Nigeria Economic Outlook
January 25, 2022Momentum seemingly picked up in the fourth quarter of last year, with operating conditions improving at a faster rate throughout the period: The PMI reached a two-year high in December on the back of robust growth in output and new orders. Moreover, private-sector credit grew at a markedly quicker pace in October–November, suggesting strengthening business activity. Furthermore, inflation cooled in the quarter overall, which should have supported household spending. In other news, hundreds of people were killed in a wave of attacks by armed bandits in the north-west of the country in early January, highlighting ongoing security problems. Meanwhile, the Electoral Act is likely to be amended ahead of the 2023 general elections to allow for electronic voting and result transmission, which should reduce voting fraud and suggests a smooth transition of power should the ruling APC party lose.
Nigeria Economic GrowthEconomic growth should remain robust this year amid the fading impact of the pandemic and the new oil bill. The government’s infrastructure push should further buoy activity through investment. However, elevated inflation, security problems, a sharper-than-expected slowdown in China—weighing on exports—and low vaccination rates pose risks to the outlook. FocusEconomics panelists see GDP growth coming in at 2.8% in 2022, which is up 0.2 percentage points from last month’s forecast, and 2.9% in 2023.
Nigeria Economy Data
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|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
January 19, 2022
Consumer prices rose 1.82% in December, up markedly from November’s 1.08%.
January 3, 2022
Economic conditions continued to improve at the close of last year, with the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rising to 56.4 in December from 55.0 in November.
December 15, 2021
Consumer prices rose 1.08% in November, up from October’s 0.98% increase.
December 1, 2021
Private-sector operating conditions in Nigeria improved at an accelerated pace in November, with the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rising to 55.0 from 54.1 in October.
November 23, 2021
On 7 October, President Muhammadu Buhari presented the government’s proposed budget for 2022.