Nigeria Economic Outlook
October 17, 2017The economy entered a recovery in Q2, with GDP growing for the first time since Q3 2015. Higher oil output and positive dynamics in the agricultural sector helped the economy exit recession, and incoming data for the third quarter suggests that the momentum continued to build in the subsequent months. The PMI recorded its best quarter since Q4 2014 in Q3, and oil production rose in September according to OPEC’s monthly report. While encouraging signs are emerging throughout the economy, the recovery is likely to be fragile and is at risk of being derailed by a military conflict in the oil-rich Niger Delta region. Tensions between militants and the government remain high, and a number of analysts speculate that violence could flare up ahead of the 2019 elections.
Nigeria Economy Data
5 years of Nigeria economic forecasts for more than 30 economic indicators.
Get a sample report showing all the data and analysis covered in our Regional, Country and Commodities reports.
|Bond Yield||15.00||0.0 %||Oct 18|
|Exchange Rate||305.4||-0.13 %||Oct 18|
|Stock Market||0.3||0.0 %||Oct 12|
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Nigeria Economic Growth
October 17, 2017After GDP plunged in 2016, FocusEconomics panelists see the economy growing a modest 0.9% in 2017 thanks to higher oil output and recovering oil prices. Next year, growth should gain steam on the back of firmer activity in both the oil and non-oil sectors. However, uncertainties over stability in the Niger Delta, a weak fiscal position and foreign exchange distortions are clouding the outlook. The panel sees GDP expanding 2.6% in 2018, which is down 0.1 percentage points from last month’s forecast. In 2019, GDP is see growing 3.1%.
Nigeria Economic News
October 5, 2017
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) inched down from 55.0 in August to 54.9 in September.
September 15, 2017
In August, consumer prices rose 0.97% compared to the prior month, down from July’s 1.21% increase.
September 5, 2017
Nigeria’s economy expanded 0.6% year-on-year in Q2, contrasting Q1’s revised 0.9% decline (previously reported: -0.5% year-on-year) but undershooting analysts’ expectations, according to data released by the National Bureau of Statistics on 5 September.
September 5, 2017
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose from 54.8 in July to 55.0 in August, marking an over two-year high.
August 4, 2017
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose from 52.9 in June to 54.8 in July, marking a two-year high.