Nigeria Economic Update Issue 22
This brief report discusses several matters regarding the Nigerian economy. The first articles about Crude oil - discusses Nigeria’s Bonny light price increased by 6.1 percent from $44.17 per barrel on May 6, 2016 to $46.86 per barrel on May 13, 2016. The increase can be attributed to the ongoing production outage in Canada and supply disruption in Nigeria. The next article on the Stock Market - discusses the All-Share Index (ASI) and Market Capitalization appreciated by 2.88 percent and 2.92 percent respectively, between May 6, 2016 and May 13, 2016. In the following article on the Foreign Reserve and Foreign Direct - The Nigerian Naira depreciated by 11.5 percent in the parallel market but remained officially stable at N197/$ in the week under review. Precisely, the Naira depreciated from N323/$ on May 6, 2016 to N360 on May 13, 2016. The next article discusses the Power Sector - Power sector analysis shows a decline in power generated by 15.07 percent from a peak of 3,424 mw to 2,908 mw between May 8, 2016 and May 15, 20169. The declining power supply is attributable to vandalism of pipelines and gas shortages, which has a debilitating effect on power generation.