Macroeconomic Analysis

1.0 BACKGROUND INFORMATION:
The Macroeconomic Analysis Department is headed by a Director and closely supported by two Deputy Directors, an Assistant Director and other senior officers. The Department is structured into two main Divisions: Macroeconomic Policy Analysis Division; and Federal and States’ Plans Coordination Division The Macroeconomic Policy Analysis Division is made up of four Units including the National Accounts, the Monetary and Price Policy, the Fiscal Policy and the External Sector. The Division is responsible for: Economic Analysis & Forecasting of macroeconomic aggregates; Production of Quarterly and yearly Economic Reports; Macroeconomic Modelling; Development of macroeconomic framework for short, medium & long term development plans; Maintaining surveillance on the economy; Collation and analysis of Socio economic data on the Nigerian economy; Stakeholder dialogue including co-hosting of the Annual Economic Summits with the Nigerian Economic Summit Group (NESG), etc. The Federal and State Plans Coordination Division is responsible for: Coordination of the development of medium to long term strategic plan for the nation; Data tracking of social-economic parameters; Focal point for coordinating activities of the Planning Research and Statistics Departments (PRSDs) in the Federal Ministries, Departments and Agencies (MDAs); Initiates Research Studies into critical and contemporary areas; and Maintain Database for key Socio-economic indicators by Interfacing with the National Bureau of Statistics (NBS)

 

1.1. MANDATE OF THE MACROECONOMIC DEPARTMENT:
The mandates of Macro department were designed to contribute to the effective delivery of the overall mandate of NPC. They could be enumerated as follows: Policy research and advise on topical socio-economic issues Economic analysis, modelling and forecasting of macroeconomic aggregates Coordinate the preparation and review of the strategic planning process and the development of medium and long term plans Focal point for the coordinating of Department of Planning Research and Statistics (DPRS) of MDAs. Focal point for the public sector for the co-hosting of the Nigerian Economic Summit with Nigerian Economic Summit Group (NESG) on annual basis Conduct research studies on topical and contemporary areas Conduct surveillance on the performance of the Nigerian economy and production of periodic Economic Performance Report for the Nigerian economy Interfacing with key data generating agencies for enhanced delivery of evidenced based policy and plans formulation (NBS, CBN, BOF/FMF, DMO, NNPC etc) Focal Department for relating with global, regional and rating agencies (IMF, World Bank, WAMI, ECOWAS, and other Rating Agencies – e.g. S&P, Fitch etc).

 

1.2. CLIENTS/STAKEHOLDERS:
The Macroeconomic Department serves a wide range of clients/stakeholders in the execution of the above mentioned mandates. The Macro clients/stakeholders are as follow:

I. States and Local Governments in Nigeria;

II. Constitutional bodies including the CBN, NBS, NISER, NNPC and other relevant Federal and State Parastatals;

III. Committees and Institutions of the Federal, States and Local Governments including the FEC, NEC, EMIT, FAAC etc.;

IV. Private sector institutions, firms and corporate individuals;

V. Coordination of the activities of the PRSDs at the Federal and State Ministries Departments and Agencies;

VI. Regional and International Finance and Economic bodies like the World Bank, International Monetary Fund, ECOWAS, etc.;

VII. Non-Governmental Organizations; and

VIII. Civil Society Organizations and faith-based institutions

 

1.3. SERVICE PROVIDED:
In performing its function as derived from its mandates, the Macroeconomic Analysis and Research Department provides the following services to its clients:

I. Prompt dissemination of policies through policy dialogues, seminars, conferences and summits as well as through the internet and the media

II. Timely evaluation of policies through desk reviews, meetings with relevant stakeholders, field assessments and ad-hoc Committees.

III. Undertaking of appropriate research projects including desk reviews, partnership with research institutions, primary and secondary data collection and analysis, engagement of sector experts, etc

IV. Supporting MDAs and States in conducting effective policy research through direct participation in drafting the policy research, provision of technical assistance, provision of relevant data, etc.

V. Carrying out of periodic reviews of medium and long term plans through in-house analysis and review, through central working Group, Technical Working Groups, etc.

VI. Facilitating production of MDAs sectoral strategic plans through provision of macroeconomic framework, provision of reliable data and forecasts, direct participation etc

VII. Supporting states in improving their planning system through regular, collaborative and comprehensive needs assessments of Planning, statistical and M&E bodies, collaborative planning, technical assistance, etc.