The re-constituted Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its maiden meeting, the 260th meeting of the Committee, and its first in 2018, on April 3-4, 2018.

Below are the Top 7 take-aways from that meeting, extracted from the communiqué issued afterwards:

 #1: Background

The Committee assessed the developments in the global and domestic economic environments during the first quarter of 2018, including the risks to price stability, financial stability, and economic growth in the short-to-medium term.

Nine members of the Committee attended the meeting.

#2: Global Economic Developments

The strong headwinds which confronted the global economy in 2017 showed signs of moderation, giving way to prospects for stronger growth in 2018.

With the sustained recovery in oil prices, aggregate demand is expected to continue to firm up. Growth in the advanced economies is projected at 2.3 per cent in 2018, and 4.9 per cent for emerging markets and developing economies (EMDEs).

 #3: Domestic Output Developments

The economy grew overall by 0.83 per cent in 2017. The main drivers of real GDP growth were agriculture (1.08%), industry (0.56%) and trade (0.35%). Non-oil real GDP grew by 1.45 per cent in the fourth quarter of 2017 compared with a contraction of 0.76 per cent in third quarter of 2017, indicating that the economy is gradually returning to a path of sustainable positive growth.

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