Nigeria Economic Outlook
November 17, 2020
The 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 Growth
On 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
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Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| 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
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Nigeria: Economy returns to growth in the fourth quarter
February 22, 2021
The economy returned to growth, albeit marginally, in the final quarter of last year, with GDP expanding 0.1% year-on-year.
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Nigeria: Inflation hits over three-year high in January
February 16, 2021
Consumer prices rose 1.49% month-on-month in January, down from December’s 1.61% increase.
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Nigeria: Business conditions improve at six-month soft pace in January
February 3, 2021
Operating conditions in Nigeria’s private sector economy continued to improve in January, albeit at a six-month soft pace as the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) dropped to 50.7 from 51.8 in December.
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Nigeria: Central Bank stays put in January
January 27, 2021
At its first meeting of the new year on 25–26 January, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria unanimously decided to leave the monetary policy rate unchanged at 11.50%.
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Nigeria: Inflation hits over three-year high in December
January 15, 2021
Consumer prices increased 1.61% from the previous month in December, an uptick from November's 1.60% increase.
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