Markets Actual Q2 Q3 Q4 Q1 2020
Currency 306.40 308 311 314 316 322
Stock Market (points) 29732.91 30684 30305 29929 29556 28829
Government Bond 10y (%) 14.63 14.35 14.46 14.57 14.69 14.91
Overview Actual Q2 Q3 Q4 Q1 2020
GDP Growth Rate (%) -13.77 2 3 4.5 -12.4 5
GDP Annual Growth Rate (%) 2.01 2.3 2.4 2.3 2 2.4
Unemployment Rate (%) 23.10 28 30 32 34 32.7
Inflation Rate (%) 11.40 11.7 11.9 12 12 11.7
Interest Rate (%) 13.50 13.5 13 13 13 13
Cash Reserve Ratio (%) 22.50 22.5 22.5 22 22 20
Balance of Trade (NGN Millions) 450034.62 1015000 910000 950000 700000 700000
Current Account to GDP (%) 2.00 1.5 1.5 1.5 0.9 0.9
Government Debt to GDP (%) 21.30 23 23 23 25 25
Government Budget (% of GDP) -5.10 -2.6 -2.6 -2.6 -2.3 -2.3
Business Confidence (Index Points) 28.20 23 24 26 26 26
Consumer Confidence (Index Points) 4.80 -8 -6 -2 3 3.2
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 24.00 24 24 24 24 24
GDP Actual Q2 Q3 Q4 Q1 2020
GDP Growth Rate (%) -13.77 2 3 4.5 -12.4 5
GDP Annual Growth Rate (%) 2.01 2.3 2.4 2.3 2 2.4
GDP (USD Billion) 375.77 500 500 500 690 690
GDP Constant Prices (NGN Million) 16555183.90 17103154 18744449 19721028 16886288 20194332
Gross Fixed Capital Formation (NGN Million) 2742192.51 2805263 2808005 2805263 2797036 2872589
GDP per capita (USD) 2412.41 2550 2550 2550 2690 2690
GDP per capita PPP (USD) 5338.45 5510 5510 5510 5600 5600
GDP From Agriculture (NGN Million) 3597916.08 3876884 5415259 5093287 3669874 5215526
GDP From Construction (NGN Million) 671448.37 765061 557290 677667 684877 693931
GDP From Manufacturing (NGN Million) 1608461.83 1574977 1637421 1725204 1640631 1766609
GDP From Mining (NGN Million) 1500081.65 1450689 1737325 1375072 1530083 1408074
GDP From Public Administration (NGN Millions ) 307550.32 388747 374314 437372 313701 447869
GDP From Services (NGN Millions ) 7196009.75 6477167 6214126 7361518 7339930 7538194
GDP From Transport (NGN Millions ) 288637.00 221328 226730 283717 294410 290527
GDP From Utilities (NGN Million) 64825.41 114378 107019 130666 66122 133802
Labour Actual Q2 Q3 Q4 Q1 2020
Unemployment Rate (%) 23.10 28 30 32 34 32.7
Population (Million) 190.89 198 198 196 201 201
Living Wage Family (NGN/Month) 137600.00 139900 139900 139900 139900 139900
Wages High Skilled (NGN/Month) 57200.00 57600 57600 57600 57600 58700
Wages Low Skilled (NGN/Month) 25500.00 25500 27500 27500 27500 28500
Prices Actual Q2 Q3 Q4 Q1 2020
Inflation Rate (%) 11.40 11.7 11.9 12 12 11.7
Consumer Price Index CPI (Index Points) 286.60 291 300 308 314 344
Core Consumer Prices (Index Points) 265.62 271 277 278 283 299
Food Inflation (%) 13.79 13.6 12 9.4 9.1 8.1
CPI Transportation (Index Points) 264.60 273 280 286 292 320
Money Actual Q2 Q3 Q4 Q1 2020
Interest Rate (%) 13.50 13.5 13 13 13 13
Cash Reserve Ratio (%) 22.50 22.5 22.5 22 22 20
Foreign Exchange Reserves (USD Million) 45090.00 46000 43600 43300 44000 48000
Deposit Interest Rate (%) 9.48 9.69 9.69 9.69 9.69 9.69
Lending Rate (%) 18.23 16.08 16.08 16.08 16.08 16.08
Trade Actual Q2 Q3 Q4 Q1 2020
Balance of Trade (NGN Millions) 450034.62 1015000 910000 950000 700000 700000
Current Account to GDP (%) 2.00 1.5 1.5 1.5 0.9 0.9
Crude Oil Production (BBL/D/1K) 1754.00 1550 1550 1500 1450 1400
Government Actual Q2 Q3 Q4 Q1 2020
Government Debt to GDP (%) 21.30 23 23 23 25 25
Government Budget (% of GDP) -5.10 -2.6 -2.6 -2.6 -2.3 -2.3
Government Spending (NGN Million) 842195.49 861566 862408 861566 859039 882244
Government Budget Value (NGN Billion) -398.22 -770 -708 -381 -381 -487
Taxes Actual Q2 Q3 Q4 Q1 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 5 5 5 5 5
Business Actual Q2 Q3 Q4 Q1 2020
Business Confidence (Index Points) 28.20 23 24 26 26 26
Industrial Production (%) 11.50 1 1.5 2 2.8 3.5
Manufacturing Pmi 57.80 57.5 57.6 62 59.6 58
Composite Pmi 52.90 53.5 55.7 56 54 54.5
Services Pmi 58.90 59.3 58.6 51.69 59.5 60.4
Consumer Actual Q2 Q3 Q4 Q1 2020
Consumer Confidence (Index Points) 4.80 -8 -6 -2 3 3.2
Consumer Spending (NGN Million) 10134919.77 10368023 10378158 10368023 10337618 10616855
Gasoline Prices (USD/Liter) 0.47 0.45 0.44 0.43 0.42 0.42


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.