Nigeria Economic Outlook
March 20, 2018
The economic recovery gained steam in the final quarter of 2017, with growth rising to a two-year high on the back of a solid performance in the non-oil sector. Higher crop production boosted the agricultural sector, which offset lackluster activity across other divisions of the economy. Moreover, oil production fell in the fourth quarter, dampening the energy sector’s momentum. Early data for the first few months of 2018 suggests that the economy’s positive momentum carried over into the new year: The PMI pointed to healthy growth in February. Meanwhile, political wrangling on the 2018 budget continues, delaying its approval and the expected boost to public infrastructure spending. The record NGN 8.6 trillion (approximately USD 28.2 billion) budget was first presented in November; however, various ministries have not yet come before parliament to defend their allocations, delaying its implementation.Nigeria Economic Growth
After a moderate 0.8% expansion in 2017, FocusEconomics panelists expect GDP growth to pick up pace this year and come in at 2.6%, unchanged from last month’s projection. Greater liquidity in the economy and higher oil prices should encourage investment, while households are expected to benefit from lower inflation and an improving labor market. In 2019, growth is seen increasing modestly to 3.0%.Nigeria Economy Data
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Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 13.52 | 0.0 % | Apr 12 |
| Bond Yield | 13.52 | 0.0 % | Apr 12 |
| Exchange Rate | 305.4 | 3.08 % | Apr 19 |
| Exchange Rate | 305.4 | 3.08 % | Apr 19 |
| Stock Market | 0.3 | 0.0 % | Apr 19 |
| Stock Market | 0.3 | 0.0 % | Apr 19 |
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Nigeria Economic News
Nigeria: Inflation at lowest level in two years in March
April 16, 2018
Consumer prices rose 0.80% on a month-on-month basis in March, matching February’s rise.
Nigeria: PMI posts a record high in March
April 6, 2018
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) jumped to 58.8 in March, well above the 56.0 print recorded in February and marking the fastest pace of improvement in the history of the survey and a new record high.
Nigeria: Central Bank leaves policy rate unchanged at long overdue meeting
April 4, 2018
At its 3–4 April monetary policy meeting, the reconstituted Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided to leave the monetary policy rate as well as all other monetary policy parameters unchanged, meeting market expectations.
Nigeria: Inflation eases in February
March 14, 2018
In February, consumer prices increased 0.80% on a month-on-month basis, matching January’s rise.
Nigeria: PMI edges down in February
March 5, 2018
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) fell in February, after hitting an over four-year high in January.
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