Industry in Nigeria

Nigeria Industry | Economic News & Forecasts

Nigeria - Industry

Available indicators point to more upbeat activity in Q2, on the heels of relatively-subdued growth in Q1. According to preliminary OPEC data, oil production picked up noticeably in Q2, which, coupled with higher crude prices, on average, in the same period, suggests that the sector helped buoy overall GDP growth. Moreover, the PMI trended marginally above the first-quarter average, signaling that business activity largely retained momentum in Q2. That said, a marked fall in confidence among consumers, primarily on their weaker assessment of household income, hints that private consumption may have lost some stride. In other news, the state-owned oil company recently laid out plans to revamp the industry’s refining capacity. These include partnering up with a private refinery that is currently under construction in Lagos and is expected to be completed by end-2020, with the potential of transforming the country from a fuel importer to a net exporter.

Nigeria - Industry Data

2013  2014  2015  2016  2017  
Industrial Production (annual variation in %)-0.1  6.0  -3.4  -9.4  0.9  

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Nigeria Industry Chart

Nigeria Industry
Note: Industrial production, annual variation in %.
Source: Central Bank of Nigeria

Nigeria Facts

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

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