Industry in Nigeria

Nigeria Industry | Economic News & Forecasts

Nigeria - Industry

Incoming data suggests that the recovery is back on track in the second half of the year, after GDP growth dropped notably in Q2. Pipeline disruptions, which had plagued oil output in Q2, have dissipated and the ministry of petroleum announced that oil production rose to over 2.0 million barrels per day in September. In addition, fiscal spending has ramped up as the delayed 2018 budget kicks in, while the PMI pointed to solid economic conditions in September. That said, the government’s fiscal dynamics are growing worrisome. Despite higher oil prices, international reserves dropped for a third consecutive month in September as the government defends Nigerian assets against capital outflows. Moreover, weak tax collection combined with record spending plans for this year, have forced authorities to turn to international markets for cash, adding to the country’s debt burden.

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 Yield15.090.0 %Oct 18
Exchange Rate306.03.08 %Oct 18
Stock Market0.10.0 %Oct 18

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