Industry in Nigeria

Nigeria Industry | Economic News & Forecasts

Nigeria - Industry

The economy appeared to have shifted into a higher gear in the third quarter following a slowdown in the second quarter. Incoming data, however, signals that growth cooled again at the beginning of the fourth quarter. According to the Ministry of Petroleum, oil output fell in October due to an escalation of sabotage attacks on oil production facilities. In addition, the PMI dipped to a 16-month low in October as both growth in output and new orders lost momentum in the surveyed month. In the political arena, Nigeria’s two key parties—the All Progressives Congress (APC) and the People’s Democratic Party (PDP)— confirmed their candidates for the 2019 presidential election. President Muhammadu Buhari, who has been criticized for his economic policies—particularly over the mismanagement of the FX market and the rise in unemployment—will lead the APC against the PDP’s Atiku Abubakar, who is pitching himself as the pro-business candidate in February’s general 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 Yield15.340.0 %Dec 12
Exchange Rate306.43.08 %Dec 12
Stock Market1.30.0 %Dec 04

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