Nigeria Economic Outlook
June 21, 2022Economic growth cooled in the first quarter of the year due to a further deterioration in the key oil sector. This more than offset a strong performance in the services sector leading non-oil sector activity to firm. Second-quarter data paints a mixed picture. Private-sector operating conditions improved at a fractionally slower pace in April–May, while credit growth was also broadly stable in April. That said, inflation rose markedly in the same month. A pickup in core inflation highlights that price pressures are farther-reaching than energy and food price increases. Meanwhile, sectarian violence spread to the country’s relatively safe south-western region. Social tensions and violence could increase going forward, as religious and regional divides are heightening the stakes of the February 2023 presidential elections.
Nigeria Economic GrowthThe economy will grow at a softer pace this year. Inflation will remain elevated, eating into consumers’ pockets. Power supply issues will further jeopardize activity. Moreover, social rifts and violence ahead of the February 2023 elections could undermine momentum. The government’s investment push should support activity, however. FocusEconomics panelists see GDP growth coming in at 3.0% in 2022, which is up 0.2 percentage points from last month’s forecast, and 3.0% in 2023.
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
June 17, 2022
Consumer prices rose 1.78% month on month in May, up from April’s 1.76%.
June 1, 2022
Nigerian private-sector operating conditions improved at a softer pace in May.
May 24, 2022
The pace of growth in Sub-Saharan Africa’s largest economy lost some steam in the opening quarter of this year, but remained healthy nonetheless.
May 24, 2022
The Monetary Policy Committee of the Central Bank of Nigeria took market analysts by surprise when it hiked the monetary policy rate (MPR) by 150 basis points from 11.50% to 13.00% at its 24 May meeting.
May 23, 2022
Consumer prices rose 1.76% in April, up from March’s 1.74%.