Markets Actual Q4 Q1 Q2 Q3 2021
Currency 380.70 381 381 381 381 381
Stock Market (points) 34121.78 33899 33171 32458 31758 30358
Government Bond 10y (%) 4.41 4.47 4.53 4.59 4.66 4.78

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) 12.10 -7 -15.5 4 8 5.1
GDP Annual Growth Rate (%) -3.62 -6 0.6 1.8 2.3 2.3
Unemployment Rate (%) 27.10 31.8 31.5 31.9 32 32
Inflation Rate (%) 14.23 14.2 14 13.5 13.3 13.5
Interest Rate (%) 11.50 11.5 11.5 11.5 11.5 11.5
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 27.5
Balance of Trade (NGN Millions) -807170.40 -180000 100000 70000 350000 200000
Current Account (USD Million) -3232.28 -4000 -4500 -4800 -4800 -4700
Current Account to GDP (%) -3.60 -3.9 -2.5 -2.5 -2.5 -2.5
Government Debt to GDP (%) 17.50 55 35 35 35 35
Government Budget (% of GDP) -3.40 -7.8 -7 -7 -7 -7
Business Confidence (points) -1.50 -7 5 15 20 20
Consumer Confidence (points) -21.20 -20 2 6 9 9
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 24.00 24 24 24 24 24

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) 12.10 -7 -15.5 4 8 5.1
GDP Annual Growth Rate (%) -3.62 -6 0.6 1.8 2.3 2.3
GDP (USD Billion) 448.10 250 360 360 360 360
GDP Constant Prices (NGN Million) 18109596.02 18565879 16994629 16333315 16413538 18992894
Gross Fixed Capital Formation (NGN Million) 2976480.11 2797891 2994339 3030057 3044939 2862243
GDP per capita (USD) 2386.90 2250 2300 2300 2300 2300
GDP per capita PPP (USD) 5135.50 4900 5100 5100 5100 5100
GDP From Agriculture (NGN Million) 5484063.93 4788344 3699216 3989204 4008798 4898476
GDP From Construction (NGN Million) 572977.23 630844 686888 522939 525507 645353
GDP From Manufacturing (NGN Million) 1592209.06 1604827 1625083 1427818 1434831 1641738
GDP From Mining (NGN Million) 1419038.39 1343888 1600796 1444581 1451676 1374797
GDP From Public Administration (NGN Millions ) 380904.94 402134 282406 381253 383125 411383
GDP From Services (NGN Millions ) 6112207.01 7023865 6516066 6464512 6496263 7185414
GDP From Transport (NGN Millions ) 149282.44 258612 298560 120791 121384 264560
GDP From Utilities (NGN Million) 94533.02 113206 64355 119123 119708 115809

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 27.10 31.8 31.5 31.9 32 32
Population (Million) 200.00 206 210 210 210 211
Minimum Wages (NGN/Month) 30000.00 30000 30000 30000 30000 30000
Unemployed Persons (Thousand) 21765.00 28000 28000 27500 26500 27400
Youth Unemployment Rate (%) 36.50 43 43 42.8 43.5 44
Employed Persons (Thousand) 58527.00 65000 71500 72000 73200 72000
Employment Rate (%) 76.90 71 70.7 71 72 72

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) 14.23 14.2 14 13.5 13.3 13.5
Consumer Price Index CPI (points) 344.70 351 359 370 385 399
Core Consumer Prices (points) 307.00 299 312 320 327 320
Core Inflation Rate (%) 11.10 11 11.3 10.7 10.5 10.6
Food Inflation (%) 17.38 16.7 16.4 16.2 16.3 16
Inflation Rate Mom (%) 1.48 1.7 1.3 1.2 1.4 1.3
CPI Transportation (points) 307.90 319 325 334 345 362

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 11.50 11.5 11.5 11.5 11.5 11.5
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 27.5
Money Supply M0 (NGN Million) 2427329.31 1811767 1811767 1811767 1811767 1811767
Money Supply M1 (NGN Million) 13534224.48 12150000 12150000 12150000 12150000 11049385
Money Supply M2 (NGN Million) 34925003.70 28500000 28500000 28500000 28500000 29329153
Foreign Exchange Reserves (USD Million) 35686.00 37500 36500 37400 40000 40000
Deposit Interest Rate (%) 4.05 4.05 4.05 4.05 4.05 4.05
Lending Rate (%) 11.76 11.76 11.76 11.76 11.76 11.76

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (NGN Millions) -807170.40 -180000 100000 70000 350000 200000
Current Account (USD Million) -3232.28 -4000 -4500 -4800 -4800 -4700
Current Account to GDP (%) -3.60 -3.9 -2.5 -2.5 -2.5 -2.5
Imports (NGN Millions ) 1590021.69 1580000 1250000 1480000 1650000 1500000
Exports (NGN Millions ) 782851.28 1400000 1350000 1550000 2000000 1700000
Terms of Trade (points) 103.19 103 103 104 104 104
Foreign Direct Investment (USD Million) 427.76 400 700 1200 1000 1000
Capital Flows (USD Million) 4146.35 -6050 1200 -3600 -3000 -2600
Crude Oil Production (BBL/D/1K) 1310.00 1800 1780 1780 1780 1900
Remittances (USD Million) 3373.09 5600 5750 6100 5950 6000
External Debt (USD Million) 31477.14 30000 33500 34000 35000 34700

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 17.50 55 35 35 35 35
Government Budget (% of GDP) -3.40 -7.8 -7 -7 -7 -7
Government Revenues (NGN Billion) 864.88 1050 1200 1000 1050 1100
Military Expenditure (USD Million) 1907.00 1940 1940 1940 1940 2000
Government Spending (NGN Million) 1082949.34 1017972 1089447 1102442 1107857 1041386
Government Budget Value (NGN Billion) -1462.90 -487 -1950 -1300 -1600 -487
Government Debt (USD Million) 85896.52 95000 85000 95500 95500 96400
Fiscal Expenditure (NGN Billion) 2327.80 3000 2500 2600 2300 2400

Taxes Actual Q4 Q1 Q2 Q3 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 Q4 Q1 Q2 Q3 2021
Business Confidence (points) -1.50 -7 5 15 20 20
Industrial Production (%) -10.00 -10 -2 1.6 3 1.3
Manufacturing Production (%) -1.20 -6 0.5 1.3 3 2
Manufacturing Pmi (points) 50.20 51 52 54 56 56
Mining Production (%) -27.20 -12 5 10 -12 5
Services Pmi (points) 47.60 52 51.7 53.4 54.5 54
Composite Pmi (points) 53.50 53 52.6 53 54 54
Capacity Utilization (%) 55.00 45 51 53 54 53

Consumer Actual Q4 Q1 Q2 Q3 2021
Consumer Confidence (points) -21.20 -20 2 6 9 9
Consumer Spending (NGN Million) 12193023.60 11461442 12266182 12412498 12473463 11725055
Disposable Personal Income (NGN Million) 19718833.62 18535704 19837147 20073773 20172367 18962025
Private Sector Credit (NGN Million) 29712172.00 30000000 28500000 27500000 27000000 27000000
Gasoline Prices (USD/Liter) 0.42 0.42 0.31 0.29 0.28 0.4


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.