Current Account in Nigeria

Nigeria Current Account | Economic News & Forecasts

Nigeria - Current Account

Incoming data suggests that the economy gathered momentum somewhat in Q3, after growth slowed in Q2 on disappointing non-oil sector activity. Bank lending remained strong in July–August and the PMI hit a 15-month high in September, hinting at improved private-sector dynamics. Moreover, preliminary OPEC data showed that oil output averaged higher in Q3 than in Q2, spelling good news for the vital oil industry. That said, lower global crude prices may have capped some of the gains. In late September, the Central Bank raised the minimum loan-to-deposit ratio to 65% from 60%, the second increase in three months, to further pressure banks to boost credit to SMEs and consumers. Concerns have emerged, however, over the measure’s impact on loan quality. Meanwhile, President Buhari presented a record NGN 10.3 trillion 2020 budget to the National Assembly on 8 October, which aims to revive sluggish growth.

Nigeria - Current Account Data

2013  2014  2015  2016  2017  
Current Account (% of GDP)3.9  0.2  -3.2  0.7  2.8  

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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

Bond Yield14.130.0 %Sep 04
Exchange Rate306.53.08 %Sep 04
Stock Market0.10.0 %Sep 04

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