Nigeria Economic Outlook
November 17, 2020
The economy likely remained under marked stress in Q3, following the steep GDP contraction in Q2 due to the pandemic-induced lockdowns and collapse in oil prices. According to secondary sources, crude oil output was down by over a fifth in Q3 from last year as the country increasingly stuck to OPEC+ cut commitments. Together with oil prices stagnating at weak levels in the quarter, the all-important energy sector likely continued to reel. Moreover, accelerating double-digit inflation and tight FX liquidity should have weighed on household purchasing power and general business operations. Meanwhile, leading data points to some improvement in conditions at the outset of Q4: The private sector PMI edged up on robust output and new orders growth, while firms turned markedly less pessimistic in October. That said, the outbreak of widespread violent protests that same month could have weighed on activity to some extent.Nigeria Economic Growth
On the heels of the worst downturn in recent history this year owing to the pandemic and oil price shock, the economy is seen emerging back to growth in 2021 as demand at home and abroad recover. However, the outlook remains fragile, clouded by uncertainty regarding the oil price trajectory, rising inflation, elevated unemployment, security challenges and social tensions. FocusEconomics panelists see GDP growth at 1.9% in 2021, which is down 0.2 percentage points from last month’s estimate, before picking up to 2.9% in 2022.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: Central Bank stays put in November
November 24, 2020
At its 23–24 November meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria unanimously decided to maintain the monetary policy rate unchanged at 11.50%, in line with market expectations and on the heels of the second cut this year delivered at the previous September meeting.
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Nigeria: Inflation rises for sixth consecutive month in October
November 16, 2020
Consumer prices rose 1.54% over the previous month in October, which was above the 1.48% advance logged in September.
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Nigeria: PMI climbs in October
November 4, 2020
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) edged up from 52.5 in September to 53.5 in October.
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Nigeria: Inflation quickens to over two-year high in September
October 14, 2020
Consumer prices climbed 1.48% over the previous month in September, above the 1.34% rise logged in August.
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Nigeria: PMI retreats in September but remains in growth territory
October 5, 2020
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) slipped from its six-month high of 54.6 in August to 52.5 in September.
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