The International Monetary Fund has projected World output to grow by 3.9 per cent in 2019, higher than the three per cent growth recorded in 2017.
According to the global and Nigeria’s macroeconomic highlights, released by the manufacturers Association of Nigeria, the advance in world output growth in 2017 was as a result of substantial investment-led pickup in advanced economies, and growth acceleration in emerging and developing economies, where activities in commodity exports rebounded.
But the National Bureau of Statistics said growth of real output of Nigeria averaged 0.83 per cent in 2017, as against -1.58 per cent recorded in 2016; thereby indicating a 2.41 percentage point increase over the period.
The NBS said, “The economy in real terms grew by -0.91 per cent in first quarter of the year; 0.72 per cent in the second quarter; 1.40 per cent in the third quarter; and 1.92 per cent in the final quarter of 2017.
“Non-Oil output grew by 1.45 per cent in the fourth quarter of 2017 as against -0.33 per cent recorded in the corresponding period of 2016; thus indicating a 1.78 percentage points increase over the period. It also increased by 2.21 percentage points, when compared with -0.76 per cent growth recorded in the preceding quarter.”
MAN explained that, globally, countries adopted various policy measures to address exigent macro-economic challenges, while some countries retained their existing benchmark interest rates; and others changed theirs to suit their macroeconomic objectives.
It noted that since 2017, crude oil prices in the international market maintained steady growth after overcoming oscillated movements in the first six months of the year.
Quoting OPEC, the manufacturers observed, “Oil prices have received wide-ranging support from production adjustments under the Declaration of Cooperation, which started in January 2016, as well as from strong economic and demand growth and healthy financial markets, which has helped to improve market fundamentals significantly.
“Since the Central Bank of Nigeria intervention in the forex market, which began in February 2017 and the implementation of the investors and exporters forex window, exchange premium in the official market and BDC has significantly
narrowed.
“The premium of BDC over Interbank rate stood at 18.48 per cent in the fourth quarter of 2017 as against 45.8 per cent recorded in the corresponding quarter of 2016; thereby indicating a 27.32 percentage point decline over the period.”
