Current Account in Nigeria
Nigeria - Current AccountThe 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
|Current Account (% of GDP)||-3.1||0.7||2.8||0.9||-3.6|
5 years of economic forecasts for more than 30 economic indicators.
Nigeria Current Account Chart
Source: Central Bank of Nigeria
|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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July 3, 2020
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose from 40.7 in May to 46.4 in June.
June 17, 2020
Consumer prices increased 1.17% over the last month in May, accelerating from April's 1.02% increase.
June 3, 2020
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) climbed from its record low of 37.1 in April to 40.7 in May.
May 28, 2020
At its 28 May meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided to slash its monetary policy rate by 100 basis points to 12.50%, marking the first rate cut since March 2019 and bringing it to a four-year low.
May 25, 2020
Economic activity lost steam in the first quarter, with GDP increasing 1.9% (Q4 2019: +2.6% year-on-year).