Nigeria Economic Outlook
May 21, 2019
The economy shifted into a lower gear in the first quarter of 2019, with annual growth moderating from the over-three year high logged in Q4 2018. Weaker momentum in both the non-oil segment of the economy and a further deterioration of the all-important energy sector, which contracted for the fourth consecutive quarter, led the slowdown. That said, the manufacturing PMI climbed to a five-month high in April, suggesting the economy entered Q2 on stronger footing. In other news, last month President Muhammadu Buhari signed a bill which will raise the minimum wage by over 65% to NGN 30,000 per month. Although its full implementation will take some time, this bodes well for household incomes and thus consumer demand going forward. Meanwhile, on 9 May, Buhari nominated Central Bank Governor Godwin Emefiele—whose current term ends in June—for a second five-year term, signaling the continuity of monetary and FX policy ahead.Nigeria Economic Growth
Growth is expected to gather pace this year. In particular, a more accommodative monetary policy stance and stronger private consumption, which should be buoyed by the minimum wage hike, will support the non-oil segment of the economy ahead. However, the economy’s structural dependence on the oil industry and oil-price volatility will continue to cloud the outlook. FocusEconomics panelists see GDP increasing 2.3% in 2019, which is unchanged from last month’s estimate, and 2.7% in 2020.Nigeria Economy Data
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Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 14.55 | 0.0 % | Jun 13 |
| Exchange Rate | 306.5 | 3.08 % | Jun 13 |
| Stock Market | 0.1 | 0.0 % | Jun 13 |
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Nigeria Economic News
Nigeria: PMI falls to near two-year low in May
June 7, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) edged down from 55.5 in April to 52.9 in May, the lowest reading since June 2017.
Nigeria: Central Bank stays put in May
May 21, 2019
At its 20–21 May meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) left the monetary policy rate as well as all other monetary policy parameters unchanged, broadly in line with market expectations.
Nigeria: Economy shifts into lower gear at the start of 2019
May 20, 2019
Nigeria’s economy entered 2019 on a softer note, with GDP growth decelerating to 2.0% on an annual basis in the first quarter.
Nigeria: Inflation inches up in April
May 15, 2019
Consumer prices rose 0.94% on a month-on-month basis in April, up from March’s 0.79% climb.
Nigeria: PMI climbs to five-month high in April
May 6, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) edged up from 53.6 in March to 55.5 in April, hitting a five-month high.
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