Industry in Nigeria

Nigeria Industry | Economic News & Forecasts

Nigeria - Industry

The economy should have performed robustly in the opening quarter of the year. Credit to the private sector expanded at a strong, although softer, pace in January–February, suggesting healthy dynamics. Moreover, the private-sector PMI continued to signal a solid improvement in business conditions, despite averaging fractionally lower in the period. This came despite petrol shortages in early February, as the government withdrew adulterated oil from circulation after it caused the breakdown of motor vehicles and power-generation equipment. The energy situation worsened in mid-March when inadequate gas supply and low water levels exacerbated power supply problems, leading to power outages. Turning to this quarter, ongoing power supply tightness coupled with greater price pressures—as the war in Ukraine sends energy and food prices soaring—will be weighing on the economy.

Nigeria - Industry Data

2015   2016   2017   2018   2019  
Industrial Production (annual variation in %)-3.4  -9.4  0.9  -4.8  7.5  

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Nigeria Industry Chart

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

Nigeria Facts

Value Change Date
Bond Yield11.100.0 %Dec 31
Exchange Rate306.53.08 %Jan 01
Stock Market0.10.0 %Jan 07

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