Current Account in Nigeria

Nigeria Current Account | Economic News & Forecasts

Nigeria - Current Account

The economy entered 2020 on soft footing, with annual GDP growth easing to a one-and-a-half year low in Q1. The non-oil segment lost steam, primarily on weaker services activity amid the partial impact from the lockdowns enacted in March to combat the spread of Covid-19. Similarly, the oil sector lost momentum but the upturn was nevertheless still robust as crude production was ramped up. Activity is likely to be pummeled in Q2, however, as the full brunt of containment measures is felt. Moreover, secondary sources show that oil production was reduced in April and May. This, combined with authorities indicating at full compliance with OPEC+ cuts through July and still-depressed global oil prices, bodes ill for crucial export and fiscal revenues. Meanwhile, on 11 June, the Senate passed a revised NGN 10.8 trillion (around USD 30.0 billion) 2020 budget to accommodate additional resources to tackle the coronavirus fallout, NGN 300 billion above what President Buhari had proposed previously.

Nigeria - Current Account Data

2015   2016   2017   2018   2019  
Current Account (% of GDP)-3.1  0.7  2.8  0.9  -3.6  

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Nigeria Current Account Chart

Nigeria Current Account
Note: Current account balance as % of GDP
Source: Central Bank of Nigeria

Nigeria Facts

Value Change Date
Bond Yield11.100.0 %Dec 31
Exchange Rate306.53.08 %Jan 01
Stock Market0.10.0 %Jan 07

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