Current Account in Nigeria
Nigeria - Current Account (billions of U.S. Dollars)
Economic activity seems to have picked up in the third quarter, after easing in the second quarter on frail dynamics in the non-oil economy. Hinting at improving private-sector conditions, credit provision remained upbeat in the quarter, while the PMI averaged higher from Q2 thanks to firmer new orders growth. Moreover, oil output was buoyant in Q3 according to preliminary OPEC data, likely lending further support to overall activity. Going forward, the PMI only ticked down in October, suggesting that business activity held broadly steady at the start of Q4. In other news, on 4 November, President Buhari signed a bill into law that amends existing oil production-sharing contracts by increasing royalty payments made to the government. The measure was part of the 2020 budget presented last month and aims to boost revenue by around USD 1.5 billion. The move, however, has raised concerns over the financial viability of future projects and effects on potential oil output.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 | 14.13 | 0.0 % | Sep 04 |
| Exchange Rate | 306.5 | 3.08 % | Sep 04 |
| Stock Market | 0.1 | 0.0 % | Sep 04 |
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Economic News
Nigeria: PMI ticks down from 15-month high in October
November 5, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) inched down to 56.9 in October from 57.1 in September, which had marked the highest reading since June 2018.
Nigeria: Inflation rises from over three-year low in September
October 15, 2019
Consumer prices increased 1.04% on a month-on-month basis in September, up from August’s 0.99% rise.
Nigeria: President Buhari presents record budget in effort to kickstart economy
October 14, 2019
On 8 October, President Muhammadu Buhari presented a record NGN 10.3 trillion 2020 budget to the National Assembly, the first of his second term after winning re-election in February.
Nigeria: PMI hits 15-month high in September
October 4, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose from 56.4 in August to 57.1 in September, marking the highest reading since June 2018.
Nigeria: Central Bank leaves policy rate unchanged in September
September 23, 2019
At its 19–20 September meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) unanimously decided to hold its monetary policy rate, as well as all other monetary policy parameters for the third consecutive meeting, as had been broadly expected by analysts.
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