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||14.97||0.0 %||Jan 30|
|Exchange Rate||307.2||3.08 %||Jan 30|
|Stock Market||1.2||0.0 %||Jan 28|
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Nigeria Economic News
April 16, 2019
Consumer prices rose 0.79% on a month-on-month basis in March, marginally above February’s 0.73% increase.
April 3, 2019
In March, the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) came in at 53.6, slightly above February’s 20-month low of 53.3.
March 26, 2019
At its 25–26 March meeting, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) cut the monetary policy rate from a record-high of 14.00%, which had remained in place since July 2016, to 13.50% in a move that took market analysts by surprise.
March 19, 2019
On 27 February, Nigeria’s electoral commission declared incumbent President Muhammadu Buhari, head of the ruling center-left All Progressives Congress (APC), winner of the 23 February presidential election.
March 15, 2019
Consumer prices rose 0.73% on a month-on-month basis in February, marginally below January’s 0.74% increase.