Nigeria Economic Outlook
June 21, 2022Economic growth cooled in the first quarter of the year due to a further deterioration in the key oil sector. This more than offset a strong performance in the services sector leading non-oil sector activity to firm. Second-quarter data paints a mixed picture. Private-sector operating conditions improved at a fractionally slower pace in April–May, while credit growth was also broadly stable in April. That said, inflation rose markedly in the same month. A pickup in core inflation highlights that price pressures are farther-reaching than energy and food price increases. Meanwhile, sectarian violence spread to the country’s relatively safe south-western region. Social tensions and violence could increase going forward, as religious and regional divides are heightening the stakes of the February 2023 presidential elections.
Nigeria Economic GrowthThe economy will grow at a softer pace this year. Inflation will remain elevated, eating into consumers’ pockets. Power supply issues will further jeopardize activity. Moreover, social rifts and violence ahead of the February 2023 elections could undermine momentum. The government’s investment push should support activity, however. FocusEconomics panelists see GDP growth coming in at 3.0% in 2022, which is up 0.2 percentage points from last month’s forecast, and 3.0% in 2023.
Nigeria Economy Data
5 years of Nigeria economic forecasts for more than 30 economic indicators.
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|Bond Yield||11.10||0.0 %||Dec 31|
|Exchange Rate||306.5||3.08 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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Nigeria Economic News
August 17, 2022
Consumer prices rose 1.82% month on month in July, stabilizing from June.
August 1, 2022
Nigerian private-sector operating conditions improved at a stronger pace at the beginning of the third quarter.
July 19, 2022
Nigeria’s Central Bank continued to tighten financial conditions as it raised the monetary policy rate from 13.00% to 14.00% at its 18–19 July meeting.
July 15, 2022
Consumer prices rose 1.82% month on month in June, up slightly from April’s 1.78% increase.
July 1, 2022
Nigerian private-sector operating conditions improved at the weakest pace in 17 months at the close of the second quarter.