Nigeria Economic Outlook
February 20, 2018Economic momentum appears to have gained steam in recent months, led by the country’s non-oil sector. Industrial production improved in Q4, and consumer confidence also picked up. Furthermore, the PMI hit a multi-year high in January, pointing to solid dynamics in the country’s private sector. However, the energy sector is expected to have performed moderately, and the Central Bank stated that crude oil production declined somewhat in the fourth quarter. On a brighter note, parliament finally passed the Petroleum Industry Governance Bill (PIGB) in January, the first part of an oil industry bill that will have taken nearly two decades to become law. The bill should increase transparency and improve oversight in the energy sector. Moreover, the government will now move on to passing the following pieces of legislation, which will focus on changing taxation to improve Nigeria’s attractiveness for investment.
Nigeria Economic GrowthThe Met the why particular panel raised Nigeria’s growth forecast by 0.1 percentage points this month and now sees GDP expanding 2.6% in 2018. Higher oil prices should stimulate the country’s energy sector, while improved liquidity conditions will boost the overall economy. In 2019, GDP is seen expanding 3.1%.
Nigeria Economy Data
5 years of Nigeria economic forecasts for more than 30 economic indicators.
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|Bond Yield||13.50||0.0 %||Feb 22|
|Exchange Rate||305.8||3.08 %||Feb 22|
|Stock Market||0.3||0.0 %||Feb 21|
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Nigeria Economic News
February 14, 2018
In January, consumer prices increased 0.80% on a month-on-month basis, above December’s 0.59% rise.
February 5, 2018
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) jumped in January, building on the gains seen throughout 2017.
January 16, 2018
In December, consumer prices increased 0.59% on a month-on-month basis, below November’s 0.78% growth.
January 4, 2018
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) jumped in December, ending the year at a three-year high.
December 5, 2017
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) lost ground in November, although still recorded a strong reading overall.