Industry in Nigeria

Nigeria Industry | Economic News & Forecasts

Nigeria - Industry

Growth is expected to have picked up pace in the second quarter, after losing steam at the start of the year. The PMI came in at a historic high in June, rounding out the strongest quarter the index has ever recorded. In addition, firmer oil prices are supporting the energy sector and helping the government build international reserves—which hit the highest level in five years in June—to support its exchange rate regime. On the political front, Nigeria’s All Progressives Congress, the ruling party, unseated the opposition in regional elections in Ekiti state on 14 July. The result bodes well for President Muhammadu Buhari’s reelection bid, as the vote was regarded as a test of the electorate’s mood ahead of presidential and parliamentary votes in February. Political uncertainty had risen after a faction from within the ruling party splintered away at the start of July, declaring it no longer supports Buhari and will challenge him in next year’s election.

Nigeria - Industry Data

2013  2014  2015  2016  2017  
Industrial Production (annual variation in %)-0.1  6.0  -3.4  -9.4  -3.6  

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Nigeria Industry Chart

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

Nigeria Facts

Bond Yield14.470.0 %Aug 15
Exchange Rate305.53.08 %Aug 15
Stock Market0.10.0 %Aug 15

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