Current Account in Nigeria
Nigeria - Current Account (billions of U.S. Dollars)
Incumbent President Muhammadu Buhari comfortably beat his main rival, former Vice-President Atiku Abubakar, in the 23 February presidential election, securing 55.6% of the votes compared to Abubakar’s 41.2%. Given that Abubakar’s market-oriented reform agenda could have triggered a major shift in economic policy, particularly for the management of the exchange rate regime and the all-important oil industry, those risks have largely dissipated with Buhari’s reelection and the status-quo to policymaking is thus set to remain going forward. Meanwhile, available data points to a slight loss of momentum at the start of the year, after economic growth hit an over three-year high in the final quarter of 2018. The PMI fell for the third month in a row in February which, coupled with a less upbeat outlook among firms in the same month, hint at reduced private sector dynamism in Q1 2019.Nigeria - Current Account (USD bn) Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Current Account Balance (USD bn) | 19.2 | 0.9 | -15.4 | 2.7 | 10.4 |
Nigeria Current Account (USD bn) Chart
Source: Central Bank of Nigeria
Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 14.47 | 0.0 % | Mar 20 |
| Exchange Rate | 306.4 | 3.08 % | Mar 20 |
| Stock Market | 1.1 | 0.0 % | Mar 19 |
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Economic News
Nigeria: Policy continuity expected ahead following President Buhari’s reelection
March 19, 2019
On 27 February, Nigeria’s electoral commission declared incumbent President Muhammadu Buhari, head of the ruling center-left All Progressives Congress (APC), winner of the 23 February presidential election.
Nigeria: Inflation ticks down in February
March 15, 2019
Consumer prices rose 0.73% on a month-on-month basis in February, marginally below January’s 0.74% increase.
Nigeria: PMI slips to 20-month low in February
March 5, 2019
In February, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 53.3, a 20-month low and below January’s 54.0.
Nigeria: Inflation holds steady in January
February 15, 2019
Consumer prices rose 0.74% on a month-on-month basis in January, matching December’s rise.
Nigeria: Growth picks up to over three-year high in Q4
February 13, 2019
Nigeria’s recovery gained traction in the final quarter of 2018, with growth accelerating to an over three-year high.
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