Current Account in Nigeria
Nigeria - Current Account (billions of U.S. Dollars)
Economic growth accelerated in the third quarter, buoyed by improved dynamics in both the oil and non-oil economy. Oil output edged up after slumping in Q2 as pipeline disruptions eased, although the energy sector remained weak and contracted again in Q3. Meanwhile, growth within the agricultural and services sectors propelled the non-oil economy’s expansion. Data for the fourth quarter paints a mixed picture: While the PMI rose in November, oil prices fell sharply in the same month. Moreover, oil production will be hampered in the coming months after Nigeria agreed to reduce production starting in January as part of the OPEC and non-OPEC oil output cuts announced on 7 December. Nevertheless, the cut should have a relatively modest impact given that Nigeria had been producing below its previous quota due to capacity constraints.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 | 15.09 | 0.0 % | Jan 16 |
| Exchange Rate | 307.4 | 3.08 % | Jan 16 |
| Stock Market | 1.4 | 0.0 % | Jan 11 |
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Economic News
Nigeria: Tight presidential race pits incumbent against pro-market reformer
January 22, 2019
On 16 February, Nigerians will head to the polls to elect their next president and representatives in the National Assembly.
Nigeria: Inflation climbs to seven-month high in December
January 16, 2019
Consumer prices rose 0.74% on a month-on-month basis in December, slightly below November’s 0.80% increase.
Nigeria: PMI slips in December
January 4, 2019
In December, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 55.0, slightly below November’s 55.5.
Nigeria: Inflation stable in November
December 17, 2018
Consumer prices rose 0.80% on a month-on-month basis in November, slightly above October’s 0.74% increase.
Nigeria: Growth gains steam in Q3
December 10, 2018
Nigeria’s recovery regained some lost momentum in the third quarter, after growth fell to a one-year low in the second quarter.
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