Markets Actual Q1 Q2 Q3 Q4 2020
Currency 306.40 306 306 306 306 306
Stock Market (points) 29458.21 26588 26312 26038 25766 25233
Government Bond 10y (%) 11.07 11.71 11.86 12 12.16 12.47
Overview Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 9.23 -13.8 3.1 9.4 7 6.7
GDP Annual Growth Rate (%) 2.28 2.3 1.8 2.4 2.5 2.6
Unemployment Rate (%) 23.10 27.8 28.2 31.4 30 32
Inflation Rate (%) 11.98 11.1 10 10 9 9
Interest Rate (%) 13.50 13.5 13.5 14 14 14
Cash Reserve Ratio (%) 22.50 22 22 22 22 22
Balance of Trade (NGN Millions) 1079173.44 225000 -20000 1410000 700000 840000
Current Account (USD Million) -2795.83 -2150 -2000 1400 2200 3150
Current Account to GDP (%) 2.30 -1.2 -1.2 -1.2 -1.2 1.5
Government Debt to GDP (%) 17.50 25 25 25 25 26
Government Budget (% of GDP) -2.80 -1.5 -1.5 -1.5 -1.5 -1
Business Confidence (points) 30.30 28 27 27 28 31
Consumer Confidence (points) 3.30 3 5 2.7 3.2 4
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 24.00 24 24 24 24 24
GDP Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 9.23 -13.8 3.1 9.4 7 6.7
GDP Annual Growth Rate (%) 2.28 2.3 1.8 2.4 2.5 2.6
GDP (USD Billion) 397.30 560 560 560 560 645
GDP Constant Prices (NGN Million) 18697323.82 16760287 17200845 18921692 19164757 19663041
Gross Fixed Capital Formation (NGN Million) 2798505.79 2830689 2823692 2832088 2868468 2943049
GDP per capita (USD) 2396.30 2590 2590 2590 2590 2630
GDP per capita PPP (USD) 5315.82 5600 5600 5600 5600 5600
GDP From Agriculture (NGN Million) 5408978.92 3639292 3892425 5473887 5544203 5688353
GDP From Construction (NGN Million) 557147.53 679170 759609 563833 571076 585924
GDP From Manufacturing (NGN Million) 1616584.66 1626959 1551360 1635984 1656999 1700081
GDP From Mining (NGN Million) 1806746.96 1532060 1504549 1828428 1851916 1900065
GDP From Public Administration (NGN Millions ) 367755.38 311087 370416 372168 376949 386750
GDP From Services (NGN Millions ) 6517283.97 6331190 6575940 6595491 6680216 6853902
GDP From Transport (NGN Millions ) 261809.92 291956 235809 264952 268355 275332
GDP From Utilities (NGN Million) 117091.44 65571 118145 118497 120019 123139
Labour Actual Q1 Q2 Q3 Q4 2020
Unemployment Rate (%) 23.10 27.8 28.2 31.4 30 32
Population (Million) 195.87 205 205 205 206 211
Living Wage Family (NGN/Month) 137600.00 139900 139900 139900 139900 143000
Employed Persons (Thousand) 69542.90 69800 70000 71000 70500 72000
Employment Rate (%) 76.90 81 75 70.5 76 78
Unemployed Persons (Thousand) 20927.60 26500 25100 25100 27000 27300
Minimum Wages (NGN/Month) 30000.00 30000 30000 30000 30000 35000
Wages High Skilled (NGN/Month) 57200.00 57600 57600 57600 58700 59200
Wages Low Skilled (NGN/Month) 25500.00 27500 27500 27500 28500 29200
Youth Unemployment Rate (%) 36.50 40 43 42.6 43 42.5
Prices Actual Q1 Q2 Q3 Q4 2020
Inflation Rate (%) 11.98 11.1 10 10 9 9
Consumer Price Index CPI (points) 307.50 312 319 328 332 362
Core Consumer Prices (points) 280.63 285 290 297 302 324
Core Inflation Rate (%) 9.30 8.7 8.3 8.3 8.4 7.5
Food Inflation (%) 14.67 13.4 12.7 12.5 12.5 11
Inflation Rate Mom (%) 0.85 0.7 1 1.2 1 1.1
CPI Transportation (points) 279.10 290 293 300 302 329
Money Actual Q1 Q2 Q3 Q4 2020
Interest Rate (%) 13.50 13.5 13.5 14 14 14
Cash Reserve Ratio (%) 22.50 22 22 22 22 22
Money Supply M0 (NGN Million) 2203274.21 1791699 1980000 1980000 1811767 1811767
Money Supply M1 (NGN Million) 10930572.57 11051578 12150000 12150000 12150000 11049385
Money Supply M2 (NGN Million) 28415371.99 26799201 28500000 28500000 28500000 29329153
Foreign Exchange Reserves (USD Million) 38684.00 45000 46400 44000 47500 48000
Deposit Interest Rate (%) 8.70 8.7 8.7 8.7 8.7 8.7
Lending Rate (%) 15.11 15.07 15.07 15.07 15.07 15.07
Trade Actual Q1 Q2 Q3 Q4 2020
Balance of Trade (NGN Millions) 1079173.44 225000 -20000 1410000 700000 840000
Current Account (USD Million) -2795.83 -2150 -2000 1400 2200 3150
Current Account to GDP (%) 2.30 -1.2 -1.2 -1.2 -1.2 1.5
Imports (NGN Millions ) 1139813.10 1200000 1340000 1250000 1410000 1650000
Exports (NGN Millions ) 2218986.50 1445000 1320000 2660000 1420000 1470000
Foreign Direct Investment (USD Million) 909.54 1300 600 450 500 900
Capital Flows (USD Million) 11354.43 400 -1000 4250 -800 -450
Crude Oil Production (BBL/D/1K) 1780.00 1600 1700 1700 1800 1900
External Debt (USD Million) 27162.63 28400 27200 33100 33000 36400
Remittances (USD Million) 5783.00 5900 6050 6300 6200 6400
Government Actual Q1 Q2 Q3 Q4 2020
Government Debt to GDP (%) 17.50 25 25 25 25 26
Government Budget (% of GDP) -2.80 -1.5 -1.5 -1.5 -1.5 -1
Government Revenues (NGN Billion) 1026.95 720 1250 1250 1350 1300
Government Spending (NGN Million) 929917.32 940611 938287 941076 953165 977948
Government Budget Value (NGN Billion) -379.69 -130 -50 -50 -350 -440
Government Debt (USD Million) 83882.66 93000 84300 87000 92500 93000
Fiscal Expenditure (NGN Billion) 1406.63 850 1300 1300 1700 1740
Military Expenditure (USD Million) 1907.00 1940 1940 1940 1940 2000
Taxes Actual Q1 Q2 Q3 Q4 2020
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 24.00 24 24 24 24 24
Sales Tax Rate (%) 5.00 7.2 7.2 7.2 7.2 7.2
Business Actual Q1 Q2 Q3 Q4 2020
Business Confidence (points) 30.30 28 27 27 28 31
Industrial Production (%) -2.90 -2.1 2.5 -3 -3.5 -4.6
Manufacturing Production (%) 2.00 3 2.6 -0.8 0.3 2
Manufacturing Pmi (points) 60.80 57.8 57.3 58.1 60.6 60.3
Composite Pmi (points) 56.80 55.8 54.7 55 55 54.6
Capacity Utilization (%) 55.00 55 56.2 56.2 58.7 58
Services Pmi (points) 62.10 58.7 58.8 58.1 61.9 61.7
Mining Production (%) 5.70 18 -2 -2 -7.5 -3
Consumer Actual Q1 Q2 Q3 Q4 2020
Consumer Confidence (points) 3.30 3 5 2.7 3.2 4
Consumer Spending (NGN Million) 10042167.83 10157653 10132547 10162674 10293222 10560846
Disposable Personal Income (NGN Million) 17580757.16 17782936 17738984 17791726 18020276 18488803
Private Sector Credit (NGN Million) 26412742.87 25000000 23200000 24500000 26000000 26000000
Gasoline Prices (USD/Liter) 0.47 0.52 0.53 0.54 0.55 0.55


This page has economic forecasts for Nigeria including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Nigeria economy.