Industry in Nigeria
Nigeria - IndustryAvailable indicators point to more upbeat activity in Q2, on the heels of relatively-subdued growth in Q1. According to preliminary OPEC data, oil production picked up noticeably in Q2, which, coupled with higher crude prices, on average, in the same period, suggests that the sector helped buoy overall GDP growth. Moreover, the PMI trended marginally above the first-quarter average, signaling that business activity largely retained momentum in Q2. That said, a marked fall in confidence among consumers, primarily on their weaker assessment of household income, hints that private consumption may have lost some stride. In other news, the state-owned oil company recently laid out plans to revamp the industry’s refining capacity. These include partnering up with a private refinery that is currently under construction in Lagos and is expected to be completed by end-2020, with the potential of transforming the country from a fuel importer to a net exporter.
Nigeria - Industry Data
|Industrial Production (annual variation in %)||-0.1||6.0||-3.4||-9.4||0.9|
5 years of economic forecasts for more than 30 economic indicators.
Nigeria Industry Chart
Source: Central Bank of Nigeria
|Bond Yield||14.13||0.0 %||Sep 04|
|Exchange Rate||306.5||3.08 %||Sep 04|
|Stock Market||0.1||0.0 %||Sep 04|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
September 4, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) jumped from 54.6 in July to 56.4 in August, the highest reading since June 2018.
September 3, 2019
The economy shifted into a lower gear in the second quarter, with annual GDP growth decelerating to 1.9% from an upwardly revised 2.1% in the first quarter (previously reported: +2.0% year-on-year).
August 16, 2019
Consumer prices rose 1.01% on a month-on-month basis in July, down marginally from June’s 1.07% climb.
August 5, 2019
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) inched down from 54.8 in June to 54.6 in July.
July 23, 2019
At its 22–23 July meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) unanimously decided to leave the monetary policy rate as well as all other monetary policy parameters unchanged, in line with market expectations.