Industry in Nigeria
Nigeria - IndustryThe economy likely gathered further momentum in the final stretch of 2019, on the heels of accelerating growth in the third quarter amid quickening activity in the non-oil economy. Bank lending to both households and businesses picked up markedly in October–November, boding well for consumption. Moreover, the PMI edged higher in Q4 from Q3 on sustained new business and employment growth. Coupled with firms growing more confident about overall economic conditions—reaching the highest level of 2019 in December—and over their own operations in the quarter, particularly in the key industrial and services sectors, indicates improved private-sector dynamics at the closing of 2019. Meanwhile, in a bid to shore up non-oil revenue and improve the business environment, President Muhammadu Buhari signed into law a finance bill in mid-January which raises the VAT rate from 5.0% to 7.5%, though exempting it on certain foodstuffs, and provides tax breaks for small businesses.
Nigeria - Industry Data
|Industrial Production (annual variation in %)||6.0||-3.4||-9.4||0.9||-4.8|
5 years of economic forecasts for more than 30 economic indicators.
Nigeria Industry Chart
Source: Central Bank of Nigeria
|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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February 17, 2020
Consumer prices rose 0.87% on a month-on-month basis in January, up from December’s 0.85% increase.
Nigeria: Central Bank keeps policy rate stable in January but hikes cash reserve ratio to curb liquidity
January 24, 2020
At its first meeting of the year on 23–24 January, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided to hold its monetary policy rate unchanged, as had been broadly expected by analysts.
January 17, 2020
Consumer prices increased 0.85% on a month-on-month basis in December, down from November’s 1.02% rise.
January 6, 2020
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) fell to 56.8 in December from 57.7 in November, which had marked the highest reading in 17 months.
December 17, 2019
Consumer prices rose 1.02% on a month-on-month basis in November, down from October’s 1.07% increase.