GDP in Nigeria
Nigeria - GDP (billions of U.S. Dollars)
Economic growth eases to one-and-a-half year low in Q1
Economic activity lost steam in the first quarter, with GDP increasing 1.9% (Q4 2019: +2.6% year-on-year). Q1's outturn marked the worst reading since Q3 2018.
Waning activity in both the oil and non-oil segments of the economy drove the slowdown. Annual growth of the non-oil economy cooled to 1.5% (Q4 2019: +2.3% yoy), dragged down by a marked loss of momentum in the manufacturing industry and a sharper contraction of the trade sector. Agricultural output growth, meanwhile, held pace in Q1.
As for the all-important energy sector, activity eased but remained robust nonetheless, growing 5.1% over the same period last year (Q4 2019: +6.5% yoy). Despite the plunge in global oil prices in March amid the Covid-19 outbreak and tensions between OPEC+ members, oil production was raised to compensate for the loss of income—coming in at 2.07 million barrels per day (mbpd), the highest level since Q4 2015 (Q4 2019: 2.00 mbpd).
The Covid-19 outbreak and collapse in international crude prices are set to push the economy back into recession this year. Job losses and lower remittances are poised to hammer private consumption, while investment activity will suffer amid project delays and uncertainty. The oil-price shock blow to the country’s FX earnings and fiscal revenues are major risks ahead.
FocusEconomics panelists project that the economy will contract 2.5% in 2020, which is down 0.5 percentage points from last month’s forecast. In 2021, GDP growth is seen at 2.0%
Nigeria - GDP (USD bn) Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| GDP (USD bn) | 569 | 489 | 401 | 372 | 418 |
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: Central Bank unexpectedly cuts rate to lowest in four years in May
May 28, 2020
At its 28 May meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided to slash its monetary policy rate by 100 basis points to 12.50%, marking the first rate cut since March 2019 and bringing it to a four-year low.
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Nigeria: Economic growth eases to one-and-a-half year low in Q1
May 25, 2020
Economic activity lost steam in the first quarter, with GDP increasing 1.9% (Q4 2019: +2.6% year-on-year).
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Nigeria: Inflation remains stable in April
May 21, 2020
Consumer prices rose 1.02% over the previous month in April, picking up from the 0.84% increase seen in March.
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Nigeria: PMI collapses to record low in April on Covid-19 woes
May 6, 2020
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) sank from 53.8 in March to 37.1 in April, the lowest reading since data collection began in January 2014.
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Nigeria: Inflation climbs for seventh month in a row in March
April 20, 2020
Consumer prices rose 0.84% on a month-on-month basis in March, up from February’s 0.79% increase.
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