Nigeria Economic Outlook
December 13, 2018Economic growth accelerated in the third quarter, buoyed by improved dynamics in both the oil and non-oil economy. Oil output edged up after slumping in Q2 as pipeline disruptions eased, although the energy sector remained weak and contracted again in Q3. Meanwhile, growth within the agricultural and services sectors propelled the non-oil economy’s expansion. Data for the fourth quarter paints a mixed picture: While the PMI rose in November, oil prices fell sharply in the same month. Moreover, oil production will be hampered in the coming months after Nigeria agreed to reduce production starting in January as part of the OPEC and non-OPEC oil output cuts announced on 7 December. Nevertheless, the cut should have a relatively modest impact given that Nigeria had been producing below its previous quota due to capacity constraints.
Nigeria Economic GrowthGrowth is seen accelerating moderately next year. Lower inflation and a likely minimum wage hike should lend support to private consumption, while government spending should also pick up. Restrained oil production will drag on growth, however, and political uncertainty ahead of February’s elections is casting a cloud on the country’s economic policies. FocusEconomics panelists see GDP increasing 2.5% in 2019, down 0.1 percentage points from last month’s estimate, and 2.9% in 2020.
Nigeria Economy Data
5 years of Nigeria economic forecasts for more than 30 economic indicators.
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|Bond Yield||15.26||0.0 %||Jan 21|
|Exchange Rate||307.4||3.08 %||Jan 21|
|Stock Market||1.3||0.0 %||Jan 21|
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Nigeria Economic News
January 22, 2019
On 16 February, Nigerians will head to the polls to elect their next president and representatives in the National Assembly.
January 16, 2019
Consumer prices rose 0.74% on a month-on-month basis in December, slightly below November’s 0.80% increase.
January 4, 2019
In December, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 55.0, slightly below November’s 55.5.
December 17, 2018
Consumer prices rose 0.80% on a month-on-month basis in November, slightly above October’s 0.74% increase.
December 10, 2018
Nigeria’s recovery regained some lost momentum in the third quarter, after growth fell to a one-year low in the second quarter.