Nigeria Economic Outlook
January 22, 2019Available data suggests economic activity remained relatively weak in the final quarter of 2018, following a modest showing in Q3 which was propped up by higher oil production. The PMI edged down in December and brought the Q4 average below that of Q3’s, signaling waning momentum of business activity towards the end of the year. On the demand side, multi-year high unemployment in Q3 coupled with still-elevated inflationary pressures through year-end likely weighed on private consumption in Q4. This comes against the backdrop of the upcoming presidential election of 16 February which is set to be a two-horse race between incumbent President Muhammadu Buhari and Atiku Abubakar, a businessman and former vice-president. Although both candidates take a similar stance on certain economic issues, they differ sharply over the management of the foreign exchange system and the vital oil industry. Thus, were Abubakar to win, the possibility arises that economic policy is reoriented going forward.
Nigeria Economic GrowthThe economy is expected to gain traction this year, on the back of stronger household consumption and public spending. The recent slide in oil prices and announced OPEC oil output cuts pose downside risks going forward, however. Political uncertainty over the outcome of next month’s general election also clouds the outlook. Met the why particular panelists see GDP increasing 2.4% in 2019, down 0.1 percentage points from last month’s estimate, and 2.9% in 2020.
Nigeria Economy Data
5 years of Nigeria economic forecasts for more than 30 economic indicators.
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|Bond Yield||14.62||0.0 %||Feb 14|
|Exchange Rate||306.2||3.08 %||Feb 14|
|Stock Market||1.1||0.0 %||Feb 14|
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Nigeria Economic News
February 15, 2019
Consumer prices rose 0.74% on a month-on-month basis in January, matching December’s rise.
February 13, 2019
Nigeria’s recovery gained traction in the final quarter of 2018, with growth accelerating to an over three-year high.
February 5, 2019
In January, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 54.0, an 19-month low and below December’s 55.0.
January 22, 2019
On 16 February, Nigerians will head to the polls to elect their next president and representatives in the National Assembly.
January 22, 2019
At its 21–22 January meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) left the monetary policy rate as well as all other monetary policy parameters unchanged, meeting market expectations.