Current Account in Nigeria
Nigeria - Current Account (billions of U.S. Dollars)
Available indicators point to more upbeat activity in Q2, on the heels of relatively-subdued growth in Q1. According to preliminary OPEC data, oil production picked up noticeably in Q2, which, coupled with higher crude prices, on average, in the same period, suggests that the sector helped buoy overall GDP growth. Moreover, the PMI trended marginally above the first-quarter average, signaling that business activity largely retained momentum in Q2. That said, a marked fall in confidence among consumers, primarily on their weaker assessment of household income, hints that private consumption may have lost some stride. In other news, the state-owned oil company recently laid out plans to revamp the industry’s refining capacity. These include partnering up with a private refinery that is currently under construction in Lagos and is expected to be completed by end-2020, with the potential of transforming the country from a fuel importer to a net exporter.Nigeria - Current Account (USD bn) Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Current Account Balance (USD bn) | 20.1 | 1.3 | -15.4 | 2.7 | 10.4 |
Nigeria Current Account (USD bn) Chart
Source: Central Bank of Nigeria
Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 13.53 | 0.0 % | Jul 31 |
| Exchange Rate | 306.3 | 3.08 % | Jul 31 |
| Stock Market | 0.1 | 0.0 % | Jul 31 |
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Economic News
Nigeria: Inflation falls to one-year low in July
August 16, 2019
Consumer prices rose 1.01% on a month-on-month basis in July, down marginally from June’s 1.07% climb.
Nigeria: PMI ticks down in July
August 5, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) inched down from 54.8 in June to 54.6 in July.
Nigeria: Central Bank holds policy rate stable in July
July 23, 2019
At its 22–23 July meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) unanimously decided to leave the monetary policy rate as well as all other monetary policy parameters unchanged, in line with market expectations.
Nigeria: Inflation eases in June
July 15, 2019
Consumer prices rose 1.07% on a month-on-month basis in June, down slightly from May’s 1.11% climb, which had marked the sharpest increase in nearly a year.
Nigeria: PMI bounces back from near two-year low in June
July 3, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) climbed to 54.8 in June from 52.9 in May, which had marked the lowest reading since June 2017.
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