Nigeria Economic Outlook
January 28, 2020
The economy likely gathered further momentum in the final stretch of 2019, on the heels of accelerating growth in the third quarter amid quickening activity in the non-oil economy. Bank lending to both households and businesses picked up markedly in October–November, boding well for consumption. Moreover, the PMI edged higher in Q4 from Q3 on sustained new business and employment growth. Coupled with firms growing more confident about overall economic conditions—reaching the highest level of 2019 in December—and over their own operations in the quarter, particularly in the key industrial and services sectors, indicates improved private-sector dynamics at the closing of 2019. Meanwhile, in a bid to shore up non-oil revenue and improve the business environment, President Muhammadu Buhari signed into law a finance bill in mid-January which raises the VAT rate from 5.0% to 7.5%, though exempting it on certain foodstuffs, and provides tax breaks for small businesses.Nigeria Economic Growth
Economic growth is seen strengthening only slightly this year, mainly driven by firmer household spending on the back of the minimum wage hike. Conditions remain challenging, however, with overall activity weighed on by power shortages, elevated unemployment, high inflation, insecurity and a more subdued global economy. FocusEconomics panelists see GDP growing 2.5% in 2020, which is up 0.1 percentage points from last month’s estimate, and 2.7% in 2021.Nigeria Economy Data
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Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 11.10 | 0.0 % | Dec 31 |
| Exchange Rate | 306.5 | 3.08 % | Jan 01 |
| Stock Market | 0.1 | 0.0 % | Jan 07 |
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Nigeria Economic News
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Nigeria: Inflation rises to 21-month high at turn of 2020
February 17, 2020
Consumer prices rose 0.87% on a month-on-month basis in January, up from December’s 0.85% increase.
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Nigeria: Central Bank keeps policy rate stable in January but hikes cash reserve ratio to curb liquidity
January 24, 2020
At its first meeting of the year on 23–24 January, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided to hold its monetary policy rate unchanged, as had been broadly expected by analysts.
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Nigeria: Inflation increases to 20-month high at end 2019
January 17, 2020
Consumer prices increased 0.85% on a month-on-month basis in December, down from November’s 1.02% rise.
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Nigeria: PMI dips at the end of 2019 but remains positive
January 6, 2020
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) fell to 56.8 in December from 57.7 in November, which had marked the highest reading in 17 months.
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Nigeria: Inflation climbs to 19-month high in November
December 17, 2019
Consumer prices rose 1.02% on a month-on-month basis in November, down from October’s 1.07% increase.
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