Nigeria Economic Review : First Half Report 2015

An overview of the Nigerian economy is presented in this report, using key macroeconomic indicators. The performance of the economy both internally and externally is examined. According to the evidence presented, the internal performance in the first half of 2015 has not been impressive. On the production side, there was a continuous decline in the real GDP growth. The fall in GDP growth can be traceable to a combined occurrence of higher interest rates, higher price level, and the shrink in government spending occasioned by low revenue from oil during the period. The overall economic outlook signifies a struggling economy with weak mechanisms to manage the downturn caused by the plunge in oil price. Therefore, there is need for appropriate policy interventions that will integrate all stakeholders in the economy – monetary authority, government agencies, and corporate institutions. The intervention could come in the form of reforms in fiscal, economic, and institutional settings.