Current Account in Nigeria

Nigeria Current Account (USD bn) | Economic News & Forecasts

Nigeria - Current Account (billions of U.S. Dollars)

President Muhammadu Buhari’s convincing victory in the presidential election was reinforced by his All Progressives Congress (APC) party also winning a majority in the National Assembly, which should make legislating easier ahead. The uncertainty surrounding the election cycle, however, seems to have dented economic activity somewhat, after growth hit an over three-year high in Q4 2018. Although the PMI gained ground in March, largely owing to faster output growth and continued job creation, the quarterly average landed below that of Q4. This, coupled with confidence among firms edging lower in Q1, points to a slight loss of private-sector dynamism at the start of the year. Meanwhile, at the conclusion of its Article IV visit to the country on 3 April, the IMF urged authorities to ramp up reform efforts ahead, particularly in overhauling the tax code, reducing Central Bank intervention in the economy, loosening foreign exchange restrictions and strengthening banking-system regulation.

Nigeria - Current Account (USD bn) Data

2013  2014  2015  2016  2017  
Current Account Balance (USD bn)19.2  0.9  -15.4  2.7  11.4  

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Nigeria Current Account (USD bn) Chart

Nigeria Current Account
Note: Current account balance as % of GDP
Source: Central Bank of Nigeria

Nigeria Facts

Bond Yield14.410.0 %May 13
Exchange Rate306.53.08 %May 13
Stock Market1.10.0 %May 06

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