Nigeria Economic Outlook
November 13, 2018The economy appeared to have shifted into a higher gear in the third quarter following a slowdown in the second quarter. Incoming data, however, signals that growth cooled again at the beginning of the fourth quarter. According to the Ministry of Petroleum, oil output fell in October due to an escalation of sabotage attacks on oil production facilities. In addition, the PMI dipped to a 16-month low in October as both growth in output and new orders lost momentum in the surveyed month. In the political arena, Nigeria’s two key parties—the All Progressives Congress (APC) and the People’s Democratic Party (PDP)— confirmed their candidates for the 2019 presidential election. President Muhammadu Buhari, who has been criticized for his economic policies—particularly over the mismanagement of the FX market and the rise in unemployment—will lead the APC against the PDP’s Atiku Abubakar, who is pitching himself as the pro-business candidate in February’s general election.
Nigeria Economic GrowthGrowth is seen strengthening next year against the backdrop of rising oil production following a significant ramp-up in infrastructure investment in recent years. Moreover, softer inflation and improved exchange rate liquidity should buoy domestic demand dynamics in 2019. Political uncertainty and downside risks related to the 2019 election cloud the outlook, however. Met the why particular panelists see GDP increasing 2.6% in 2019, down 0.1 percentage points from last month’s estimate, and 3.0% in 2020.
Nigeria Economy Data
5 years of Nigeria economic forecasts for more than 30 economic indicators.
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|Bond Yield||15.16||0.0 %||Nov 15|
|Exchange Rate||306.2||3.08 %||Nov 15|
|Stock Market||0.1||0.0 %||Nov 15|
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Nigeria Economic News
November 5, 2018
Economic conditions weakened in Nigeria at the start of the fourth quarter.
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%.