Current Account in Nigeria
Nigeria - Current AccountEconomic growth cooled in the first quarter of the year due to a further deterioration in the key oil sector. This more than offset a strong performance in the services sector leading non-oil sector activity to firm. Second-quarter data paints a mixed picture. Private-sector operating conditions improved at a fractionally slower pace in April–May, while credit growth was also broadly stable in April. That said, inflation rose markedly in the same month. A pickup in core inflation highlights that price pressures are farther-reaching than energy and food price increases. Meanwhile, sectarian violence spread to the country’s relatively safe south-western region. Social tensions and violence could increase going forward, as religious and regional divides are heightening the stakes of the February 2023 presidential elections.
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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February 1, 2023
The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at a five-month low of 53.5 in January, down from December’s 54.6.
January 18, 2023
Inflation receded for the first time in over a year in December; it softened to 21.3%, down from November’s 21.5%.
January 3, 2023
The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at 54.6 in December, up from November’s 54.3.
December 1, 2022
The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at 54.3 in November, up from October's 53.6.
November 24, 2022
The Nigerian economy lost steam in the third quarter of 2022: GDP growth moderated to 2.2% year on year, from 3.5% in the second quarter.