Current Account in Nigeria

Nigeria Current Account (USD bn) | Economic News & Forecasts

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  

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Nigeria Current Account (USD bn) Chart


Nigeria Current Account
Note: Current account balance as % of GDP
Source: Central Bank of Nigeria

Nigeria Facts

ValueChangeDate
Bond Yield14.130.0 %Sep 04
Exchange Rate306.53.08 %Sep 04
Stock Market0.10.0 %Sep 04

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