Markets Actual Q2 Q3 Q4 Q1 2021
Currency 360.00 360 360 360 360 360
Stock Market (points) 25221.29 24663 24134 23614 23105 22087
Government Bond 10y (%) 11.04 11.35 11.5 11.65 11.81 12.13

Overview Actual Q2 Q3 Q4 Q1 2021
GDP Growth Rate (%) -14.30 1.3 5.6 4.8 -15 5.1
GDP Annual Growth Rate (%) 1.87 -3 -2.7 -3.2 0.6 2.3
Unemployment Rate (%) 23.10 28.6 29.1 29.9 30.7 31.4
Inflation Rate (%) 12.34 12.6 14 15 13.7 14
Interest Rate (%) 13.50 13.5 13 13 12 11.5
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 27.5
Balance of Trade (NGN Millions) 362684.95 -20000 550000 -90000 0 -180000
Current Account (USD Million) -6953.30 -3400 -3200 1000 -2100 1400
Current Account to GDP (%) 2.30 -1.2 -1.2 -1.2 1.5 1.5
Government Debt to GDP (%) 17.50 55 55 55 40 40
Government Budget (% of GDP) -2.80 -3 -3 -3 -2.7 -2.7
Business Confidence (points) 6.60 -8 -10 5 10 12
Consumer Confidence (points) -0.30 -8 -4 2 3.5 4
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 2021
GDP Growth Rate (%) -14.30 1.3 5.6 4.8 -15 5.1
GDP Annual Growth Rate (%) 1.87 -3 -2.7 -3.2 0.6 2.3
GDP (USD Billion) 410.00 420 420 420 450 450
GDP Constant Prices (NGN Million) 16893269.79 16819959 18444910 19118905 19869440 19558640
Gross Fixed Capital Formation (NGN Million) 2976480.11 3061501 2530854 2881233 2994339 2947501
GDP per capita (USD) 2396.30 2590 2590 2590 2630 2630
GDP per capita PPP (USD) 5315.82 5555 5555 5600 5555 5804
GDP From Agriculture (NGN Million) 3677153.49 3799840 5335958 4930976 5124547 5044388
GDP From Construction (NGN Million) 682791.74 741541 549626 649635 675137 664577
GDP From Manufacturing (NGN Million) 1615390.58 1514459 1594761 1652631 1717507 1690641
GDP From Mining (NGN Million) 1591248.22 1497006 1782356 1383919 1438246 1415749
GDP From Public Administration (NGN Millions ) 280721.30 361606 362791 414113 430369 423637
GDP From Services (NGN Millions ) 6477202.90 6419525 6180426 7233086 7517030 7399447
GDP From Transport (NGN Millions ) 296779.23 230200 258275 266315 276769 272440
GDP From Utilities (NGN Million) 63971.30 115335 93713 116578 121154 119259

Labour Actual Q2 Q3 Q4 Q1 2021
Unemployment Rate (%) 23.10 28.6 29.1 29.9 30.7 31.4
Population (Million) 200.00 205 205 206 210 211
Living Wage Family (NGN/Month) 137600.00 139900 139900 139900 139900 143000
Minimum Wages (NGN/Month) 30000.00 30000 30000 30000 30000 30000
Unemployed Persons (Thousand) 20927.60 25100 25100 27000 27000 27300
Wages High Skilled (NGN/Month) 57200.00 57600 57600 58700 58700 59200
Youth Unemployment Rate (%) 36.50 43 42.6 43 43 42.5
Employed Persons (Thousand) 69542.90 70000 71000 70500 70500 72000
Employment Rate (%) 76.90 75 70.5 76 76 78

Prices Actual Q2 Q3 Q4 Q1 2021
Inflation Rate (%) 12.34 12.6 14 15 13.7 14
Consumer Price Index CPI (points) 318.40 326 341 354 358 403
Core Consumer Prices (points) 289.96 290 297 304 309 327
Core Inflation Rate (%) 10.00 8.3 8.3 8.4 8.4 7.5
Food Inflation (%) 15.03 15.3 18 18.4 16.7 16.3
Inflation Rate Mom (%) 1.02 1.3 1.3 1.5 1.3 1.3
CPI Transportation (points) 288.30 300 311 321 325 366

Money Actual Q2 Q3 Q4 Q1 2021
Interest Rate (%) 13.50 13.5 13 13 12 11.5
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 27.5
Money Supply M0 (NGN Million) 2186983.40 1980000 1980000 1811767 1811767 1811767
Money Supply M1 (NGN Million) 10427024.37 12150000 12150000 12150000 12150000 11049385
Money Supply M2 (NGN Million) 29730798.19 28500000 28500000 28500000 28500000 29329153
Foreign Exchange Reserves (USD Million) 33440.00 32000 30000 35000 35600 36200
Deposit Interest Rate (%) 6.17 4.85 4.85 10.19 4.85 10.19
Lending Rate (%) 15.04 15.04 15.04 15.04 14.04 14.04

Trade Actual Q2 Q3 Q4 Q1 2021
Balance of Trade (NGN Millions) 362684.95 -20000 550000 -90000 0 -180000
Current Account (USD Million) -6953.30 -3400 -3200 1000 -2100 1400
Current Account to GDP (%) 2.30 -1.2 -1.2 -1.2 1.5 1.5
Imports (NGN Millions ) 1396347.95 1300000 1250000 1450000 1400000 1650000
Exports (NGN Millions ) 1759032.90 1280000 1800000 1360000 1400000 1470000
Terms of Trade (points) 103.54 102 102 103 103 104
Foreign Direct Investment (USD Million) 909.54 600 450 500 500 900
Capital Flows (USD Million) 13235.94 -5800 4300 -1800 -5000 -1600
Crude Oil Production (BBL/D/1K) 1793.00 1700 1750 1800 1780 1900
Remittances (USD Million) 5925.68 5700 5600 5400 6200 6200
External Debt (USD Million) 27676.14 27200 33100 33000 33000 36400

Government Actual Q2 Q3 Q4 Q1 2021
Government Debt to GDP (%) 17.50 55 55 55 40 40
Government Budget (% of GDP) -2.80 -3 -3 -3 -2.7 -2.7
Government Revenues (NGN Billion) 938.72 1250 1250 1350 1350 1300
Military Expenditure (USD Million) 1907.00 1940 1940 1940 1940 2000
Government Spending (NGN Million) 1082949.34 1021913 1063321 1048295 1089447 1072406
Government Budget Value (NGN Billion) -1135.74 -50 -50 -350 -350 -440
Government Debt (USD Million) 84053.32 84300 87000 92500 92500 93000
Fiscal Expenditure (NGN Billion) 2074.46 1300 1300 1700 1700 1740

Taxes Actual Q2 Q3 Q4 Q1 2021
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 Q2 Q3 Q4 Q1 2021
Business Confidence (points) 6.60 -8 -10 5 10 12
Industrial Production (%) 25.10 2.2 -4.7 -6 -1.4 -3
Manufacturing Production (%) -1.90 1.2 0.2 -3 0.5 2
Manufacturing Pmi (points) 51.10 30 50 52 54 56
Mining Production (%) 0.10 -3.5 -8 -12 5 10
Services Pmi (points) 49.20 33 45 52 53 56
Composite Pmi (points) 37.10 42 51 53 52.6 54.2
Capacity Utilization (%) 55.00 56.2 56.2 58.7 58.7 58

Consumer Actual Q2 Q3 Q4 Q1 2021
Consumer Confidence (points) -0.30 -8 -4 2 3.5 4
Consumer Spending (NGN Million) 12193023.60 9915517 10646869 11802847 12266182 12074312
Disposable Personal Income (NGN Million) 19718833.62 16907427 18623207 19087831 19837147 19526851
Private Sector Credit (NGN Million) 26695426.73 23200000 24500000 26000000 26000000 26000000
Gasoline Prices (USD/Liter) 0.30 0.32 0.31 0.29 0.28 0.26


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.