Nigeria Economic Outlook
February 19, 2019On 16 February, Nigeria’s electoral commission unexpectedly announced the postponement of the general election by one week due to logistical reasons, just hours before polls were scheduled to open. The move has further fueled uncertainty over the outcome of the tight presidential race between incumbent President Muhammadu Buhari and Atiku Abubakar, the main opposition candidate. Although a Buhari victory will likely translate into a continuation of status-quo policy ahead, Abubakar’s business-friendly economic agenda hints at the possibility of a policy shift, particularly in the management of the foreign exchange regime and vital oil industry. The election comes on the heels of recently-released national accounts data which revealed the economy gathered momentum in the final quarter of 2018, with growth hitting an over three-year high on the back of a broad-based expansion within the non-oil sector. The all-important oil and gas sector, however, remained in the doldrums and contracted for the third consecutive quarter in Q4 amid lower oil production and easing global crude prices, weighing on overall activity.
Nigeria Economic GrowthGrowth is seen picking up this year on the back of stronger capital investment and consumer spending. However, a continued fall in oil prices and announced oil production cuts by OPEC could dent activity in the all-important oil industry, clouding the outlook. Backtracking of structural reforms aimed at boosting productivity also poses a key downside risk ahead. FocusEconomics panelists see GDP increasing 2.3% in 2019, down 0.1 percentage points from last month’s estimate, and 2.8% in 2020.
Nigeria Economy Data
5 years of Nigeria economic forecasts for more than 30 economic indicators.
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|Bond Yield||14.47||0.0 %||Mar 11|
|Exchange Rate||306.4||3.08 %||Mar 11|
|Stock Market||1.1||0.0 %||Mar 11|
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Nigeria Economic News
March 15, 2019
Consumer prices rose 0.73% on a month-on-month basis in February, marginally below January’s 0.74% increase.
March 5, 2019
In February, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 53.3, a 20-month low and below January’s 54.0.
February 15, 2019
Consumer prices rose 0.74% on a month-on-month basis in January, matching December’s rise.
February 13, 2019
Nigeria’s recovery gained traction in the final quarter of 2018, with growth accelerating to an over three-year high.
February 5, 2019
In January, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 54.0, an 19-month low and below December’s 55.0.