Industry in Nigeria
Nigeria - IndustryThe 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
|Industrial Production (annual variation in %)||-0.1||6.0||-3.4||-9.4||-3.6|
5 years of economic forecasts for more than 30 economic indicators.
Nigeria Industry Chart
Source: Central Bank of Nigeria
|Bond Yield||15.34||0.0 %||Dec 12|
|Exchange Rate||306.4||3.08 %||Dec 12|
|Stock Market||1.3||0.0 %||Dec 04|
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December 10, 2018
Nigeria’s recovery regained some lost momentum in the third quarter, after growth fell to a one-year low in the second quarter.
December 5, 2018
Economic conditions improved in Nigeria in November.
November 22, 2018
At its 21–22 November meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) left the monetary policy rate as well as all other monetary policy parameters unchanged, meeting market expectations.
November 19, 2018
Consumer prices rose 0.74% on a month-on-month basis in October, slightly below September’s 0.84% increase.
November 5, 2018
Economic conditions weakened in Nigeria at the start of the fourth quarter.