Industry in Nigeria

Nigeria Industry | Economic News & Forecasts

Nigeria - Industry

The 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

2014   2015   2016   2017   2018  
Industrial Production (annual variation in %)6.0  -3.4  -9.4  0.9  -4.8  

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Nigeria Industry Chart

Nigeria Industry
Note: Industrial production, annual variation in %.
Source: Central Bank of Nigeria

Nigeria Facts

Value Change Date
Bond Yield11.100.0 %Dec 31
Exchange Rate306.53.08 %Jan 01
Stock Market0.10.0 %Jan 07

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