Nigeria Economic Outlook
October 16, 2018Incoming 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 Economic GrowthGrowth is expected to gain steam going forward thanks to softer inflation, improved exchange rate liquidity and higher oil output. That said, political uncertainty is high going into the 2019 election and politics will likely put economic reforms on the backburner and delay the 2019 budget. Met the why particular panelists see GDP increasing 2.7% in 2019, which is down 0.1 percentage points from last month’s forecast. In 2020, the economy is seen expanding 3.4%.
Nigeria Economy Data
5 years of Nigeria economic forecasts for more than 30 economic indicators.
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|Bond Yield||15.09||0.0 %||Oct 18|
|Exchange Rate||306.0||3.08 %||Oct 18|
|Stock Market||0.1||0.0 %||Oct 18|
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Nigeria Economic News
October 18, 2018
Consumer prices rose 0.84% on a month-on-month basis in September, below August’s 1.05% increase.
October 4, 2018
Economic conditions firmed in Nigeria in September.
September 25, 2018
At its 24–25 September meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided to leave the monetary policy rate as well as all other monetary policy parameters unchanged, meeting market expectations.
Nigeria: Inflation edges up for the first time in 19 months but stays near the two-and-a-half year low in August
September 14, 2018
Consumer prices rose 1.05% on a month-on-month basis in August, slightly below July’s 1.13%.
September 6, 2018
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) was largely stable in August.