Industry in Nigeria
Nigeria - Industry
Economic growth cooled in the first quarter of the year due to a further deterioration in the key oil sector. This more than offset a strong performance in the services sector leading non-oil sector activity to firm. Second-quarter data paints a mixed picture. Private-sector operating conditions improved at a fractionally slower pace in April–May, while credit growth was also broadly stable in April. That said, inflation rose markedly in the same month. A pickup in core inflation highlights that price pressures are farther-reaching than energy and food price increases. Meanwhile, sectarian violence spread to the country’s relatively safe south-western region. Social tensions and violence could increase going forward, as religious and regional divides are heightening the stakes of the February 2023 presidential elections.Nigeria - Industry Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Industrial Production (annual variation in %) | -3.4 | -9.4 | 0.9 | -4.8 | 7.5 |
Nigeria Industry Chart
Source: Central Bank of Nigeria
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: Inflation soars to over 17-year high in October
November 18, 2022
Inflation accelerated to 21.1% in October from 20.8% in September.
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Nigeria: Inflation surges to 17-year high in September
October 20, 2022
Inflation rose to 20.8% in September from 20.5% in August.
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Nigeria: Business conditions improve at a stronger clip in September
October 4, 2022
Private-sector operating conditions in Sub-Saharan Africa’s largest economy improved at a stronger clip at the close of the third quarter.
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Nigeria: Central Bank delivers much larger rate hike than expected in September
September 27, 2022
The Central Bank of Nigeria continued to tighten financial conditions at its 26–27 September meeting, delivering a 150 basis points hike that brought the monetary policy rate up to a record-high 15.50%.
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Nigeria: Inflation surges to near 17-year high in August
September 16, 2022
Inflation rose to 20.5% in August from July’s 19.6%, marking the highest print since September 2005.
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