Nigeria Economic Outlook
November 14, 2017Incoming data suggests that activity firmed up in recent months, after the economy returned to growth in Q2. The PMI rose to the highest level since December 2014 in October. Higher oil prices along with a return to normal oil production after the completion of repair work earlier in the year should give a boost to export revenues. In early November, the government presented its 2018 budget, which focuses on stoking growth in the battered economy. The record NGN 8.6 trillion (approximately USD 28.2 billion) budget focuses on capital spending and targets a deficit of NGN 2.0 trillion, slightly down from the deficit in the 2017 budget. To fund the ambitious spending plans, President Muhammadu Buhari stated that the government would borrow over NGN 1.5 trillion, increasing the country’s debt burden. While developing badly-needed infrastructure could boost economic activity, the government has previously fallen short on both revenue and expenditure targets, generating uncertainty as to whether they will meet the 2018 goals. Moreover, the budget must still pass through both chambers of parliaments, a process that can take months and could delay implementation. The 2017 budget was not passed until the middle of the year.
Nigeria Economic GrowthHigher oil prices and output, combined with large-scale infrastructure projects, should boost growth next year. FocusEconomics panelists see the economy growing 2.6%, unchanged from last month’s forecasts. In 2019, GDP is seen expanding 2.9%.
Nigeria Economy Data
5 years of Nigeria economic forecasts for more than 30 economic indicators.
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|Bond Yield||14.66||0.0 %||Dec 06|
|Exchange Rate||306.3||3.08 %||Dec 06|
|Stock Market||0.3||0.0 %||Dec 06|
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Nigeria Economic News
December 5, 2017
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) lost ground in November, although still recorded a strong reading overall.
November 22, 2017
Nigeria’s economy gained traction in the third quarter, after growing for the first time in over a year in Q2.
November 21, 2017
At its 20–21 November monetary policy meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided to leave the monetary policy rate and all other monetary policy parameters unchanged, meeting market expectations.
November 15, 2017
In October, consumer prices rose 0.76% compared to the prior month, slightly below September’s 0.78% reading.
November 3, 2017
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) gained ground in October rising to the highest level since December 2014.