Current Account in Nigeria

Nigeria Current Account | Economic News & Forecasts

Nigeria - Current Account

Sequential data indicates that activity strengthened somewhat in the second quarter, following sluggish growth in Q1 that was weighed on by lower oil output as a result of pipeline leakages. Due to faster expansions in output and new business, the PMI bounced back from May’s near two-year low in June, bringing the Q2 average above that of Q1. This, combined with buoyant credit growth to the private sector in April–May, and a marked improvement in business confidence in Q2—propped up mainly by the construction and trade sectors—hint at more upbeat business dynamics. Meanwhile, after opting not to endorse the African Continental Free Trade Area (AfCFTA) agreement in March amid pressure from manufacturers and labor unions, President Muhammadu Buhari finally signed the deal on 7 July. Boasting the largest consumer market in the continent, this should strengthen the pact and boost overall intra-regional trade.

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 Yield13.530.0 %Jul 31
Exchange Rate306.33.08 %Jul 31
Stock Market0.10.0 %Jul 31

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