Nigeria Economic Outlook
May 26, 2020
The coronavirus pandemic, lockdown measures put in place in major economic hubs, and depressed global crude prices have completely derailed the economy’s already-fragile recovery from its 2016 recession. On the heels of the oil price crash in March, the private sector PMI plunged to a survey record low in April as evaporated demand crushed output and new orders. Notably, disruptions to supply chains and tighter FX liquidity are also likely to stoke inflationary pressures. This, coupled with authorities’ indication of abiding to the OPEC+ agreement struck in April to cut output in May and June, will be pummeling the economy in Q2. In a bid to ease the economic pain, authorities started to gradually lift the lockdown in early May. Although this should enable an improvement in activity in the vast informal sector, possible retightening due to continued health concerns could exacerbate the economic impact.Nigeria Economic Growth
The Covid-19 outbreak and collapse in international crude prices are set to push the economy back into recession this year. Job losses and lower remittances are poised to hit private consumption hard, while investment activity will suffer amid project delays and uncertainty. The oil-price shock blow to the country’s FX earnings and fiscal revenues are major risks ahead. FocusEconomics panelists see GDP contracting 2.5% in 2020, which is down 0.5 percentage points from last month’s estimate, and growing 2.0% in 2021.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:
July 3, 2020
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose from 40.7 in May to 46.4 in June.
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Nigeria: Inflation hits over two-year high in May
June 17, 2020
Consumer prices increased 1.17% over the last month in May, accelerating from April's 1.02% increase.
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Nigeria: PMI crawls back up from record low but remains deep in the red in May
June 3, 2020
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) climbed from its record low of 37.1 in April to 40.7 in May.
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Nigeria: Central Bank unexpectedly cuts rate to lowest in four years in May
May 28, 2020
At its 28 May meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided to slash its monetary policy rate by 100 basis points to 12.50%, marking the first rate cut since March 2019 and bringing it to a four-year low.
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Nigeria: Economic growth eases to one-and-a-half year low in Q1
May 25, 2020
Economic activity lost steam in the first quarter, with GDP increasing 1.9% (Q4 2019: +2.6% year-on-year).
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