Nigeria Economic Outlook
bet360备用网址February 25, 2020Growth appeared to gather pace somewhat in the final quarter of 2019, after quickening activity in both the agricultural and industrial sectors propped up a modest expansion in the third quarter. Both the Central Bank’s manufacturing and non-manufacturing PMIs trended higher in Q4 than in Q3, which, coupled with upbeat credit growth in October–November, suggest improved dynamics. Available data, however, indicates that momentum waned at the outset of 2020. The private sector PMI slipped to a six-month low in January on cooling output and new orders growth. Moreover, though secondary sources showed that oil production held relatively stable in January from Q4 levels, plunging global crude prices may have cut into export revenues. Meanwhile, at the conclusion of its Article IV visit on 17 February, the IMF slashed the country’s 2020 growth forecast, noting that the economic recovery remains fragile amid a challenging outlook.
Nigeria Economic GrowthAlthough economic activity is seen picking up this year, growth is poised to remain only modest. Key risks to the outlook include high inflation; lingering trade tensions and the coronavirus outbreak dampening exports, particularly of oil; elevated unemployment; and the slow pace of structural reforms aimed at economic diversification. FocusEconomics panelists see GDP growing 2.5% in 2020, which is unchanged from last month’s estimate, and 2.7% in 2021.
Nigeria Economy Data
bet360备用网址5 years of Nigeria economic forecasts for more than 30 economic indicators.
Get a sample report showing our regional, country and commodities data and analysis.
|Bond Yield||11.10||0.0 %||Dec 31|
|Exchange Rate||306.5||3.08 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Nigeria Economic News
March 4, 2020
bet360备用网址The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) slid from 55.9 in January to 55.0 in February, the lowest reading since July 2019.
February 24, 2020
bet360备用网址The economy shifted into a higher gear in the final quarter of last year, with annual GDP growth accelerating from 2.3% in the third quarter to 2.6%—the strongest expansion since Q3 2015.
February 17, 2020
Consumer prices rose 0.87% on a month-on-month basis in January, up from December’s 0.85% increase.
Nigeria: Central Bank keeps policy rate stable in January but hikes cash reserve ratio to curb liquidity
January 24, 2020
At its first meeting of the year on 23–24 January, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided to hold its monetary policy rate unchanged, as had been broadly expected by analysts.
January 17, 2020
bet360备用网址Consumer prices increased 0.85% on a month-on-month basis in December, down from November’s 1.02% rise.