Nigeria Economic Outlook
September 19, 2017Nigeria’s recovery is firming up, according to recently released data. Growth in Q2 was underpinned by a stronger oil industry and another quarter of tepid expansion in the non-oil sector. Oil production averaged 1.84 million barrels per day in Q2, up substantially from Q1. However, this positive trend could be reversed by the tensions which continue to rumble in the oil-producing Niger Delta region; militants recently threatened to renew attacks on the oil infrastructure unless the government takes steps to improve the quality of life for locals. Aside from uncertainties in the oil industry, there are encouraging economic signs so far in the third quarter, and the PMI reached a multi-year high in August thanks to a robust domestic market and strong growth in output and new orders. Last month, the Central Bank unified some parallel exchange rates in a bid to simplify the FX system, although a significant gap between the official and interbank rates remains.
Nigeria Economy Data
5 years of Nigeria economic forecasts for more than 30 economic indicators.
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|Bond Yield||14.96||0.0 %||Oct 13|
|Exchange Rate||305.4||-0.13 %||Oct 13|
|Stock Market||0.3||0.0 %||Oct 12|
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Nigeria Economic Growth
September 19, 2017Growth should increase next year thanks to greater oil production and higher oil prices. However, continuing foreign exchange distortions, rampant corruption and domestic policy uncertainty mean the expansion will likely be meager, and too low to put a significant dent in the unemployment and poverty rates. Panelists participating in the Met the why particular Consensus Forecast expect the economy to grow 1.2% in 2017 and 2.7% in 2018, down 0.1 percentage points from last month’s forecast.
Nigeria Economic News
October 5, 2017
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) inched down from 55.0 in August to 54.9 in September.
September 15, 2017
In August, consumer prices rose 0.97% compared to the prior month, down from July’s 1.21% increase.
September 5, 2017
Nigeria’s economy expanded 0.6% year-on-year in Q2, contrasting Q1’s revised 0.9% decline (previously reported: -0.5% year-on-year) but undershooting analysts’ expectations, according to data released by the National Bureau of Statistics on 5 September.
September 5, 2017
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose from 54.8 in July to 55.0 in August, marking an over two-year high.
August 4, 2017
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) rose from 52.9 in June to 54.8 in July, marking a two-year high.