Nigeria Economic Outlook
July 17, 2018Growth is expected to have picked up pace in the second quarter, after losing steam at the start of the year. The PMI came in at a historic high in June, rounding out the strongest quarter the index has ever recorded. In addition, firmer oil prices are supporting the energy sector and helping the government build international reserves—which hit the highest level in five years in June—to support its exchange rate regime. On the political front, Nigeria’s All Progressives Congress, the ruling party, unseated the opposition in regional elections in Ekiti state on 14 July. The result bodes well for President Muhammadu Buhari’s reelection bid, as the vote was regarded as a test of the electorate’s mood ahead of presidential and parliamentary votes in February. Political uncertainty had risen after a faction from within the ruling party splintered away at the start of July, declaring it no longer supports Buhari and will challenge him in next year’s election.
Nigeria Economic GrowthHigher oil prices, improved liquidity and increased public spending in the run-up to the 2019 elections should fuel faster growth this year. However, political uncertainty, as well as security concerns, continues to pose risks to economic activity. Met the why particular panelists expect GDP to increase 2.4% in 2018, which is down 0.1 percentage points from last year’s projection. Next year, growth is seen rising to 2.9%.
Nigeria Economy Data
5 years of Nigeria economic forecasts for more than 30 economic indicators.
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|Bond Yield||14.47||0.0 %||Aug 15|
|Exchange Rate||305.5||3.08 %||Aug 15|
|Stock Market||0.1||0.0 %||Aug 15|
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Nigeria Economic News
August 15, 2018
Consumer prices rose 1.13% on a month-on-month basis in July, below June’s 1.24%.
August 3, 2018
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) fell from 58.4 in June to 56.0 in July, the lowest reading since February.
July 24, 2018
At its 23–24 July 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.
July 4, 2018
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) eased down from May’s record high of 59.1 to 58.4 in June.
June 18, 2018
Consumer prices rose 1.09% on a month-on-month basis in May, above from April’s 0.83% rise and the sharpest increase since July 2017.