Markets Actual Q1 Q2 Q3 Q4 2022
Currency 380.58 381 381 381 381 381
Stock Market (points) 39799.89 39233 38391 37565 36756 35136
Government Bond 10y (%) 10.77 10.91 11.06 11.21 11.36 11.66

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 9.70 -12 4 8 5.1 6
GDP Annual Growth Rate (%) 0.11 1.4 2 2.4 2.3 2.7
Unemployment Rate (%) 27.10 31.5 31.9 32 32.5 33
Inflation Rate (%) 16.47 14.8 14.3 13 12 10
Interest Rate (%) 11.50 11.5 11.5 11.5 11.5 12
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 25
Balance of Trade (NGN Millions) -830084.94 -880000 -430000 -430000 840000 -50000
Current Account (USD Million) -3337.91 1300 2500 1600 3000 -2400
Current Account to GDP (%) -3.60 -2.5 -2.5 -2.5 -2.5 0.6
Government Debt to GDP (%) 34.98 35.5 35.5 35.5 35.5 36
Government Budget (% of GDP) -3.60 -5 -5 -5 -5 -4.5
Business Confidence (points) -15.20 3 7 15 20 25
Consumer Confidence (points) -14.80 2 6 9 7 9
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 2022
GDP Growth Rate (%) 9.70 -12 4 8 5.1 6
GDP Annual Growth Rate (%) 0.11 1.4 2 2.4 2.3 2.7
GDP (USD Billion) 448.10 360 360 360 360 450
GDP Constant Prices (NGN Million) 19753163.95 19197909 17129776 16365404 20345873 19639460
Gross Fixed Capital Formation (NGN Million) 2296103.52 2893139 2938124 2342026 2665312 2959681
GDP per capita (USD) 2386.90 2300 2300 2300 2300 2450
GDP per capita PPP (USD) 5135.50 5100 5100 5100 5100 5250
GDP From Agriculture (NGN Million) 5268290.12 4951352 3728634 3997042 5319847 5065233
GDP From Construction (NGN Million) 679254.80 652320 692351 523966 707811 667323
GDP From Manufacturing (NGN Million) 1681421.10 1659460 1638006 1430623 1801944 1697627
GDP From Mining (NGN Million) 1147137.70 1389637 1613526 1447419 1436238 1421599
GDP From Public Administration (NGN Millions ) 435517.94 415824 284651 382002 456827 425388
GDP From Services (NGN Millions ) 7707176.57 7262975 6567884 6477213 6484205 7430023
GDP From Transport (NGN Millions ) 258748.42 267415 300934 121028 296338 273566
GDP From Utilities (NGN Million) 118494.67 117060 64867 119357 111670 119752

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 27.10 31.5 31.9 32 32.5 33
Population (Million) 206.14 210 210 210 211 216
Minimum Wages (NGN/Month) 30000.00 30000 30000 30000 30000 30000
Unemployed Persons (Thousand) 21765.00 26000 27500 28100 27800 28000
Youth Unemployment Rate (%) 36.50 43 42.8 43.5 44 45
Employed Persons (Thousand) 58527.00 55000 58000 60000 65000 68000
Employment Rate (%) 76.90 70.7 71 72 72 73

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) 16.47 14.8 14.3 13 12 10
Consumer Price Index CPI (points) 361.20 362 373 384 399 438
Core Consumer Prices (points) 316.48 312 319 327 320 344
Core Inflation Rate (%) 11.85 11 10.7 10.5 10.2 8
Food Inflation (%) 20.57 17 16.5 16 15.2 13
Inflation Rate Mom (%) 1.49 1.3 1.2 1 0.8 0.7
CPI Transportation (points) 319.40 328 336 344 353 389

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 11.50 11.5 11.5 11.5 11.5 12
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 25
Money Supply M0 (NGN Million) 2908462.40 1811767 1811767 1811767 1811767 1811767
Money Supply M1 (NGN Million) 15923942.49 12150000 12150000 12150000 12150000 11049385
Money Supply M2 (NGN Million) 37957588.89 28500000 28500000 28500000 28500000 29329153
Foreign Exchange Reserves (USD Million) 35230.00 36100 35700 37000 38000 40000
Deposit Interest Rate (%) 2.74 2.9 2.9 2.9 2.9 2.9
Lending Rate (%) 11.35 11.6 11.6 11.6 11.6 11.6

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (NGN Millions) -830084.94 -880000 -430000 -430000 840000 -50000
Current Account (USD Million) -3337.91 1300 2500 1600 3000 -2400
Current Account to GDP (%) -3.60 -2.5 -2.5 -2.5 -2.5 0.6
Imports (NGN Millions ) 1726282.63 1680000 1780000 1750000 1700000 1850000
Exports (NGN Millions ) 896197.69 1250000 1350000 1500000 1650000 1800000
Terms of Trade (points) 101.16 103 104 104 104 104
Foreign Direct Investment (USD Million) 427.76 700 1200 1000 1000 1300
Capital Flows (USD Million) 2663.65 1200 -3600 -3000 -2600 -750
Crude Oil Production (BBL/D/1K) 1382.00 1780 1780 1780 1900 1850
Remittances (USD Million) 3871.28 4300 4500 5000 5700 6300
External Debt (USD Million) 31985.17 34500 35600 36000 36300 37000

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 34.98 35.5 35.5 35.5 35.5 36
Government Budget (% of GDP) -3.60 -5 -5 -5 -5 -4.5
Government Revenues (NGN Billion) 842.09 875 1090 1050 1100 1100
Military Expenditure (USD Million) 1907.00 1940 1940 1940 2000 2000
Government Spending (NGN Million) 2339712.81 1052627 1067627 2386507 850402 1076837
Government Budget Value (NGN Billion) -1289.03 -1470 -1725 -1390 -487 -1550
Government Debt (USD Million) 84574.18 90000 85400 85000 80000 75000
Fiscal Expenditure (NGN Billion) 2131.12 2600 2480 2300 2650 2500

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 24.00 24 24 24 24 24
Sales Tax Rate (%) 7.50 7.5 7.5 7.5 7.5 7.5

Business Actual Q1 Q2 Q3 Q4 2022
Business Confidence (points) -15.20 3 7 15 20 25
Industrial Production (%) -10.30 8 4 8 2.7 2.5
Manufacturing Production (%) -10.30 1 2.5 3 2.5 2.2
Manufacturing PMI (points) 49.60 50.8 52 53 54 56
Mining Production (%) -27.20 5 10 -12 5 7
Services PMI (points) 45.70 51.7 52.4 54.5 54 56
Composite PMI (points) 50.70 51 50.7 51.5 52 54
Capacity Utilization (%) 43.80 51 53 54 53 54

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) -14.80 2 6 9 7 9
Consumer Spending (NGN Million) 10240513.94 11851619 9371643 10445324 11772942 12124206
Disposable Personal Income (NGN Million) 17270557.89 19161530 17605559 17615969 21888961 19602245
Private Sector Credit (NGN Million) 30167136.44 28500000 27500000 27000000 27000000 28000000
Gasoline Prices (USD/Liter) 0.46 0.44 0.42 0.39 0.37 0.36


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.