89630
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         Nigeria 
         Economic Report
   Public Disclosure AuthorizedPublic Disclosure AuthorizedDocument of the World Bank
   Public Disclosure AuthorizedPublic Disclosure Authorized
   Public Disclosure AuthorizedPublic Disclosure Authorized
         No. 2 July, 2014
                Nigeria 
            Economic Report
                         No. 2 
                        July, 2014
                 Cover photo credit:  Bamidele E. Oladokun
                                                                                                                         NIGERIA Economic Report     II
                     Abbreviations And Acronyms
                     BoP                  Balance of Payments
                     CBN                  Central Bank of Nigeria
                     CPI                  Consumer Price Index
                     ECA                  Excess Crude Account 
                     GDP                  Gross Domestic Product
                     GHS                  General Household Survey
                     HNLSS                Harmonized Nigeria Living Standards Survey
                     ILO                  International Labor Organization
                     IMF                  International Monetary Fund
                     MDA                  Ministries, Departments and Agencies
                     NER                  Nigerian Economic Report 
                     NBS                  National Bureau of Statistics 
                     NDHS                 Nigeria Demographic Health Survey
                     NNPC                 Nigerian National Petroleum Corporation 
                     OAGF		               Office	of	the	Accountant	General	of	the	Federation
                     PIB                  Petroleum Industry Bill
                     PPP                  Purchasing Power Parity 
                     SWF                  Sovereign Wealth Fund
                     VAT                  Value Added Tax
                                                                                                                         NIGERIA Economic Report     III
                     Table of Contents
                     Nigeria Economic Report ............................................................................................................1
                     Introductory Note             .............................................................................................................1
                     Chapter 1: Macroeconomic Overview                            ..........................................................................2
                     Summary .........................................................................................................................2
                     GDP and Economic Growth                  ............................................................................................3
                     The Oil Sector ..............................................................................................................................5
                     The Balance of Payments                  ......................................................................................................6
                     Inflation	          ........................................................................................................................8
                     Monetary	Policy	              ...........................................................................................................8
                     Government Budgets  .....................................................................................9  
                     Employment and Job Creation .............................................................................................12
                     Economic Outlook              ......................................................................................................14
                     Chapter 2: Poverty In Nigeria: A Partial Reassessment                            ................................................16
                     Poverty and inequality in the GHS panel                      .....................................................................17
                     Tables
                     Table 1: Nigeria Gross National Product (Current Prices)                         ..............................................4  
                     Table 2: Sectoral Shares in Nigeria GDP: 2012 ...........................................................................5
                     Table 3: GDP Growth in Selected Sectors : 2011 – 2013 (New Estimates) ....................................5
                     Table 4: Revenues to the Nigerian Federation Account and VAT Pool  ....................................9
                     Table 5: Federal Budgetary Performance: 2012 and 2013 .............................................................11
                     Table 6: The 2014 Federal Budget by MDA Relative to 2013 (Planned and Executed) ............13
                     Table 7: Selected Economic Indicators ........................................................................................14
                     Table	8:	Poverty	Rates	Per	Capita	From	GHS	Panel	Data	...........................................................17
                     Table 9: Gini index and consumption per capita                          ..............................................................19
                     Figures
                     Figure 1: Decomposition  of Non-Oil GDP Growth:2013 ...............................................................5
                     Figure 2:  Nigeria Oil Production and Exports 2010 – 2012 ..............................................................6
                     Figure 3: Real Crude oil exports                   .........................................................................................6
                     Figure 4: Nigerian Gross Foreign Reserves                    ..........................................................................7
                     Figure 5: Gross Direct and Portfolio Foreign Investment in Nigeria: 2010 - 2013 .........................7
                     Figure	6:	CPI	and	Food	Price	Inflation	in	Nigeria	(year-on-year)	...................................................8
                     Figure 7: Balance of Nigeria’s Excess Crude Account  .......................................................10
                     Figure	8:	Number	of	Poor	                ..............................................................................................19
                     Figure 9: Distance from poverty line: National and Urban / Rural                           ...............................20
                     Figure 10: Distance from poverty line by Macro-Region                            ............................................21