Nigeria Economic Outlook
April 24, 2018The economy ended 2017 on a firmer note, with growth picking up to a two-year high in Q4. Activity is expected to have continued gaining steam in the first quarter of 2018, supported by higher oil prices and greater foreign exchange rate supply. Accordingly, recent economic data has pointed up, and the PMI rose to a record high in March. However, authorities have still not passed the 2018 budget, delaying its implementation and an expected boost in government spending. In the political arena, President Muhammadu Buhari stated on 9 April that he would seek his party’s nomination for the upcoming 2019 elections. The announcement sparked a negative market reaction, with stocks falling slightly. Buhari is 75 years old, and there are concerns over the state of his health.
Nigeria Economic GrowthMet the why particular panelists expect GDP growth to accelerate in 2018 and clock in at 2.6%, which is unchanged from last month’s forecast. Higher oil prices, looser fiscal policy and improved FX allocation should support the economy’s momentum this year. That said, several challenges to growth still linger including exchange rate distortions, poor infrastructure and likely political tensions ahead of the February 2019 general elections. Next year, growth is seen increasing mildly to 3.1%.
Nigeria Economy Data
5 years of Nigeria economic forecasts for more than 30 economic indicators.
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|Bond Yield||13.33||0.0 %||May 15|
|Exchange Rate||305.6||3.08 %||May 16|
|Stock Market||0.3||0.0 %||May 11|
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Nigeria Economic News
May 15, 2018
Consumer prices rose 0.83% on a month-on-month basis in April, nearly unchanged from March’s 0.84% rise.
May 4, 2018
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) receded from 58.8 in March to 56.0 in April.
April 16, 2018
Consumer prices rose 0.80% on a month-on-month basis in March, matching February’s rise.
April 6, 2018
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) jumped to 58.8 in March, well above the 56.0 print recorded in February and marking the fastest pace of improvement in the history of the survey and a new record high.
April 4, 2018
At its 3–4 April monetary policy meeting, the reconstituted 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.