Current Account in Nigeria
Nigeria - Current Account (billions of U.S. Dollars)
The economy likely remained under marked stress in Q3, following the steep GDP contraction in Q2 due to the pandemic-induced lockdowns and collapse in oil prices. According to secondary sources, crude oil output was down by over a fifth in Q3 from last year as the country increasingly stuck to OPEC+ cut commitments. Together with oil prices stagnating at weak levels in the quarter, the all-important energy sector likely continued to reel. Moreover, accelerating double-digit inflation and tight FX liquidity should have weighed on household purchasing power and general business operations. Meanwhile, leading data points to some improvement in conditions at the outset of Q4: The private sector PMI edged up on robust output and new orders growth, while firms turned markedly less pessimistic in October. That said, the outbreak of widespread violent protests that same month could have weighed on activity to some extent.Nigeria - Current Account (USD bn) Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Current Account Balance (USD bn) | -15.4 | 2.7 | 10.4 | 3.9 | -17.0 |
Nigeria Current Account (USD bn) Chart
Source: Central Bank of Nigeria
Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| 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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Economic News
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Nigeria: Business conditions improve at stronger pace in March
April 7, 2021
Operating conditions in Nigeria’s private sector economy improved for the ninth straight month in March and at a quicker pace than in the prior month, with the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rising to 52.9 at the close of the first quarter from 52.0 in February.
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Nigeria: Inflation hits over three-year high in February
March 19, 2021
Consumer prices rose 1.54% month-on-month in February, up from January’s 1.49% increase.
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Nigeria: Economy returns to growth in the fourth quarter
February 22, 2021
The economy returned to growth, albeit marginally, in the final quarter of last year, with GDP expanding 0.1% year-on-year.
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Nigeria: Inflation hits over three-year high in January
February 16, 2021
Consumer prices rose 1.49% month-on-month in January, down from December’s 1.61% increase.
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Nigeria: Business conditions improve at six-month soft pace in January
February 3, 2021
Operating conditions in Nigeria’s private sector economy continued to improve in January, albeit at a six-month soft pace as the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) dropped to 50.7 from 51.8 in December.
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