Nigeria Economic Outlook
November 17, 2020The 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 GrowthOn 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
5 years of Nigeria economic forecasts for more than 30 economic indicators.
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|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
July 28, 2021
The Monetary Policy Committee of the Central Bank of Nigeria stood pat at its 26–27 July meeting, leaving the monetary policy rate unchanged at 11.50% in a unanimous vote.
July 16, 2021
Consumer prices increased 1.06% over the previous month in June, up from May’s 1.01% rise.
July 1, 2021
Business conditions in Nigeria’s private sector economy continued to improve at the close of the second quarter, albeit at a softer pace from the prior month as the Stanbic IBTC Nigeria Purchasing Managers’ Index (PMI) eased to 53.6 in June from 54.4 in May.
June 17, 2021
Consumer prices rose 1.01% month-on-month in May, up from April’s 0.97% increase.
June 1, 2021
Business conditions in Nigeria’s private sector economy continued to improve, with Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) coming at a nine-month high of 54.4 in May, up from April’s 52.9.