)
The value of BAs held by DMBs increased by 2.74 per cent to
N8.96 billion at the end of the review quarter, in contrast with
the decline of 42.23 per cent at the end of the preceding
quarter. The development reflected the decline in investments
in BAs by deposit money banks and discount houses.
Consequently, BAs accounted for 0.16 per cent of the total
value of money market assets outstanding at the end of the
review quarter, same as at the end of the preceding quarter.

2.3.4
Open Market Operations
Bills of maturities ranging from 31-280 days were used to mop
up excess liquidity at the Open Market Operation (OMO).
Total sales in the first quarter of 2013 amounted to N4,373.50
billion, while total subscriptions were N7,322.47 billion. The bid
rates ranged from 9.25 – 13.79 per cent, while the stop rates
ranged from 9.99 – 12.75 per cent. The total sale was 76.9 per
cent above the level in the preceding quarter.
2.3.5
Primary Market
At the primary market segment, NTBs of 91-, 182- and 364-day
tenors, amounting to N1,084.52 billion, N2,515.73 billion and
N1,084.52 billion, respectively, were offered, subscribed to and
allotted, respectively, in the first quarter of 2013, compared
with the respective sums of N822.05 billion, N2,095.54 billion
and N822.05 billion in the preceding quarter. The bid rates
ranged from 7.50 to 14.00 per cent, 10.00 to 14.60 per cent
and 8.99 to 13.25 per cent for the 91-, 182- and 364-day tenor,
respectively, while the stop rates ranged from 9.20 – 11.79 per
cent.


Investment in
CP by DMBs
declined in the
first quarter of
2013.
DMBs’ holdings of
BAs rose during Q1
of 2013.


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Economic Report First Quarter

2.3.6
Bonds Market
FGN Bonds of 5-, 7- and 10-year tranches were re-opened and
auctioned during the first quarter of 2013. The total amount
offered, subscribed to and allotted for the 5-, 7- and 10-year
tranches were N285.00 billion, N607.05 billion, and N285.00
billion, respectively. The marginal rates were between 10.68 –
11.08 per cent lower than the rates observed in the preceding
quarter. The decrease in the yield during the review period
was attributed to a combination of the liqiuidity condition in
the system, relative stability of the domestic currency and the
fact that the Nigerian Bond market has become a safe haven
for portfolio investors from Europe and America due to the
attractive yield offered by the market.
2.3.7
CBN Standing Facilities
The total Standing Lending Facility (SLF) granted during the
review period was N2,781.84 billion, compared with N1,196.83
billion in the preceding quarter. The increase in the SLF
demanded and granted was attributed mainly to the
substantial request from one of the banks due to the inability
to raise funds at the inter-bank market. The total Standing
Deposit Facility (SD) was N11,274.54 during the first quarter of
2013, representing an increase of 73.84 per cent above the
level in the preceding quarter. The development was
attributed to the continued effect of the Bank‟s decision to
remunerate surpluses in excess of the Cash Reserve
Requirement (CRR).
2.4
Deposit Money Banks’ Activities
Available data indicated that the total assets and liabilities of
the DMBs stood at N22,319.07 billion at the end of the first
quarter of 2013, representing an increase of 4.8 per cent
above the level at the end of the preceding quarter. The
funds, which were sourced, largely, from accretion to capital
account and increased mobilization of deposit liabilities, were
used mainly to extend credit to the private sector and
acquisition of unclassified assest. Central Bank‟s credit to the
DMBs, largely loans and advances, increased by 4.7 per cent
to N238.79 billion at the end of the review quarter.
At N13,789.69 billion, DMBs‟ credit to the domestic economy,
rose by 4.5 per cent above the level in the preceding quarter.

Subscription for
FGN Bonds of
various maturities
was moderated
during the first
quarter of 2013.


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Economic Report First Quarter

The development was attributed, largely, to the 19.7 per cent
increase in claims on the Federal Government.
Total specified liquid assets of the DMBs stood at N6,724.22
billion, representing 44.6 per cent of their total current
liabilities. At that level, the liquidity ratio, fell by 5.1 percentage
points below the level in the preceding quarter, but was 14.6
percentage points above the stipulated minimum ratio of 30.0
per cent. The loans-to-deposit ratio, at 38.3 per cent, was 4.0
percentage points below the level at the end of the
preceding quarter, and 41.7 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 N359.38
billion at the end of the first quarter of 2013, indicating an
increase of 4.3 and 2.9 per cent above the levels at the end
of the preceding quarter and the corresponding quarter of
2012, respectively.The rise in assets was accounted for, largely,
by the increase in claims on “others” and other assets which
more than offset the fall in claims on the Federal Government.
Correspondingly, the rise in total liabilities was attributed,
largely, to the increase in the other amounts owed to and
borrowings, which more than offset the decline in capital and
reserves.
Discount houses‟ investment in Federal Government securities
of less than 91-day maturity increased by 21.4 per cent to
N151.63 billion and represented 53.4 per cent of their total
deposit liabilities. At this level, discount houses‟ investment was
6.6 percentage points below the prescribed minimum level of
60.0 per cent for fiscal 2013. Total borrowing by the discount
houses was N79.4 billion, while their capital and reserves stood
at N17.6 billion. This resulted in a gearing ratio of 4.5:1,
compared with the stipulated maximum of 50:1 for fiscal 2013.


At 44.6 per cent, the
liquidity ratio in Q1
2013 was 14.6
percentage points
above the stipulated
maximum ratio. Loanto-deposit ratio fell
below the prescribed
maximum by 41.7
percentage points.


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2.6
Capital Market Developments
2.6.1
Secondary Market
Activities on the Nigerian Stock Exchange (NSE) were mixed
during the review quarter. Available data indicated that the
volume of traded securities increased by 50.9 and 40.6 per
cent to 31.8 billion shares and N254.98 billion, respectively, in
383,014 deals, compared with 21.1 billion shares valued at
N181.4 billion in 265,625 deals in the preceding quarter. The
financial sector was the most active on the Exchange
(measured by turnover volume) with a traded volume of 13.4
billion shares, valued at N95.6 billion in 125,244 deals. The
banking sub-sector maintained its dominance as the most
active, followed by the conglomerates.
Figure 4: Volume and Value of Traded Securities

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

Table 3: Traded Securities on the Nigerian Stock Exchange (NSE)
Q1-11
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
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 first quarter indicated a turnover of 2.51 billion units,
worth N2.9 trillion, in 14,641 deals, compared with 1.93 billion
units worth N2.1 trillion in 11,269 deals 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 First Quarter

2.6.3
New Issues Market
There were four (4) new and five (5) supplementary listings in
the review quarter (see table below).
Table 4: New and Supplementary Listings on the Nigeria Stock Exchange
S/N
Company
Additional Shares (billion)
Reasons
Listings

UBA Capital Plc
4.0 Billion
Restructuring Scheme
New

African Prudential Registrars
1.0 Billion
Ordinary Shares
New

Linkage Assurance Plc
2.89 Billion
Oustanding Ordinary Shares
Supplemenatary

Lagos State of Nigeria
80 Billion
Fixed Bond Series 1 due 2019
New

Guiness Nigeria Plc
30.96 Million Shares
Bonus Issue
Supplemenatary

Crusader Nigeria Plc
3,064.69 Million Shares
Addition to paid up Capital
Supplemenatary

IFC Bond
12 Billion
2018 Fixed Rate Senior Unsecured Notes
New

Gunea Insurance Plc
740,000 Million
Special Placing
Supplemenatary

First City Monument Bank Plc
329,197,001 Million
Acquisition of FinBank Plc
Supplemenatary

2.6.4
Market Capitalization
The total market capitalization for all listed securities (equities
and debt) stood at N16.4 trillion at the end of the quarter
under review. Market capitalization for listed equities stood at
N10.73 trillion, representing an increase of 19.2 per cent over
the level at the end of the preceding quarter. The equities
sub-sector, accounted for 65.4 per cent of the total market
capitalization.
2.6.5
NSE All-Share Index
The All-Share Index of listed securities, which opened at
28,078.81at the beginning of the quarter, closed at 33,536.25,
representing an increase of 19.4 per cent above the level at
the end of preceding quarter. At end-March 2013, all the five
sectoral indices appreciated. The NSE Consumer Goods, NSE
Banking, NSE Insurance, NSE Oil/Gas and NSE Lotus II indices
increased by 17.2, 21.4, 1.1, 67.3 and 25.6 per cent,
respectively, to close at 983.67, 412.35, 154.53, 198.2 and
2221.15 at the end of the first quarter 2013.
Market
capitalization and
All-Share Index
trended upwards
during Q1 2013.


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

Economic Report First Quarter

Figure 5: Market Capitalization and All-Share Index


Q1-11
Q2-11
Q3-11
Q4-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Index
N billion
Market Capitalization (LHS)
All-Share Index (RHS)

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

Al-Share Index (Equities)
24,621.21

24,980.20

23,373.00

20,730.60

29,652.50

21,599.60

26,022.60

28,078.80

33,536.25


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

Economic Report First Quarter

3.0
Fiscal Operations
3.1
Federation Account Operations
Available data showed that total federally-collected revenue
during the first quarter of 2013 stood at N2,425.30 billion,
representing a decline of 2.4 and 17.9 per cent below the
receipts in the preceding quarter and the corresponding
period of 2012, respectively. However, relative to the
proportionate budget estimate, federally-colledted revenue
rose by 3.1 per cent. (Fig. 6, Table 6).
Figure 6: Components of Gross Federally Collected Revenue

Q1-11
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Oil Revenue Gross
Non-Oil Revenue

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

Oil Revenue

Non-Oil Revenue

At N1,849.51 billion, gross oil receipts, which constituted 76.3
per cent of the total, exceeded the proportionate budget
estimate and the receipts in the preceding quarter by 15.5
and 1.4 per cent, respectively, but declined by 22.2 per cent
below the receipts in the corresponding period of 2012. The
rise in oil receipts relative to the preceding period was
attributed to the increase in the receipts from crude oil/gas
Gross federally
collected
revenue
declined by 2.4
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 First Quarter

exports, domestic crude oil/gas sales and “other” oil revenue
during the period (Fig. 7, Table 7).
Figure 7: Gross Oil Revenue and Its Components
-


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

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


Non-oil receipts, at N575.80 billion (23.7 per cent of the total),
was below both the proportionate budget estimate and the
receipts in the preceding quarter by 23.3 and 12.8 per cent,
respectively. The decline in non-oil revenue relative to the
preceding quarter, reflected, largely, the fall in Corporate
Taxes, Federal Government Independent Revenue, Education
Tax and Customs and Excise duties during the review period
(Fig. 8, Table 8).
As a percentage of estimated nominal GDP for the first
quarter 2013, oil and non-oil revenue were 19.1 and 5.9 per
cent, respectively.

Q1-11
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
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 First Quarter

Figure 8: Gross Non-Oil Revenue and Its Components
-

1,000
Q1-11
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
N billion
Others
Customs & Excise Duties
Companies Income Tax & Other Taxes
Value-Added Tax (VAT)

Table 8 Components of Gross Non-Oil Revenue (N billion)
Q1-11
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
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 N1,366.70 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
N643.79
billion,
while
the
states
and
local
governments received N326.54 billion and N251.75 billion,
respectively. The balance of N144.62 billion went to the 13.0%
Derivation Fund for distribution by the oil-producing states.
Also, the Federal Government received N26.72 billion from the
VAT Pool Account, while the state and local governments
received N89.06 billion and N62.34 billion, respectively. In
addition, the sum of N333.81 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 (N152.99 billion),
state (N77.60 billion), local governments (N59.83 billion) and oil
producing states (N43.40 billion). An additional N106.65 billion
was also distributed among the tiers of government and oil
producing states from the Subsidy Re-investment and
The sum of
N1,366.70 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 First Quarter

Empowerment Programme, (SURE-P) Fund. Thus, the total
allocation to the three tiers of government in the first quarter
of 2013 amounted to N2,008.12 billion. This exceeded the 2013
quarterly budget estimate by 9.3 per cent.
3.2
The Fiscal Operations of the Three Tiers of
Government
3.2.1
The Federal Government

At N908.14 billion, the Federal Government retained revenue
for the first quarter of 2013 was lower than both the
proportionate budget estimate and receipts in the preceding
quarter by 11.0 and 1.6 per cent, respectively. Relative to the
receipts in the corresponding period of 2012, Federal
Government retained revenue also declined by 10.6 per cent.
Of this amount, the Federal Government share from the
Federation
Account,
VAT
Pool
Account
and
FGN
Independent Revenue were N643.87 billion, N26.34 billion and
N35.42 billion, respectively, while “Others” accounted for the
balance of N202.51 billion (Fig. 9, Table 9).
Figure 9: Federal Government Retained Revenue
Federation Account
(70.9%)
VAT Pool
Account (2.9%)
FGN Independent
Revevue (3.9%)
Others
(22.3%)

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

Expenditure

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


Federal government
estimated retained
revenue and total
expenditure was
lower than the
proportionate
budget estimatefor
the quarter.


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

Economic Report First Quarter

Total estimated expenditure for the first quarter stood at
N1,192.92 billion and was lower than the proportionate budget
estimate by 8.0 per cent, but higher than the levels in the
preceding quarter and corresponding period of 2012 by 5.5
and 8.3 per cent, respectively. The development (relative to
the quarterly budget estimate) was attributed to the delay in
capital releases during the review period. A breakdown of the
total expenditure showed that the recurrent component
accounted for 65.5 per cent, capital component 27.0 per
cent, while statutory transfers accounted for the balance of
7.5 per cent (Fig. 10). Further breakdown of the recurrent
expenditure
showed
that
the
non-debt
component
accounted for 77.4 per cent, while debt service payments
accounted for the balance of 22.6 per cent.
Thus, the fiscal operations of the Federal Government resulted
in an estimated deficit of N284.78 billion or 2.9 per cent of the
estimated nominal GDP for the quarter, compared with the
2013 benchmark and the preceding quarter deficits of
N276.11 billion and N207.32 billion, respectively. The deficit was
financed mainly from domestic sources.
Figure10: Federal Government Expenditure
Recurrent
Capital
Transfers
Capital
(27.0%)
Transfers
(7.5%)
Recurrent (65.5%)


The fiscal
operations of
the FG resulted
in an estimated
deficit of
N284.78 billion
in Q1 2013.


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

Economic Report First Quarter

3.2.2
Statutory Allocations to State Governments

Total
allocation
to
state
governments
(including
the
Federation Account, 13.0 per cent Derivation Fund and share
of VAT receipts) stood at N734.07 billion in the first quarter
2013. This represented a decline of 1.0 per cent below the
level in the preceding quarter, but an increase of 4.0 per cent
above the level in the corresponding quarter of 2012.
Further breakdown showed that, at N645.01 billion, receipts
from Federation Account constituted 87.9 per cent of the
total, indicating a decline of 0.2 and 0.5 percentage point
relative to the levels in the preceding quarter and the
corresponding period of 2012, respectively. At N89.06 billion,
receipts from VAT constituted 12.1 per cent of the total,
indicating an increase of 0.2 and 0.5 percentage point
relative to the levels in the preceding quarter and the
corresponding period of 2012, respectively. On a monthly
basis, the sum of N205.22 billion, N207.49 billion and N321.36
billion was allocated as statutory allocations and VAT receipts
to the 36 state governments in January, February and March
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 first quarter of 2013, stood
at N401.68 billion. This amount was below the levels in the
preceding quarter and corresponding period of 2012 by 3.8
and 2.4 per cent, respectively. Of the total amount, allocation
from the Federation Account was N339.34 billion (84.5 per
cent), while VAT Pool Account accounted for the balance of
N62.34 billion (15.5 per cent). On a monthly basis, the sum of
N113.61 billion, N116.49 billion and N171.58 billion was
allocated to the 774 local governments in January, February
and March 2013, respectively.


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

Economic Report First Quarter

4.0
Domestic Economic Conditions
Provisional data showed that aggregate output measured by the
real gross domestic product (GDP) grew by 6.6 per cent, compared
with 6.9 per cent in the preceding quarter. The development was
attributed, largely, to the decline in the contribution of the non-oil
sector, during the review period. Crude oil production was estimated
at 2.05 million barrels per day (mbd) or 184.5 million barrels for the
quarter. The end-period inflation rate for the first quarter of 2013, on
year-on-year basis, was 8.6 per cent, compared with 12.0 and 12.1
per cent in the preceding quarter and the corresponding quarter of
2012, respectively. The inflation rate on a 12-month moving average
basis was 11.4 per cent, compared with 12.2 and 10.9 per cent in the
preceding quarter and the corresponding period of 2012,
respectively.
4.1
Aggregate Output
Aggregate output (estimate) in the first quarter measured by
gross domestic product (GDP) at 1990 basic prices grew by 6.6
per cent, compared with 6.9 per cent recorded in the
preceding quarter. The lower output growth rate in the review
quarter was attributed to the decline in the contribution of the
non-oil sector. Real non-oil GDP was estimated to have grown
by 7.9 per cent and accounted for 85.2 per cent of the total
GDP in the review quarter. Real oil GDP, comprising crude
petroleum and natural gas was estimated to have declined
by 13.3 per cent, compared with the decline of 0.2 per cent in
the preceding quarter and accounted for 14.8 per cent of the
total real GDP (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 First Quarter

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

-15
-10
-5

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


Table 10: Growth Rate of Real GDP and Sectoral Shares (Percent)
Q1-11
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
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 agricultural activities in most
parts of the country during the first quarter were dominated by
preparation of land for early planting. Activities in the northern
states included tending of irrigation-fed vegetable and cereal
crops, while the southern states engaged in harvesting of tree
crops and clearing of land for the 2013 wet season farming. In
the livestock sub-sector, farmers were engaged in the rearing
of livestock to replace stock sold during the festivities.


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

Economic Report First Quarter

A total of N1,892.9 million was guaranteed to 10,324 farmers
under the Agricultural Credit Guarantee Scheme (ACGS) in
the first quarter of 2013. This represented a decline of 41.6 per
cent below the level in the preceding quarter, but an increase
of 125.1 per cent above the level in the corresponding period
of 2012.
A sub-sectoral analysis of the loans guaranteed indicated that
the food crops sub-sector received the largest share of
N1,105.2 million (53.6 per cent) for 7,734 beneficiaries, while
the livestock sub-sector got N672.9 million (35.5 per cent) for
2,081 beneficiaries. Also, 275 beneficiaries in “others” subsector obtained N69.8 million (3.7 per cent), while N47.9 million
(2.5 per cent) was guaranteed for 89 beneficiaries in the
mixed crops sub-sector. Furthermore, 86 beneficiaries in the
fisheries sub-sector received N46.2 million (2.4 per cent), while
59 beneficiaries in the cash crops sub-sector received N41.0
million (2.2 per cent). Further analysis showed that 34 states
benefited from the scheme during the quarter, with the
highest and lowest sums of N261.1 million (13.8 per cent) and
N2.2 million (0.1 per cent) guaranteed to beneficiaries in
Katsina and Plateau states, respectively.
At end-March 2013, the total amount released by the CBN
under the Commercial Agriculture Credit Scheme (CACS) to
the participating banks for disbursement stood at N199.2
billion (for two hundred and seventy one projects). The
beneficiaries included thirty state governments (Table 11).


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

Economic Report First Quarter

4.3
Industrial Production
Industrial activities during the first quarter of 2013 indicated a
decline relative to the level in the preceding quarter. At 136.35
(1990=100), the estimated index of industrial production
declined by 0.9 per cent below the level attained in the
preceding quarter. It however showed an increase of 0.7 per
cent compared with the level attained in the corresponding
period of 2012. The development reflected the decline in the
contribution of all sub-sectors.
The estimated index of manufacturing production, at 106.35
(1990=100), declined marginally by 0.9 below the level
attained in the preceding quarter, but increased by 0.4 per
cent over the level in the corresponding period of 2012. The
maufacturing capacity utilization also declined by 1.3
percentage points below the level in the preceding quarter to
57.39 per cent. The development was attributed to the
decline in electricity supply (Fig. 12, Table 11).
Industrial activities
declined during Q1
2013 due to fall in
the activities of all
sub-sectors.
Actual industrial
capacity utilization
declined by 0.49
percentage points
relative to the level
in the preceding
quarter.
Table 11: Disbursement of Credit Under the Commercial Agriculture Credit Scheme (CACS)
S/N
Participating Banks
Amount Disbursed (N billion) Number of Projects/State Governments

United Bank for Africa (UBA) Plc
41.8

Zenith Bank

First Bank of Nigeria Plc
22.3

Unity Bank Plc
19.5

Union Bank Nigeria PLC
18.2

Stanbic IBTC Bank
11.7

Access Bank Plc
10.30

Skye Bank Plc
9.2

Fidelity Bank Plc
8.60

Sterling Bank Plc
7.10

GTBank Plc
5.80

FCMB Plc.
4.80

ECOBANK
3.80

Citibank Plc
3.00

Diamond Bank Plc
2.70

Mainstreet Bank Plc
2.00

WEMA Bank
0.70

Enterprise Bank
0.50

Keystone Bank
0.20

TOTAL
199.2

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

Economic Report First Quarter

Figure 12: Capacity Utilization Rate

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

At 146.19 (1990=100), the index of mining production
decreased marginally by 0.6 per cent below the level
attained in the preceding quarter. However, it rose by 0.2 per
cent above the level attained in the corresponding period of
2012. The decline in mining production during the quarter was
accounted for by the fall in crude oil and gas production.
At 3,486.0 MW/h, estimated average electricity generation fell
by 3.1 per cent below the level attained in the preceding
quarter. The development was attributed to the shortage in
gas supply to the thermal stations and decline in water levels
at the hydro stations. At 2,997.9 MW/h, estimated average
electricity consumption, increased by 0.7 per cent over the
level in the preceding quarter. The development was
attributed to the increase in power supply transmission and
distribution (Fig. 13, Table 12).
Average
electricity
generation fell
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 First Quarter

Figure 13: Index of Industrial Production (1990=100)

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

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

Manufacturing

Mining

Electricity

Capacity Utilization (%)

Petroleum Sector
Nigeria‟s crude oil production, including condensates and
natural gas liquids, was estimated at 2.05 million barrels per
day (mbd) or 184.5 million barrels during the first quarter of
2013, compared with 2.00 mbd or (184.0 million barrels) in the
preceding quarter. This represented an increase in production
level of 0.05 mbd or 2.5 per cent. Consequently, crude oil
export was estimated at 1.60 mbd or (144.0 million barrels) in
the review period, representing an increase of 3.2 per cent
over the 1.55 mbd or (139.5 million barrels) recorded in the
preceding quarter. The development was attributed to repairs
on
damaged
oil
installations
and
improved
security
surveillance. Allocation of crude oil for domestic consumption
was 0.45 mbd or 40.5 million barrels during the period under
review.
Crude oil and
natural gas
production rose
to 2.05 mbd
during Q1 2013.
Crude oil export
also recorded
an increase in
Q1 2013.


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

Economic Report First Quarter

At an estimated average of US$115.34 per barrel, the price of
Nigeria‟s reference crude, the Bonny Light (37o API), rose by
2.3 per cent, over the level in the preceding quarter. The
average prices of other competing crudes, namely the U.K
Brent at US$113.68 per barrel and the Forcados at US$116.89
per barrel also exhibited similar trend as the Bonny Light.
However, the West Texas Intermediate declined to US$91.07
per barrel during the review period. The average price of
OPEC‟s basket of eleven crude streams also rose by 2.0 per
cent from the level in the preceding quarter to US$109.48 per
barrel but declined by 6.7 per cent when compared with the
level in the corresponding period of 2012. The development
was attributed, largely, to improved industrial activities and
consumers‟ increased demand for heating oil in Europe. (Fig.
14, Table 13).
Figure14: Trends in Crude Oil Prices

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


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

OPEC Basket


Average crude oil
prices, except for
the West Texas
Intermediate,
rose in the
international
crude oil market
in Q1 2013.


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

Economic Report First Quarter

4.5
Consumer Prices3
Available
data
showed
that
the
all-items
composite
Consumer Price Index (CPI) at the end of the first quarter of
2013, was 144.0 (November 2009=100), representing an
increase of 2.1 and 8.6 per cent over the levels in the
preceding quarter and the corresponding quarter of 2012,
respectively. The development was attributed, largely, to the
increase in the prices of food items and non-alcoholic
beverages as well as housing, water, electricity, gas and other
fuels; clothing and footwear, furnishings; household equipment
and maintenance; education and health.
The urban all-items CPI at the end of the first quarter of 2013,
was 145.8 (November 2009=100), indicating an increase of 2.0
and 9.3 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 145.3
(November 2009=100), represented an increase of 2.3 and 8.1
per cent over the levels in the preceding quarter and the
corresponding quarter of 2012, respectively (Fig. 15, Table 14).
Figure15: Consumer Price Index

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


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 Q1 2013
relative Q4 2012 on
account of the
increase in the
prices of food items
and non-alcoholic
beverages, as well as
clothing 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 First Quarter

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

Urban

Rural

The end-period inflation rate for the first quarter of 2013, on a
year-on-year basis, was 8.6 per cent, compared with 12.0 and
12.1 per cent in the preceding and the corresponding
quarters of 2012, respectively. The inflation rate on a twelvemonth moving average basis for the first quarter was 11.4 per
cent, compared with 12.2 and 10.9 per cent in the preceding
quarter and the corresponding quarter of 2012, respectively
(Fig. 16, Table 15).
Figure 16: Inflation Rate

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

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

Year-on-Year


The headline
inflation (y-o-y)
was 8.6 per cent
in Q1 2013.


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

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5.0
External Sector Developments
Provisional data indicated that foreign exchange inflow through the
CBN in the first quarter of 2013 declined by 6.0 and 13.3 per cent
below the levels in the preceding quarter and the corresponding
quarter of 2012, respectively. Outflows through the Bank also
decreased by 17.6 and 34.5 per cent below the levels in the
preceding quarter and the corresponding quarter of 2012,
respectively. Total non-oil export receipts by banks increased by 15.1
and 9.3 per cent above the levels in the preceding quarter and
correspeonding period of 2012, respectively. Relative to preceding
quarter, the average Naira exchange rate vis-à-vis the US dollar,
appreciated by 0.01 and 0.01 per cent to N157.30 and N159.18 per
dollar at the Wholesale Dutch Auction System (WDAS) and Bureau
De Change (BDC) segments of the market, respectively. At the
interbank segment, the average Naira exchange rate relative to the
preceding quarter depreciated to N157.57 per dollar. The gross
external reserves rose by 9.2 per cent over the preceding quarter’s
level.
5.1
Foreign Exchange Flows
Provisional data on foreign exchange flows through the CBN
showed that inflow during the first quarter of 2013 amounted
to US$10.50 billion, representing a decline of 6.0 and 13.3 per
cent below the levels in the preceding quarter and the
corresponding
period
of
2012,
respectively.
Outflow
amounted to US$6.44 billion, reflecting a decline of 17.6 and
34.0 per cent below the levels in the preceding quarter and
corresponding period of 2012, respectively. This resulted in a
net inflow of US$4.06 billion, compared with a net inflow of
US$3.35 billion and US$2.36 billion in the preceding quarter and
and the corresponding period of 2012. The decline in inflow
relative to the preceding quarter was attributed largely to the
54.1 per cent fall in non-oil receipts. The fall in outflow was
attributed to the 4.2 and 74.6 per cent decline in BDC and
Swaps sales (Fig. 17, Table 16).


Foreign exchange
inflow through the
CBN declined by
6.0 per cent, while
outflow declined
by 17.6 per cent,
resulting in a net
inflow of US$4.06
billion during Q1
of 2013.


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Figure 17: Foreign Exchange Flows Through the CBN


Table 16: Foreign Exchange Flows Through the CBN (US$ million)
Q1-11
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Inflow
10,719.40

8,854.93

13,673.10

13,603.64

12,119.80

10,050.94

13,444.07

11,168.38

10,502.73

Outflow
9,560.41

10,970.56

14,121.60

13,395.68

9,760.50

10,118.35

8,668.74

7,817.12

6,444.07

Netflow
1,158.90

(2,115.63)

(448.50)

207.96

2,359.30

(67.41)

4,775.33

3,351.26

4,058.66


Provisional data on aggregate foreign exchange flows
through the economy indicated that total inflow amounted to
US$34.47 billion, representing an increase of 13.5 and 20.9 per
cent above the levels in the preceding quarter and the
corresponding quarter of 2012, respectively. Oil sector
receipts, which accounted for 29.1 per cent of the total, stood
at US$10.01 billion, compared with the respective levels of
US$10.09 billion and US$11.63 billion in the preceding quarter
and corresponding quarter of 2012.
Non-oil public sector inflows, which accounted for 1.4 per cent
of the total foreign exchange flows declined significantly by
54.1 per cent below the preceding quarter‟s level, while
autonomous inflow, which accounted for 69.5 per cent,
increased by 32.8 per cent above the preceding quarter‟s
level.
Autonomous
inflows into the
economy rose by
32.8 per cent in
Q1 2013 relative
to the preceding
quarter.
-4,000
-2,000


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


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At US$6.54 billion, aggregate foreign exchange outflow from
the economy fell by 19.9 and 35.2 per cent below the levels in
the preceding quarter and corresponding quarter of 2012,
respectively. The fall in outflow, relative to the preceding
quarter, was accounted for largely, by the 49.3 and 72.9 per
cent decline in other official payments and autonomous
sources (imports and invisibles), respectively.
5.2
Non-Oil Export Earnings by Exporters
Total non-oil export earnings by Nigerian exporters stood at
US$1,136.33 million at the end of the review period. This
indicated an increase of 15.1 and 9.3 per cent above the
levels in the preceding quarter and the corresponding quarter
of 2012, respectively. The development was attributed, largely,
to the 66.9 and 70.3 per cent rise in receipts from the industrial
sector
and
manufactured
products,
respectively.
A
breakdown of the proceeds in the review quarter showed that
industrial, manufactured, agricultural, minerals and food
products earned US$634.2 million, US$322.6 million, US$89.9
million, US$67.9 million and US$21.7 million, respectively.
The shares of industrial, manufactured, agricultural and food
products as well as mineral and transport in non-oil export
proceeds were 55.8, 28.4, 7.9, 6.0 and 1.9 per cent,
respectively.
5.3
Sectoral Utilisation of Foreign Exchange

The invisible sector accounted for the bulk (42.4 per cent) of
total foreign exchange disbursed in the first quarter of 2013,
followed by industrial sector (18.9 per cent). Other beneficiary
sectors, in a descending order included: mineral and oil sector
(15.0 per cent), manufactured products (10.5 per cent), food
products (8.9 per cent), transport sector (3.9 per cent) and
agricultural products (0.4 per cent) (Fig.18).
.
The invisible sector
accounted for the
bulk of the total
foreign exchange
disbursed during
Q1 2013.
Total non-oil export
earnings by
exporters increased
during the first
quarter of 2013 on
account of rise in
receipt from exports
of industrial sector,
and manufactured
products .


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Figure18: Sectoral Utilisation of Foreign Exchange


Percent of Total
Q3-12
Q4-12
Q1-13

5.4
Foreign Exchange Market Developments
Estimated foreign exchange demand by the authorized
dealers in the first quarter stood at US$4.79 billion, indicating
an increase of 11.7 per cent above the level in the preceding
quarter, but a decline of 36.4 per cent below the level in the
the corresponding quarter of 2012. The sum of US$4.65 billion
was sold by the CBN during the review period, indicating an
increase of 8.9 per cent above the level in the preceding
quarter, but a decline of 41.7 per cent below the level in the
corresponding quarter of 2012. (Fig. 19, Table 17).
Figure 19: Demand for and Supply of Foreign Exchange

Q1-11
Q2-11
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
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 Q1
2013.


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Table 17: Demand for and Supply of Foreign Exchange (US$ billion)
Q3-11
Q4-11
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
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 appreciated by 0.01 and 0.1 per cent to
N157.30 from N157.32 and N157.95 per US dollar recorded in
the preceding quarter and the corresponding period of 2012,
respectively. In the bureau-de-change segment of the
market, the Naira traded at an average of N159.18 per US
dollar indicating an appreciation of 0.01 and 1.6 per cent
above the levels in the preceding and corresponding quarter
of 2012, respectively. In the interbank segment, the Naira
exchanged for an average of N157.57 to the US dollar in the
first quarter of 2013, compared with N157.38 and N159.20 per
US dollar in previous quarter and the corresponding quarter of
2012, respectively (Fig. 20, Table 17).
The premium between the wDAS and the bureau-de-change
rates remained unchanged at 1.2 per cent per cent during
the review period as recorded in the previous quarter, while
that between the wDAS and interbank widened to 0.2 per
cent from 0.04 per cent in the preceding quarter, (Fig. 21,
Table 18).
Figure 20: Average Exchange Rate Movements

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


Except at the interbank segment, the
Naira exchange rate
vis-à-vis the US
dollar appreciated at
both the BDC and
wDAS segment of
the foreign exchange
market in Q1 2013.
The premium
between the WDAS
and the BDC rates
remained unchanged
as in the previous
quarter, while that
between wDAS and
interbank widened in
the review period.


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

BDC

Interbank

Premium (%)
WDAS/BDC

WDAS/Interbank


Figure 21: Exchange Rate Premium

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


5.5
Gross External Reserves
The gross external reserves as at March 28, 2013 stood at
US$47.88 billion, indicating an increase of 9.2 per cent above
US$43.83 billion recorded at the end of the preceding quarter.
A breakdown of the reserves showed that CBN reserves stood
at US$37.86 billion (79.1 per cent), Federal Government
reserves was US$1.50 billion (3.1 per cent) and the Federation
Account portion (Excess Crude) was US$8.52 billion (17.8 per
cent) (Fig. 22, Table 19).


Gross external
reserves rose
during the first
quarter of 2013.


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Figure 22: Gross External Reserves


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

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

31,890.5

31,740.2

32,639.8

35,190.8

35,412.5

40,636.8

43,849.5

47,876.8


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6.0 Global Economic Conditions
6.1 Global Output
The April 2013 edition of the World Economic Outlook of the
International Monetary Fund lowered its projections for global
economic growth due to government spending cuts in the
United States and recession in Europe. Global output growth
was projected at 3.3 percent; a downward revision from its
Janaury 2013 projection of 3.5 per cent. In advanced
economies, growth was forecast at 1.2 per cent, emerging
economies (5.3 per cent), Middle East and North Africa (3.1
per cent), Latin America and the Carribean (3.4 per cent)and
Sub-Saharan Africa (5.6 per cent). In the United States, real
output growth was forecast to expand by about 2.0 per cent
due to resilient private demand. However, across-board
public spending cuts in the US could slow down recovery in
the future. In Asia, growth was expected to improve due to
recovering external demand and strong domestic demand
above pre-crisis levels. In Nigeria, the IMF projected an output
growth of 7.2 per cent driven mainly by the implementation of
power sector reforms and the rebound in economic activities
despite the effects of the 2012 floods.
6.2 Global Inflation
The observed ease of inflationary pressure observed in 2012
continued through to 2013. Global inflation moderated from
to about 3.3 per cent and projected to remain contained in
emerging market and developing economies driven by lower
food and energy prices. IMF staff estimates point to slack in
emerging Asian economies in 2013, although output was
increasing appreciably above pre-crisis trends. In the United
States, inflation was projected to ease from about 2.0 per cent
to 1.8 per cent. Euro area Inflation was also expected to
decline from 2.3 per cent to 1.5 per cent in 2013. In Japan,
inflation was projected to rise above zero with higher
outcomes in the medium-term in response to increases in the
consumption tax and the Bank of Japan‟s (BOJ) new
quantitative and qualitative easing framework. Inflationary
pressures were projected to remain fairly high in some
economies and regions (Argentina, Venezuela, parts of the


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MENA region and sub-saharan African economies), spurred by
food prices in some cases (India).
6.3 Global Commodity Demand and Prices
World Crude Oil demand was estimated at 89.02 mbd in the
first quarter of 2013, representing a decline of 1.2 per cent
compared with an average of 90.11mbd in the preceeding
quarter of 2012. 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.
Despite
the decline in world crude oil output, there was excess supply
of 0.96mbd, driven mainly by non-OPEC output growth in the
US, Canada, Brazil, Russia, South Sudan and China.
The OPEC Reference Basket price of eleven selected crude
streams rose by 2.0 per cent from their levels in the previous
quarter to close at US$109.48/b in the first quarter of 2013. The
prices of the Brent and Bonny light crude oil prices also
exhibited similar trend to close at US$113.68 and US$115.34 per
barrel.
6.4 International Financial Markets
Performances of global financial markets were largely
impressive during the review period, as major market indices in
both developed and emerging economies rose substantially.
In Europe, the FTSE 100, CAC 40 and DAX indices increased by
6.54, 0.26 and 0.48 per cent, respectively, while the MICEX
index decreased by 3.15 per cent. In Asia, Japan‟s Nikkei 225
and China‟s Shanghai Stock Exchange-A indices increased by
15.47 and 2.75 per cent, respectively, while India‟s BSE Sensex
index decreased by 3.83 per cent.
In Africa, the Nigerian All-Share, Kenyan Nairobi NSE 20 and
Ghanaian GSE All-Share indices increased by 17.67, 17.40 and
44.66 per cent, respectively, while the South African JSE AS
and Egyptian EGX CSE 30 indices decreased by 0.05 and 7.42
per cent, respectively. In North America, the S&P 500 index
and S&P/TSX Composite indices increased by 6.82 and 1.23
per cent, respectively, while the Mexican Bolsa index


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decreased by 0.84 per cent. In South America, Argentine
Merval index increased by 14.49 per cent, while the Brazilian
Bovespa and the Columbian IGBC General indices decreased
by 10.63 and 4.57 per cent, respectively.
Most of the currencies depreciated against the US Dollar
during the review period. In Europe, the British Pound, Euro
and Russian Ruble depreciated against the U.S. Dollar by 6.76,
2.82 and 1.85 per cent, respectively. In North America,the
Canadian Dollar depreciated against the US Dollar by 3.04 per
cent, while the Mexican Peso appreciated against the U.S.
Dollar by 3.99 per cent. In Africa, the Kenyan Shilling
appreciated against the U.S. Dollar by 0.70 per cent; while the
Nigerian Naira, South African Rand, Egyptian Pound and
Ghanaian Cedi depreciated against the U.S. Dollar by 0.74,
7.90, 6.40 and 1.83 per cent, respectively.
In South America, the Brazilian Real appreciated against the
U.S. Dollar by 1.56 per cent, while the Argentine and
Colombian Peso depreciated against the U.S. Dollar by 3.99
and 3.30 per cent, respectively. In Asia, the Japanese Yen and
Chinese Yuan depreciated against the U.S. Dollar by 7.86 and
24.15 per cent, respectively. The Indian Rupee appreciated
against the U.S. Dollar by 1.32 per cent.
6.5 Other International Economic Developments
and Meetings
Other major international economic development and
meetings of importance to the domestic economy during the
review quarter included: the World Economic Forum annual
meeting held from January 23-27, 2013 at Davos-Klosters,
Switzerland with the theme “Resilient Dynamism”. Some of the
issues discussed were on building resilient insitutions, restoring
economic
dynamism,
reinforcing
critical
systems,
and
unleashing entreprenuershiop innovation and the upcoming
general election in Germany as well as debt threshold levels in
the United States .
The meeting of the West African Monetary Zone (WAMZ), the
West African Monetary Agency (WAMA) and the West African
Institute for Financial and Economic Management (WAIFEM)
was held at Abuja, Nigeria from January 11-18, 2013. The


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Meeting was preceded by the 28th meeting of the
Committee of Governors of the WAMZ.
Furthermore, the Committee of Governors of Central Banks of
ECOWAS member states held its 43rd meeting in Abuja,
Nigeria on January 17, 2013. The meeting was attended by
Member Central Banks, Ministries of Finance and Economic
Planning of member States, ECOWAS Commission, UEMOA
Commission, West African Bankers‟ Association (WABA),
African
Development
Bank
(ADB),
ECOWAS
Bank
for
Investment and Development (EBID), West African Monetary
Institute (WAMI), AFRISTAT and West African Institute for
Financial
and
Economic
Management
(WAIFEM).
The
Committee
of Governors discussed
the
fragile
global
economic conditions characterized by the Eurozone debt
crisis, fiscal challenges in the United States, the declining
growth in the emerging and developing countries as well as
the decline in world commodity prices.
The 5th meeting of the inter-institutional sub-committee on
ECOWAS Single Currency Programme was held in Abuja,
Nigeria from January 21-23, 2013. The Meeting undertook a
comprehensive
review
of
the
roadmap
of
on-going
implementation activities undertaken by individual regional
institutions since the 4th meeting held from December 8 – 9,
2011 in Dakar, Senegal. Major issues covered included; signing
of the charter of the West African Capital Market Integration
Council (WACMIC); selection of a consultant to conduct
feasibility study on cross border inter-bank payments system
and the need for amendments to existing multilateral
surveillance system following lessons from the Eurozone crisis.
A seminar organised by the AfDB‟s African Development
Institute with the theme “US Trade Policy under the New
Administration: What Does it Mean for Africa?” was held in
Tunis on February 21, 2013. At the seminar, a report by African
Development Bank (AfDB) revealed that Africa‟s trade with
the United States, grew by more than 500 per cent between
2001 and 2011, though many African countries missed out on
that five-fold growth. The context of the seminar was the
upcoming renewal of the African Growth Opportunity Act
(AGOA); a measure designed to provide incentives for US-


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Africa trade and originally signed in May 2000. Research shows
that, despite AGOA, the US-Africa trade remains dominated
by a small group of Sub-Saharan countries. All exports from
sub-Saharan Africa to the US in 2011 totalled US $79 billion, of
which almost 80 per cent came from just three countries –
Nigeria (47 per cent), Angola (19 per cent) and South Africa
(13 per cent). US exports were similarly concentrated, with
those same three countries receiving 68 per cent of the 2011
total of US $20.3 billion.
In addition, the 36th Meeting of the Bureau of the Association
of African Central Banks (AACB) was held on February 27th,
2013 at the Headquarters of the Banque Centrale des Etats de
l‟Afrique de l‟Ouest (BCEAO) Dakar, Senegal. The Bureau
approved the Draft Terms of Reference (TORs) of the 2013
Continental Seminar (scheduled to hold in Lesotho May 6th7th, 2013) with the theme being “The Role of Central Banks in
Promoting Sustainable Economic Growth in Africa”.
In another development, the Climate Investment Fund (CIF)
approved an additional US$50 million for Nigeria on an African
Development
Bank-supported
programme
of
financial
intermediation for renewable energy and energy efficiency
through local banks, as part of the country‟s national
Investment Plan endorsed by the CIF in 2010. The Fund is
expected to stimulate investment in downstream opportunities
that would lead to greater energy efficiency through a range
of technologies.
Finally, the Board of Directors of the African Development
Bank (AfDB) approved a senior loan of US $100 million to
Indorama Eleme Fertilizer & Chemicals Limited (IEFCL) to build
and operate a gas to urea fertilizer plant located in Port
Harcourt, Nigeria, that would serve markets in Benin, Brazil,
Ghana, India, Nigeria, South Africa, the United Kingdom and
the United States of America. The project is expected to allow
Nigeria, which relies heavily (80 per cent) on imported fertilizer,
to progressively become self-sufficient and a major exporter.
Ultimately, the project will act as a catalyst to support job
creation in the area, promote small and medium enterprise
linkages through the distribution supply chain for the domestic
market.


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APPENDIX TABLES


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Table A1: Money and Credit Aggregates
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-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.


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Table A2: Money and Credit Aggregates (Growth Rates)
Q4-11
Q1-12
Q2-13
Q3-12
Q4-12
Q1-13
Domestic Credit (Net)

Claims on Federal Government (Net)

Claims on Private Sector

Claims on Other Private Sector


-0.2
Claims on State and Local Government

Claims on Non-financial Public Enterprises

Foreign Assets (Net)

2.3

9.9
10.1
3.0
Other Assets (Net)

Total Monetary Assets (M2)

Quasi-Money 1/
-1.3
3.3

11.5
5.1
8.3
Money Supply (M1)

Currency Outside Banks

Demand Deposits 2/

Total Monetary Liabilities (M2)

Memorandum Items:
Reserve Money (RM)

Currency in Circulation (CIC)


-7.55
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


4.54
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.


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

Federation Account

VAT Pool Account


FGN Independent Revenue

Excess Crude
94.5
371.29

34.37

40.93
79.02

Others


Expenditure

Recurrent


Capital


Transfers

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


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Table A4: Gross Domestic Product at 1990 Basic Prices


Source: National Bureau of Statistics.
1 Provisional.


Q4-2011
Q1-2012
Q2-2012
Q3-2012
Q4-2012
Q1-2013
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

N billion
Relative Share (%)
Growth Rate (%)


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