Nigeria Economic Outlook
September 18, 2018GDP data revealed that the recovery faltered in the second quarter. The slowdown was chiefly driven by lower oil output and despite strengthening momentum in the non-oil segment of the economy. Although activity in the oil sector dropped markedly on an annual basis, partly due to oil pipeline disruptions, the impact on overall growth was partially mitigated by higher global energy prices throughout the quarter. On a more positive note, non-oil sector activity accelerated in the second quarter, led by the booming services industry. However, the improvement should be taken with a pinch of salt: Growth within the non-oil sector came entirely on the back of an impressive performance by the telecommunications sector, while activity in other sectors remained broadly stagnant. Moreover, available third-quarter data appears rather downbeat, signaling that the recovery likely has a way to go yet. The PMI fell markedly in July and remained broadly unchanged in August as new orders and output growth decelerated somewhat.
Nigeria Economic GrowthThe recovery should speed up next year, on the back of easing inflationary pressures, greater foreign exchange rate allocation and higher global oil prices coupled with a gradual recovery in domestic oil production. Nevertheless, significant downside risks to the outlook persist: Political uncertainty will remain elevated in the run-up to the 2019 elections, while the lethargic implementation of structural economic reforms will continue to undermine growth prospects. FocusEconomics panelists see GDP increasing 2.3% in 2018 and 2.8% in 2019, which is down 0.2 percentage points from last month’s projection.
Nigeria Economy Data
5 years of Nigeria economic forecasts for more than 30 economic indicators.
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|Bond Yield||15.10||0.0 %||Sep 20|
|Exchange Rate||305.8||3.08 %||Sep 20|
|Stock Market||0.1||0.0 %||Sep 20|
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Nigeria Economic News
Nigeria: Inflation edges up for the first time in 19 months but stays near the two-and-a-half year low in August
September 14, 2018
Consumer prices rose 1.05% on a month-on-month basis in August, slightly below July’s 1.13%.
September 6, 2018
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) was largely stable in August.
August 27, 2018
Nigeria’s recovery lost momentum in the second quarter, with growth falling to a one-year low.
August 15, 2018
Consumer prices rose 1.13% on a month-on-month basis in July, below June’s 1.24%.
August 3, 2018
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) fell from 58.4 in June to 56.0 in July, the lowest reading since February.