CBN Half Year Economic Report for 2007
TABLE 3
OPEN MARKET OPERATIONS AT OMO SESSIONS
Period
Total
Amount
Average
Average Yield
Bids
Sold
Tenor (Days)
( % )

January

February

March

April

May

June

Six-Month Total

Six-Month Average

July

August

September

October

November

December

Six-Month Total

Six-Month Average


January

February

March

April

May

June

Six-Month Total

Six-Month Average

July

August

September

October

November

December

Six-Month Total

Six-Month Average

(N 'million)
=
(N 'million)
=

CBN Half Year Economic Report for 2007
TABLE 3 (Cont.)
OPEN MARKET OPERATIONS AT OMO SESSIONS
Period
Total
Amount
Average
Average Yield
Bids
Sold
Tenor (Days)
( % )

January

February

March

April

May

June

Six-Month Total

Six-Month Average

July

August

September

October

November

December

Six-Month Total

Six-Month Average


January

February

March

April

May

June

Six-Month Total

Six-Month Average

July

August

September

October

November

December

Six-Month Total

Six-Month Average


January

February
68.3
80.1
na
7.4
March
216.8
227.2
na
7.5
April
50.3
80.1
na
7.8
May
62.4
100.1
na
7.3
June
14.0
563.5
na
7.8
Six-Month Total

Six-Month Average

(N 'million)
=
(N 'million)
=

CBN Half Year Economic Report for 2007


Central
Deposit Money
Non-Bank /1
Period
Issues
Bank
Banks
Public
1999 Monthly Average

2000 Monthly Average


0.0
June

December


0.0
June

December


0.0
June

July

December


-

June

December


0.0
June

December


0.0
June

December


0.0
June

1/ Includes Discount houses, Government parastatals, Savings type institutions etc.
the dichotomy between banks was removed.
TABLE 4
TREASURY BILLS: ISSUES AND SUBSCRIPTIONS
MONTHLY AVERAGES
( Naira million)
S u b s c r i b e r

CBN Half Year Economic Report for 2007
NOTES :
1/. Quasi-Money consists of Time, Savings and Foreign Currency Deposits of Commercial and Merchant Banks excluding Takings from Discount Houses.
2/. Demand Deposits consist of state, local and parastatals deposits at the CBN; state local and private sector deposits as well as demand deposits of
non-financial public enterprises at Commercial and Merchant banks.
3/. Revised
4/. Provisional
TABLE 5
MONETARY AND CREDIT DEVELOPMENTS
Naira Million
Item
JUNE 2002
DEC 2002
JUNE 2003
DEC 2003
JUNE 2004
DEC 2004
JUNE 2005 3/
DEC 2005 3/
JUNE 2006 3/
DEC 2006 3/ JUNE 2007 4/
(1) Domestic Credit (net)

(a) Claims on Federal Government (net)

By Central Bank

By Banks

(b) Claims on Private Sector

By Central Bank

By Banks

(i) Claims on State and Local Governments

By Central Bank

By Banks

(ii) Claims on Non-Financial Public Enterprises

By Central Bank

By Banks

(iii) Claims on Other Private Sector

By Central Bank

By Banks

(2) Foreign Assets (net)

By Central Bank

By Banks

(3) Other Assets (net)

Total Monetary Assets

Quasi-Money 1/

Money Supply

Currency Outside Banks

Demand Deposits 2/

Total Monetary Liabilities

GROWTH RATE OVER THE PRECEDING DECEMBER (In Percentages)
Credit to the Domestic Economy (net)

Credit to the Private Sector

Claims on Federal Government (net)

By Central Bank

Claims on State and Local Governments

Claims on Non-Financial Public Enterprises

Claims on Other Private Sector

Foreign Assets (net)

Quasi-Money

Money Supply (M1)

Broad Money (M2)

Other Assets (net)


CBN Half Year Economic Report for 2007
1/ Provisional
* FGN Bonds of 3 Years tenor
TABLE 6
VALUE OF MONEY MARKET ASSETS
(Naira million)
Instrument
JUNE
DEC
JUNE
DEC
JUNE
DEC
JUNE
DEC
JUNE
DEC
JUNE

1/
Treasury Bills

Treasury Certificates


Eligible Development Stocks


Certificates of Deposits


Commercial Papers

Bankers' Acceptances

FGN Bonds*

Total

Percentage Change Over Preceding December
Treasury Bills


-2
-2
-18

Treasury Certificates


Eligible Development Stocks


-22
-27
-27

Certificates of Deposits


Commercial Papers


Bankers' Acceptances


FGN Bonds*
0.0

-65

Percentage Change of Total


-22

CBN Half Year Economic Report for 2007
1/ Weighted Averages
2/ With the introduction of universal banking in January 2001, data for 2001 represent industry averages for each tenor.
TABLE 7
SELECTED INTEREST RATES
(Per cent at End of Period)

2001 2/
2001 2/

June
Dec
Jun
Dec
Jun
Dec
Jun
Dec
JUN
Dec
JUN
Dec
Jun
Dec
Minimum Rediscount Rate/MPR

Commercial Banks 1/
Savings Deposit Rate
5.10
4.9
5.2


Time Deposit Rate (3 months)


Prime Lending Rate
20.80
20.6
23.5


Maximum Lending Rate


Merchant Banks 1/

Time Deposit Rate (3 months)
14.10


Prime Lending Rate

Maximum Lending Rate

Inter-bank Rate (End-Period)


CBN Half Year Economic Report for 2007

2007 1/
1st Half
1st Half
1st Half
1st Half
1st Half
1st Half Budget
1st Half
Federally-collected Revenue(Gross)

Oil Revenue (Gross)

Crude oil / Gas Exports

PPT and Royalties etc.

Domestic Crude Oil / Gas Sales

Other Oil Revenue

Less:

JVC Cash calls

Excess Crude Proceeds

Excess PPT & Royalty

Others

Oil Revenue (Net)
347.8

842.3

1,010.8

1,087.5

1,268.7

1,605.1
1,188.3
Non-oil Revenue
257.9

226.4

240.1

279.2

295.4

561.9
399.4
Companies Income Tax & Other Taxes
37.6

48.8

57.8

66.0

105.5

149.5
132.2
Customs & Excise Duties
89.6

93.6

102.8

111.0

86.5

115.0
112.6
Privatisation Proceeds
-

-

-

-

-

-
-
Value-Added Tax (VAT)
50.5

65.0

75.6

89.9

90.3

254.4
132.5
Tax on Petroleum Products
5.4

-

-

-

-

-
-
Independent Revenue of Fed. Govt.
55.7

18.5

3.9

12.3

13.1

43.0
22.1
Education Tax
1.7

0.5

-

-
-
Customs Levies
-
-
Others
17.5

-

-

-

-
-
Less:
Cost of Collection
Federally-collected revenue (Net)
605.7

1,068.6

1,250.9

1,366.7

1,564.0

2,164.7
1,587.7
Federation Account Allocation:
620.8

1,080.7

1,250.9

1,366.7

1,564.0

2,164.7
1,587.7
Transfer to AFEM Surplus Account
-

-

-

-
-
Deductions for Fertilizer Subsidy
-
-
Transfer to Stabilization Account
0.7

-

-

-
-
Transfer to Federation Reserve Account
0.4

-

-

-
-
Transfer to Federal Govt. Ind. Revenue
55.7

18.5

3.9

12.3

13.1

43.0
22.1
Transfer to VAT Pool Account
50.5

65.0

75.6

89.9

90.3

254.4
132.5
Transfer to Education Tax Fund
-
-
-
Transfer to Custome Levies
-
-
-
Deductions for 13% Derivation arrears
-
-
-
National Judicial Council
-

-

-

-
-
-
Transfer to Others
31.5

-

-

-
-
-
Amount Distributed
477.0

997.2

1,171.4

1,264.5

1,460.7

1,867.3
1,433.1
Federal Government

State Government

Local Government

13% Derivation

Vat Pool Account

FG

SG

LG

Special Funds (FGN)

Federal Capital Territory

Ecology

Statutory Stabilization

Natural Resources

Overall Balance

TABLE 8
FEDERATION ACCOUNT OPERATIONS
(Naira Billion)
1/ Provisional
Source: Federal Ministry of Finance

CBN Half Year Economic Report for 2007
1/ Provisional
2/ Include Sinking Fund Charges
3/ Includes net deductions for loans on lent to State, local governments and Federal parastatals/companies.
Source: Federal Ministry of Finance.
TABLE 9
SUMMARY OF FEDERAL GOVERNMENT FINANCES
(Naira Billion)

2007 1/
Item
1st Half
1st Half
1st Half
1st Half
1st Half
1st Half Budget
1st Half
Total Federal Government Retained Revenue

Share of Federation Account

Share of VAT Pool Account

Federal Government Independent Revenue

Privatisation Proceeds
7.85
0.00
3.36
Custom Levies
0.00
0.00
0.00
Loan recovery from states

TBs/Bonds issued/retired
0.00
0.00
130.89
FIRS Tax recovery
0.00
0.00
0.00
Others

Share of Excess Crude Account

Total Expenditure

Recurrent Expenditure

Goods and Services

Personnel Cost

Pension

Overhead Cost

FCT & Others

FCT VAT

NJC
Federal Govt. External Obligations
Federal Govt Extra-Budgetary Expenditure
Advance (Pilgrims Welfare Board)
Loan repayments (to JVC)/credit reversals
Others
55.00
Interest Payments

Foreign

Domestic 2/

Capital Expenditure & Net Lending 3/

Domestic Financed Budgets

Budgetary

Arrears
Transfer to States
0.00
Foreign Financed
Deferred Customs Duties
Capital Repayments

Foreign
7.43
Domestic
Local Contractor Debt
Debt on National Priority Projects
Net Lending
Others
1.84
0.00
1.39
Transfers

NDDC

NJC

UBE

Balance Of Revenue And Expenditure
Current Surplus(+)/Deficit(-)

Overall Surplus(+)/Deficit(-)

Financing:

Foreign(Net)

Domestic(Net)

Banking System

CBN

DMBs
0.00
0.00
0.00
Non Bank Public

Excess Crude

Other Funds


CBN Half Year Economic Report for 2007


S/N
STATES
Stat. Allo.
VAT
Total
Stat. Allo.
VAT
Total
Stat. Allo.
VAT
Total

ABIA


ADAMAWA


965.5

9,185.6

AKWA IBOM


1,197.2

36,591.3

ANAMBRA


1,149.3

9,360.0

BAUCHI


1,115.3

10,390.1

BAYELSA


1,006.2

47,761.0

BENUE


1,097.7

9,967.2

BORNO


1,051.8

10,467.1

CROSS RIVER


945.7

11,290.8

DELTA


1,451.9

33,648.4

EBONYI


870.7

7,825.6

EDO


1,064.9

10,864.2

EKITI


894.3

7,810.7

ENUGU


1,149.5

8,802.3

GOMBE


955.2

7,985.7

IMO


1,051.9

11,538.4

JIGAWA


1,099.0

10,105.6

KADUNA


1,443.7

11,520.1

KANO


1,710.0

13,967.3

KATSINA


1,236.7

10,847.6

KEBBI


KOGI


KWARA


LAGOS


NASARAWA


NIGER


OGUN


ONDO


OSUN


OYO


PLATEAU


RIVERS


SOKOTO


TARABA


YOBE


ZAMFARA


Disputed Deriv.

FAAC A/C /1

TOTAL


TABLE 10
SUMMARY OF GROSS STATUTORY & VAT REVENUE ALLOCATIONS TO STATE GOVERNMENTS
HALF YEAR, 2003 - 2007
( Naira Million)
1/ Provisional

CBN Half Year Economic Report for 2007
S/N
STATES
Stat. Allo.
VAT
Total
Stat. Allo.
VAT
Total

ABIA


ADAMAWA

10,304.9
963.7
11,268.6

11,050.7

1,414.2

12,464.9

AKWA IBOM

40,297.3
1,131.1
41,428.4

56,458.8

1,656.2

58,115.0

ANAMBRA

10,318.2
1,110.5
11,428.7

10,855.0

1,616.0

12,471.0

BAUCHI

11,627.1
1,092.7
12,719.8

12,468.6

1,619.4

14,088.0

BAYELSA

50,930.6
1,090.0
52,020.5

34,588.5

1,371.1

35,959.6

BENUE

11,118.9
1,092.5
12,211.4

11,923.7

1,555.9

13,479.6

BORNO

11,803.1
1,123.1
12,926.2

12,657.4

1,590.3

14,247.7

CROSS RIVER

13,365.4
938.5
14,304.0

14,680.6

1,392.2

16,072.8

DELTA

44,765.3
1,289.8
46,055.1

39,590.7

1,871.6

41,462.3

EBONYI

8,718.9
873.0
9,591.8

9,349.9

1,299.0

10,649.0

EDO

11,975.1
1,065.6
13,040.8

11,929.4

1,622.5

13,551.9

EKITI

8,670.5
927.5
9,598.0

9,298.0

1,338.0

10,636.0

ENUGU

9,593.6
1,106.3
10,699.9

10,288.0

1,475.7

11,763.7

GOMBE

8,826.1
903.4
9,729.5

9,464.9

1,347.5

10,812.4

IMO

12,825.5
1,033.3
13,858.8

13,612.2

1,524.0

15,136.1

JIGAWA

11,291.0
1,103.3
12,394.3

12,108.2

1,577.6

13,685.8

KADUNA

12,632.0
1,418.7
14,050.7

13,546.3

1,946.5

15,492.8

KANO

15,365.9
1,955.9
17,321.8

16,478.1

2,624.1

19,102.1

KATSINA


12,048.4
1,262.6

13,311.0

12,920.5

1,822.8

14,743.3

KEBBI


KOGI


KWARA


LAGOS


NASARAWA


NIGER


OGUN


ONDO


OSUN


OYO


PLATEAU


RIVERS


SOKOTO


TARABA


YOBE


ZAMFARA


Disputed Deriv.

FAAC A/C /1

TOTAL


TABLE 10 (Cont.)
SUMMARY OF GROSS STATUTORY & VAT REVENUE ALLOCATIONS TO STATE GOVERNMENTS
HALF YEAR, 2003 - 2007
( Naira Million)
1/ Provisional

CBN Half Year Economic Report for 2007
1/ Provisional
NOTES:
Fed. Acct. : Federation Account (includes Excess Crude)
VAT: Value Added Tax
LGA: No. of Local Governments
Source: Federation Account Allocation, Federal Ministry of Finance.
TABLE 11
Allocation to Local Governments from the Federation and Vat Pools Accounts ( Naira Million)
First Half, 2004-2007


1st Half 2004
1st Half 2005
1st Half 2006
2nd Half 2006
1st Half 2007 1/
S/N State
Fed. Acct
VAT
Total
Fed. Acct
VAT
Total
Fed. Acct
VAT
Total
Fed. Acct
VAT
Total
Fed. Acct
VAT
Total
1 Abia

2 Adamawa

3 Akwa-Ibom

4 Anambra

5 Bauchi

6 Bayelsa

7 Benue


8,084.1


8,603.14

787.2
9,390.3
8,576.72


8 Borno


8,747.6


9,540.06

885.8
10,425.9
9,304.78


9 Cross-River


5,900.6


6,403.86

581.7
6,985.5
6,247.58


10 Delta


8,349.34

954.1
9,303.5
8,148.41


11 Ebonyi


4,120.3


4,442.82

433.6
4,876.4
4,336.11


12 Edo


6,136.4


6,595.46

660.3
7,255.7
6,435.10


13 Ekiti


4,861.0


5,243.04

538.3
5,781.4
5,116.82


14 Enugu


5,696.2


6,030.76

673.0
6,703.7
5,886.06


15 Gombe


3,960.5


4,240.35

409.6
4,649.9
4,137.03


16 Imo


8,001.1


8,626.98

831.0
9,458.0
8,420.35


17 Jigawa


8,649.5


9,367.39

882.4
10,249.8
9,140.40


18 Kaduna


9,825.24

1,003.5
10,828.8
9,585.78


19 Kano


16,152.79

1,787.4
17,940.2
15,765.17


20 Katsina


11,751.55

1,128.1
12,879.7
11,469.15


21 Kebbi


6,790.7


7,373.44

673.3
8,046.7
7,194.08


22 Kogi


6,898.4


7,489.38

693.0
8,182.4
7,305.92


23 Kwara


5,304.3


5,773.84

530.8
6,304.6
5,631.36


24 Lagos


9,854.60

3,975.9
13,830.5
9,622.20


25 Nassarawa

26 Niger

27 Ogun

28 Ondo

29 Osun

30 Oyo

31 Plateau

32 Rivers

33 Sokoto

34 Taraba

35 Yobe

36 Zamfara

37 FCT Abuja

TOTAL


CBN Half Year Economic Report for 2007
Source: Central Bank of Nigeria, Lagos.
1/ Provisional

Table 12
DOMESTIC DEBT OF THE FEDERAL GOVERNMENT
Million Naira

2007 1/
1st Half
1st Half
1. COMPOSITION OF DEBT.

i Treasury Bills
741000.0
716,929.4
ii Treasury Bonds
413594.8
413,598.2
iv Development Stocks
820.0
720.0
v 1st FGN Bonds
72555.7
16,830.6
vi 2nd FGN Bonds
177348.9
178,274.3
vii 3rd FGN Bonds
157231.4
282,082.8
viii 4th FGN Bonds
0.0
270,000.0
vi Special FGN Bonds
0.0
178,449.6
Total
1562550.8
2,056,884.8

2. HOLDERS
i Banking System
1154214.8
1,512,472.0

a. Central Bank.
344652.1
302,468.86

b. Deposit Money Banks
809562.8
1,210,003.14

ii Non-Bank Public.
408335.9
544,412.85

3.Total Debt Outstanding
1,562,550.8

2,056,884.8

CBN Half Year Economic Report for 2007
2006 1st
Half
2007 1st
Half 1/
Holders
1. Multilateral
2,704.2
2,819.5
2. Paris Club
0.0
0.0
3. London Club
1,441.8
0.0
4. Promissory Notes
580.5
0.0
5. Others
121.0
528.7
Total Debt Outstanding
4,847.5
3,348.2
Source: Debt Management Office (DMO)
1/ Provisional
Table 13
EXTERNAL DEBT OUTSTANDING
(US$ Million)

CBN Half Year Economic Report for 2007
Fote Note:
1985 Base Year was used for Indices of Average World Prices from 2004 - 2005
1/ Provisional
TABLE 14
SELECTED REAL SECTOR INDICATORS
(Per cent, except otherwise indicated)

2007 1/
Item
1st Half
1st Half
1st Half
1st Half
1st Half
1st Half
Agricultural Production Index (1990=100)
Aggregate


Crops

Staples

Other Crops

Livestock

Fishery


Forestry

Indices of Average World Prices of Nigeria's Major
Agricultural Export Commodities (1990=100) (Dollar Based)
All Commodities

Cocoa


Coffee

Cotton

Palm Oil

Copra


Soya Bean

GROWTH RATE OVER THE PRECEEDING PERIOD (%)
Agricultural Production Index (1990=100)
Aggregate

Crops

Staples

Other Crops

Livestock

Fishery

Forestry

Indices of Average World Prices of Nigeria's Major
Agricultural Export Commodities (1990=100) (Dollar Based)
All Commodities
47.8


Cocoa

Coffee

Cotton

Palm Oil

Copra

Soya Bean

Industrial Production Index

(1990=100)
Manufacturing Index

Mining Index

Electricity

Capacity Utilization Rate (%)

Inflation Rate % ( 12 Month Moving Average)

Inflation Rate % (Year-on-Year)


CBN Half Year Economic Report for 2007
TABLE 14 Cont'd
SELECTED REAL SECTOR INDICATORS
(Per cent, except otherwise indicated)
1st half 2006
2nd half 2006
1st half,2007

1&3
2&3
1&3
World Crude Oil Production
Million Barrels per Day (MBD)

NGLs and condensates

Total World Supply

Total World Demand

Domestic Consumption

Average Prices of Selected Crude Oil
At the International Oil Market (US $)

WEST TEXAS INTERMEDIATE (WTI)

Gas Sold To Industries

Gas Sold For LNG

Gas Converted to NGLs

Gas Utilised as % of Gas Produced

Gas Flared as %Gas Produced
31.1
28.20
32.30
BETWEEN
ABSOLUTE CHANGE
ABSOLUTE CHANGE
TOTAL NON -OPEC
Gas Used as Fuel
Total Gas Utilised
OPEC BASKET
Gas Reinjected
BONNY LIGHT
Gas Produced
ARAB LIGHT
NON - OECD
U.K. BRENT
FORCADOS
Gas Activities
Gas Flared
Crudes
DEMAND
NIGERIA
Gas Lift
OECD
(MMm3)
OPEC
Output
Exports
Item
2&3

BETWEEN
*ESTIMATE
SOURCE: REUTERS

CBN Half Year Economic Report for 2007
1/ Provisional
2/ Revised
3/ Minus (-) sign indicates increase in reserves.
Plus (+) sign indicates decrease in reserves.
Table 15
Balance of Payments- Analytical Statement
US$ 'Million
2006 1st Half/1
2nd Half 2006 /1
2007 1st Half/1
A. CURRENT ACCOUNT
15,686.38

16,667.26

15,856.92

Goods
13,343.74

13,582.98

9,553.62

Export (F.O.B)
22,849.47

23,208.38

22,202.69

Oil
22,458.41

22,589.92

21,531.73

Crude Oil
21,446.39

21,794.20

20,475.73

Gas
1,012.02

795.72

1,056.00

Non-oil
391.06

618.46

670.96

Imports
(9,505.73)

(9,625.40)

(12,649.07)

Oil
(1,355.92)

(741.85)

(1,505.96)

Non-oil
(8,149.81)

(8,883.55)

(11,143.11)

Services (net)
(680.04)

176.00

(262.57)

Services (credit)
3,013.71

4,675.04

5,105.73

Services (debit)
(3,693.74)

(4,499.04)

(5,368.30)

Income (net)
(1,972.17)

(2,612.86)

(795.26)

Investment income (credit)
686.05

1,000.54

941.79

Interest on reserves and investments
686.05

1,000.54

941.79

Others
-

-

-

Investment income (debit):
(2,658.22)

(3,613.40)

(1,737.05)

Interest due on loans
(107.65)

(485.14)

(48.67)

Others
(2,550.57)

(3,128.26)

(1,688.38)

Current Transfers (net)
4,994.86

5,521.14

7,361.13

General Government
(49.09)

(14.16)

(69.24)

Other sectors
5,043.95

5,535.30

7,430.36

B. CAPITAL AND FINANCIAL ACCOUNT
(7,539.45)

(12,297.42)

(14,914.32)

Capital Account (net)
15.50

35.50

15.50

Capital Transfers (net)
15.50

35.50

15.50

Acquisition/Disposal of non-financial assets
-

-

-

Financial Account (net)
(7,554.95)

(12,332.92)

(14,929.82)

Direct Investment
1,522.14

1,956.03

2,671.15

Portfolio Investment
1,025.14

1,032.41

1,562.46

Other Investment
(10,102.23)

(15,321.36)

(19,163.42)

Official (of which)
(227.78)

(2,944.47)

(182.30)

- Amortisation (DUE)
(239.38)

(2,957.37)

(198.90)

- Disbursement
11.60

12.90

16.60

Private
(9,874.45)

(12,376.89)

(18,981.12)

C. NET ERRORS AND OMISSIONS
(85.60)

(100.00)

(80.60)

D. OVERALL BALANCE =Total (A, B and C)

FINANCING
(8,061.34)
(4,269.84)
(862.01)
a. Exceptional Financing
16.58
1,549.16
(533.81)
(I) Promissory notes (arrears)
-
-
-
(II) Deferred debt service
16.58
1,549.16
(533.81)
(III) Others
-
-
-
b. Reserves 3/

Memorandum Items:
-
Current Account Balance as % of G.D.P
24.7
26.0
28.1
Capital and Financial Account Balance as % of G.D.P
(11.9)
-18.4
-26.5
Overall Balance as % of G.D.P
12.7
6.4
1.4
External Reserves - Stock (US $ million)
36,479.00
42,298.00
42,626.20
Number of Months of Imports Equivalent
23.0
26.4
20.2
External Debt Stock (US$ million)
4,847.47
3,544.49
3,348.22
Debt Service Due as % of Exports of Goods
-
and Non Factor Services
1.57
14.72
1.13
Average Exchange Rate (N/$)
127.71
127.51
127.13

CBN Half Year Economic Report for 2007
1/ Provisional
2/ Revised
3/ Minus (-) sign indicates increase in reserves.
Plus (+) sign indicates decrease in reserves.
Table 15 Cont'd
Balance of Payments- Analytical Statement
Million Naira
2006 1st Half/1
2nd Half 2006 /1
2007 1st Half/1
A. CURRENT ACCOUNT
2,003,307.85
2,125,245.30
2,015,874.44
Goods
1,704,128.64
1,731,968.44
1,214,541.93
Export (F.O.B)
2,918,105.57
2,959,305.33
2,822,604.62
Oil
2,868,163.30
2,880,445.56
2,737,306.68
Crude Oil
2,738,918.22
2,778,983.15
2,603,058.49
Gas
129,245.07
101,462.42
134,248.19
Non-oil
49,942.27
78,859.77
85,297.94
Imports
(1,213,976.93)


(1,227,336.89)

(1,608,062.69)

Oil
(173,164.10)


(94,593.47)

(191,451.01)

Non-oil
(1,040,812.83)


(1,132,743.43)

(1,416,611.68)

Services (net)
(86,847.81)


22,441.50

(33,379.66)

Services (credit)
384,880.28


596,115.29

649,086.18

Services (debit)
(471,728.09)


(573,673.78)

(682,465.84)

Income (net)
(251,866.09)


(333,166.30)

(101,100.05)

Investment income (credit)
87,615.45


127,579.06

119,728.79

Interest on reserves and investments
87,615.45


127,579.06

119,728.79

Others
-


-

-

Investment income (debit):
(339,481.53)


(460,745.36)

(220,828.84)

Interest due on loans
(13,748.24)


(61,860.30)

(6,186.83)

Others
(325,733.29)


(398,885.06)

(214,642.00)

Current Transfers (net)
637,893.11


704,001.67

935,812.21

General Government
(6,269.16)


(1,805.54)

(8,802.03)

Other sectors
644,162.26


705,807.21

944,614.24

B. CAPITAL AND FINANCIAL ACCOUNT
(962,862.78)


(1,568,046.48)

(1,896,041.48)

Capital Account (net)
1,979.51


4,526.61

1,970.50
Capital Transfers (net)
1,979.51


4,526.61

1,970.50

Acquisition/Disposal of non-financial assets
-


-

-
Financial Account (net)
(964,842.28)


(1,572,573.10)

(1,898,011.98)
Direct Investment
194,392.88


249,413.78

339,580.41

Portfolio Investment
130,920.63


131,642.81

198,633.93

Other Investment
(1,290,155.79)


(1,953,629.68)

(2,436,226.31)

Official (of which)
(29,089.78)


(375,449.96)

(23,176.14)

- Amortisation (DUE)
(30,571.22)


(377,094.84)

(25,286.48)

- Disbursement
1,481.44


1,644.88

2,110.34

Private
(1,261,066.01)


(1,578,179.72)

(2,413,050.17)

C. NET ERRORS AND OMISSIONS
(10,931.98)


(12,751.02)

(10,246.59)

D. OVERALL BALANCE =Total (A, B and C)
1,029,513.48


544,448.15

109,586.45

-


-

FINANCING
(1,029,513.48)


(544,448.15)

(109,586.44)

a. Exceptional Financing
2,117.69


197,533.70

(67,862.71)

(I) Promissory notes (arrears)
-


-

-

(II) Deferred debt service
2,117.69


197,533.70

(67,862.71)

(III) Others
-


-

-

b. Reserves 3/
(1,031,631.16)


(741,981.85)

(41,723.73)

Memorandum Items:
Current Account Balance as % of G.D.P
24.7


26.0

28.1

Capital and Financial Account Balance as % of G.D.P
(11.9)


-18.4

26.5

Overall Balance as % of G.D.P
12.69


6.4

1.4

External Reserves - Stock (US $ million)
36,479.0


42,298.0

42,626.20

Number of Months of Imports Equivalent
23.03
26.37
20.2
External Debt Stock (US$ million)
4,847.47
3,544.49
3,348.22
Debt Service Due as % of Exports of Goods
and Non Factor Services
1.57


14.72

1.1

Average Exchange Rate (N/$)
127.71


127.51

127.13

CBN Half Year Economic Report for 2007
1/ Provisional
Source: Foreign Operations Department, CBN, Abuja
TABLE 16
EXTERNAL SECTOR: SELECTED ECONOMIC INDICATORS
Nigeria's External Reserves
(US$ Million)
Reserves
Average Monthly
Months of Forex
Reserves
Average Monthly
Months of Forex
Year/Month
Outflow
Disbursement
Outflow
Disbursement

January
31,317.9

928.65

33.7

43,510.78
1,332.58
32.7
February
34,319.1

752.35

45.6

42,550.61
2,438.15
17.5
March
36,201.5

802.30

45.1

42,633.86
2,362.95
18.0
April
33,063.9

2,106.33

15.7

43,530.55
2,162.48
20.1
May

June

July
38,074.2
1,785.51
21.3
August
39,247.8
1,767.4
22.2
September
40,457.9
1,829.10
22.1
October
41,388.1
1,848.24
22.4
November
42,441.6
2,029.03
20.9
December
42,298.1
2,058.70
20.6

2007 1/

CBN Half Year Economic Report for 2007

TABLE 17
FOREIGN EXCHANGE FLOWS THROUGH THE ECONOMY
( US$ MILLION)
1/ Includes penalty charges and service charges
2/ Revised
3/ Provisional
4/ Includes IMF (SDR Charges)
Source: CBN.


CATEGORY
1st HALF
1st HALF
INFLOW
29,186.83

29,488.81
A. Through the Central Bank
18,372.90

14,552.40
1. Oil
16,732.64

12,528.88
2.Non-oil
1,640.26

2,023.52
(i) Drawings on Loans/Grants
0.00
-
(ii) WDAS Purchases
250.48
90.00
(iii) Other official Receipts
1,389.78

1,933.52
-

-
B. Through Autonomous Sources
10,813.93

14,936.41
1. Non-oil exports
373.26

551.65
2. Capital Inflow
140.45

18.42
3. Invisibles
10,300.22

14,366.34
-

-
-

-
OUTFLOW
11,303.98

13,590.73
A. Through the Central Bank
11,056.38

13,243.88
1. DAS Utilisation
3,637.51

8,731.21
(i) Imports
2,910.01

6,984.97
(ii) Invisibles
727.50

1,746.24
2. Drawings on L/C
44.76

317.29
3. External Debt Service
4,895.13

785.88
(i) Principal
4,772.32

636.89
(ii) Interest
83.79

20.86
(iii) Others 1/
39.02
128.13
4. National Priority Projects
84.90
-
5. Other Official Payments
2,394.08
3,409.50
(i) Int'l Organisations & Embassies /4
163.63
230.79
(ii) Parastatals & Estacode
679.88
985.30
(iii) NNPC/JV Cash Calls
1,299.42
2,151.37
(iv) Miscellaneous

B. Through Autonomous Sources
247.60
346.85
1. Imports
243.20
339.23
2. Invisibles
5.40
7.62
NETFLOW THROUGH THE CBN
7,316.52
1,308.52
NETFLOW


CBN Half Year Economic Report for 2007
Source: Trade and Exchange Department, CBN
TABLE 18
NIGERIA FOREIGN EXCHANGE RATES
Naira Per Unit of Foreign Currency (Monthly Average)
Bureau De Change
WDAS
Pounds
Euro
CFAFr
US Dollar
US Dollar

Jan

Feb

Mar

April

May

Jun

July

Aug

Sep

Oct

Nov

Dec

Average


Jan

Feb

Mar

April

May

Jun

Average 1st Half

July

Aug

Sep

Oct

Nov

Dec

Average 2nd Half


Jan

Feb

Mar

April

May

Jun

Average 1st Half


CBN Half Year Economic Report for 2007
Year/Month

2006 1/
2007 2/
2007 2/
Demand
Supply
Demand
Supply
January
251.19

156.67

750.44

840.26
February
201.52

237.35

1,301.74

1,544.59
March
447.42

315.45

1,041.87

1,667.10
April
1,177.97

879.83

664.70

947.76
May
1,328.59

1,066.86

1,279.74

1,739.67
June
371.63

981.35

1,549.22

1,901.83
TOTAL 1st HALF
3,778.32

3,637.51

6,587.71

8,641.21
July
612.80

551.92

August
1,072.65

1,142.09

September
1,306.41

2,049.53

October
1,377.69
1,385.94
November
1,758.12
1,795.98
December
1,401.43
2,042.70
TOTAL 2nd HALF
7,529.10
8,968.16
1/ Supply figures including BDC since April 2006
2/ Provisional
Source: Central Bank of Nigeria.
Table 19
Demand and Supply of Foreign Exchange
(US$ Millions)

CBN Half Year Economic Report for 2007
Source: Trade & Exchange Department
TABLE 20
NON-OIL EXPORT PROCEEDS BY TOP 100 EXPORTERS IN THE FIRST HALF OF 2007
(US$)
PROCEEDS RECEIVED
PROCEEDS RECEIVED
Percentage Change
PRODUCTS EXPORTED
IN FIRST HALF 2007
IN FIRST HALF 2006
between (1 & 2)
1.0
2.0
6.0
A
AGRICULTURAL SECTOR
237,579,401.67
176,313,276.08
34.7
SHRIMPS
17,608,150.67
21,075,192.65
-16.5
COCOA PRODUCTS
101,266,585.17
60,027,405.32
68.7
GINGER
354,790.31
4,042,990.87
-91.2
SESAME SEEDS
38,750,350.46
21,138,257.16
83.3
YARN
715,570.14
0.00
RUBBER
27,353,950.85
35,038,606.11
-21.9
CASHEW NUTS
35,964,054.52
8,224,174.42
337.3
COTTON
7,321,386.74
13,532,342.98
-45.9
GUM ARABIC
4,185,925.72
3,778,791.95
10.8
WHEAT PELLETS
2,400,615.00
3,192,937.00
-24.8
OTHER AGRIC PROD
1,658,022.09
6,262,577.62
-73.5
B
MANUFACTURING SECTOR
259,676,223.92
291,381,064.53
-10.9
TEXTILES
3,804,736.81
8,042,078.26
-52.7
POLY PROD
6,869,779.45
7,798,496.69
-11.9
ALUMINIUM
23,221,422.18
25,094,641.57
-7.5
LEATHER
127,457,765.16
65,152,181.62
95.6
PROCESSED WOOD
14,961,680.78
8,098,059.78
84.8
OTHER MANUFACTURING PRODUCTS
83,360,839.54
52,430,279.63
59.0
C
OTHERS
52,079,061.35
28,780,249.77
81.0
TOTAL NON-OIL EXPORTS PROCEEDS BY TOP 100 EXPORTERS
549,334,686.94
371,709,263.40
47.8
TOTAL NON-OIL EXPORTS PROCEEDS BY ALL EXPORTERS
551,067,645.21
373,246,600.53
47.6

CBN Half Year Economic Report for 2007
1/ Provisional
Source: Trade and Exchange Department, CBN, Abuja
Table 21
SECTORAL UTILISATION OF FOREIGN EXCHANGE (JAN - JUNE 2007)
June '06
DEC '06
June '07 1/
Absolute Change
Percentage Change

(1&3)
(2&3)
(1&3)
(2&3)
(A) IMPORTS
6,532,948.31

7,986,442.80

8,766,790.81

2,233,842.50


780,348.01
34.2
9.8
INDUSTRIAL
3,628,226.51

4,186,698.84

4,439,997.11

811,770.60


253,298.27
22.4
6.1
AGRICULTURAL
77,241.12

92,552.43

102,567.79

25,326.67


10,015.36
32.8
10.8
FINISHED GOODS

TRANSPORT

(B) INVISIBLES

TOTAL (A+B)


CBN Half Year Economic Report for 2007
Table 22
Total External Assets of Nigeria
(Naira Million)
1/ Revised
2/ Provisional
Dec-06
% Change % Change

(2&3)
(1&3)
1. OFFICIAL
4,443,960.8


5,619,919.6


5,838,957.6


3.9
31.4
a. Federal Government
16.8


16.8


16.8


-
-
b. Central Bank
4,441,358.15


5,617,317.01


5,836,355.03


3.9
31.4
i) Gold
19.01


19.01


19.01


-
-
ii) Foreign Exchange
4,441,272.21


5,617,217.00
5,836,238.14


3.9
31.4
iii) Reserve Tranche
26.32


26.0


26.15


0.6
0.6
-
iv) Special Drawing Rights (SDR)
40.61


55.0


71.73


30.4
76.6
c. State Government
2.5


2.5


2.5


-
-
d. Others
2,583.3


2,583.3


2,583.3


-
-
2. SEMI OFFICIAL INSTITUTIONS
4.1


4.1


4.1


-
-
i) NIDB
0.1


0.1


0.1


-
-
ii) Others

3. BANKS (NET)

TOTAL

External Assets (US$ Million)
39,792.04
48,787.94
53,359.07
End-period Exchange Rate
128.44
128.27
127.31
Jun-061/
Jun-072/

CENTRAL BANK OF NIGERIA
2508 1660 125
KAS: 08056124959