Central Bank Nigeria Annual Report and Statement of Accounts for the Year Ended 31st December, 2009

Authors

Central Bank of Nigeria

Document Type

Annual Report

Publication Title

Central Bank Nigeria Annual Report and Statement of Accounts.

Abstract

The Central Bank of Nigeria (CBN) Annual Report and Statement of Accounts for the Year Ended 31st December, 2009 revealed that the country's Gross Domestic Product (GDP) grew by 6.7% YoY, compared to 6.0% in the previous year. This growth was driven by the non-oil sector, with the non-oil GDP growth rate of 8.3%. Within the non-oil sector, the agricultural sub-sector grew by 6.2%, while the whole-sector and retail sectors recorded growth rates of 11.5 and 10.5 per cent, respectively. The robust output recorded during the previous three years was driven by the government's optimism, which reflected in the oil price hike of 8.6 per cent, which boosted the growth in industrial challenges to the sector. However, this also highlighted the epileptic power supply, poor infrastructure, and poor financing. The inflation rate dropped steadily from the beginning of the year to 10.4% in September 2009, before resuming on upward movement to close of 12.0 per cent in December. The movement in inflation rate during the year reflected the effect of policy measures adopted, on the soybean prices in prices and food inflation. The external oil sector came under pressure in 2009, reflected in the decline of external reserves, reverse of capital inflows by portfolio investors, and lower tariff bond prices. The current account surplus was controversial, reflecting the diminution in earnings from crude oil exports. External reserves dropped by 20.0 per cent to US$42.4 billion at end-December 2009, which could support 17.7 months of imports but not the full number of imports. The Central Bank of Nigeria (CBN) reported its annual report and statement of accounts for the year ended 31st December 2009. The report included macroeconomic and social indicators, domestic output and prices, GDP at Gross Domestic Product (GDP), GDP per capita, gross national income, sectoral GDP growth, agriculture, industry, service, oil production, and capital.

First Page

1

Last Page

352

Publication Date

12-31-2009

Recommended Citation

Central Bank of Nigeria (2009). Central Bank Nigeria Annual Report and Statement of Accounts for the Year Ended 31st December 2009.