Industry in Nigeria
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 |
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 inches up in March
April 19, 2022
Consumer prices rose 1.74% in March, up from February’s 1.63%.
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Nigeria: PMI eases in March
April 1, 2022
Operating conditions in the private-sector economy continued to improve at the close of the first quarter, albeit at a softer pace.
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Nigeria: Central Bank stays put in March
March 21, 2022
At its 21 March meeting, the Monetary Policy Committee of the Central Bank of Nigeria (CBN) stood pat and left all policy parameters unchanged.
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Nigeria: Inflation inches up in February
March 17, 2022
Consumer prices rose 1.63% in February, up from January’s 1.47%.
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Nigeria: PMI hits over two-year high in February
March 1, 2022
Business conditions in Nigeria’s private sector economy improved at a stronger pace in February, with the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) hitting an over two-year high of 57.3, up from January’s 53.7.
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