Markets Actual Q1 Q2 Q3 Q4 2023
Currency 414.45 416 419 421 424 429
Stock Market (points) 45890.52 43726 43010 42303 41610 40257
Government Bond 10y (%) 12.60 12.83 13.06 13.28 13.51 13.99

Overview Actual Q1 Q2 Q3 Q4 2023
GDP Growth Rate (%) 11.10 -13.5 3 9.1 4 4
GDP Annual Growth Rate (%) 4.00 2.7 3 2.5 2.7 2.8
Unemployment Rate (%) 33.30 31.8 31.5 31.8 32 30
Inflation Rate (%) 15.63 14 10 8 7 6.5
Interest Rate (%) 11.50 11.5 12.5 12.5 12.5 13
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 25 25
Balance of Trade (NGN Millions) -448235.10 840000 -305000 -315000 -100000 -200000
Current Account (USD Million) -424.37 -2500 -3600 -4000 -4000 -4800
Current Account to GDP (% of GDP) -4.20 -2.4 -2.4 -2.4 -2.4 -1.8
Government Debt to GDP (% of GDP) 34.98 36 36 36 36 37
Government Budget (% of GDP) -3.80 -3.7 -3.7 -3.7 -3.7 -3.5
Business Confidence (points) -15.20 6 10 15 15 20
Consumer Confidence (points) -14.80 3 6 9 9 8
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 2023
GDP Growth Rate (%) 11.10 -13.5 3 9.1 4 4
GDP Annual Growth Rate (%) 4.00 2.7 3 2.5 2.7 2.8
GDP (USD Billion) 432.30 445 445 445 445 445
GDP Constant Prices (NGN Million) 18543054.58 17281216 17195506 19006631 19043717 19576941
Gross Fixed Capital Formation (NGN Million) 2509820.58 3107978 2585115 2572566 2577586 2649758
GDP per capita (USD) 2396.04 2400 2400 2400 2400 2500
GDP per capita PPP (USD) 4916.72 5100 5100 5100 5250 5250
GDP From Agriculture (NGN Million) 5550940.85 3862424 4088788 5689714 5700816 5860439
GDP From Construction (NGN Million) 596445.97 711219 548674 611357 612550 629701
GDP From Manufacturing (NGN Million) 1660563.82 1715494 1495057 1702078 1705399 1753150
GDP From Mining (NGN Million) 1388798.49 1598088 1276645 1423518 1426296 1466232
GDP From Public Administration (NGN Millions ) 380337.42 285754 379256 389846 390607 401544
GDP From Services (NGN Millions ) 6545197.45 6690055 6895538 6708827 6721918 6910131
GDP From Transport (NGN Millions ) 180043.45 238064 216082 184545 184905 190082
GDP From Utilities (NGN Million) 107693.36 73267 189099 110386 110601 113698

Labour Actual Q1 Q2 Q3 Q4 2023
Unemployment Rate (%) 33.30 31.8 31.5 31.8 32 30
Population (Million) 206.14 211 211 211 216 216
Minimum Wages (NGN/Month) 30000.00 30000 30000 30000 30000 30000
Unemployed Persons (Thousand) 23187.00 28300 27400 26800 27300 26800
Youth Unemployment Rate (%) 53.40 52.8 53.1 53 53 51
Employed Persons (Thousand) 46488.00 62000 64400 66000 65500 68000
Employment Rate (%) 66.70 74 74.6 75 75 78

Prices Actual Q1 Q2 Q3 Q4 2023
Inflation Rate (%) 15.63 14 10 8 7 6.5
Consumer Price Index CPI (points) 411.50 425 422 428 440 469
Core Consumer Prices (points) 355.90 358 367 379 388 423
Core Inflation Rate (%) 13.87 10.6 10 10 9 9
Food Inflation (%) 17.37 15 10 8 6 5.6
Inflation Rate Mom (%) 1.82 1 0.8 0.6 1 0.8
CPI Transportation (points) 358.50 362 365 367 371 374

Money Actual Q1 Q2 Q3 Q4 2023
Interest Rate (%) 11.50 11.5 12.5 12.5 12.5 13
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 25 25
Interbank Rate (%) 10.84 10.84 11.84 11.84 11.84 11.84
Money Supply M0 (NGN Million) 3148591.60 2640000 2500000 2440000 2400000 2300000
Money Supply M1 (NGN Million) 17081031.93 15880000 15650000 15300000 15000000 14100000
Money Supply M2 (NGN Million) 42572203.40 38500000 36500000 3400000 34000000 32000000
Foreign Exchange Reserves (USD Million) 40530.00 38300 36800 35100 36000 37000
Deposit Interest Rate (%) 5.02 5.02 6.02 6.02 6.02 6.02
Lending Rate (%) 11.61 11.61 12.61 12.61 12.61 12.61
Money Supply M3 (NGN Million) 42576322.34 38800000 37000000 36500000 35800000 34000000

Trade Actual Q1 Q2 Q3 Q4 2023
Balance of Trade (NGN Millions) -448235.10 840000 -305000 -315000 -100000 -200000
Current Account (USD Million) -424.37 -2500 -3600 -4000 -4000 -4800
Current Account to GDP (% of GDP) -4.20 -2.4 -2.4 -2.4 -2.4 -1.8
Imports (NGN Millions ) 2484328.70 1780000 1700000 1650000 1700000 1650000
Exports (NGN Millions ) 2036093.60 1475000 1385000 1550000 1500000 1600000
Terms of Trade (points) 101.05 102 102 103 103 104
Foreign Direct Investment (USD Million) 1563.64 1300 700 920 900 860
Capital Flows (USD Million) 2105.55 -1600 3000 5000 -1000 -1000
Crude Oil Production (BBL/D/1K) 1197.00 1360 1320 1400 1420 1420
Non Oil Exports (NGN Million) 375013.81 297000 288500 260000 270000 250000
Oil Exports (NGN Million) 1427694.48 895000 870000 1100000 890000 875000
Remittances (USD Million) 4922.23 5200 5400 5600 5600 5600
External Debt (USD Million) 32859.99 44500 45300 45500 46000 45050

Government Actual Q1 Q2 Q3 Q4 2023
Government Debt to GDP (% of GDP) 34.98 36 36 36 36 37
Government Budget (% of GDP) -3.80 -3.7 -3.7 -3.7 -3.7 -3.5
Government Revenues (NGN Billion) 903.52 870 930 980 1000 1200
Military Expenditure (USD Million) 2403.00 2000 2000 2000 2000 2000
Government Spending (NGN Million) 1070298.80 1031943 1102408 1097056 1099197 1129974
Government Budget Value (NGN Billion) -1483.93 -487 -1450 -1510 -1520 -1600
Government Debt (USD Million) 87239.12 89300 90100 91000 91000 88000
Fiscal Expenditure (NGN Billion) 2387.46 2380 2450 2600 2600 2700

Taxes Actual Q1 Q2 Q3 Q4 2023
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 2023
Business Confidence (points) -15.20 6 10 15 15 20
Industrial Production (%) 1.60 1.8 2.5 3.2 3 2.7
Manufacturing Production (%) -1.30 0.7 1.3 2 1.6 2
Manufacturing PMI (points) 46.90 49.7 50.1 51 51 52
Mining Production (%) 9.20 -2.1 3 12 6 8
Services PMI (points) 46.90 49 51 49.7 51 52
Composite PMI (points) 56.40 52 52.5 53 53 53
Capacity Utilization (%) 45.40 53.6 54 54.5 55 56

Consumer Actual Q1 Q2 Q3 Q4 2023
Consumer Confidence (points) -14.80 3 6 9 9 8
Consumer Spending (NGN Million) 12319481.04 13384081 12689065 12627468 12652107 13006366
Disposable Personal Income (NGN Million) 20329672.71 20878574 20939563 20837915 20878574 21463174
Private Sector Credit (NGN Million) 35314200.58 30500000 30200000 29800000 27500000 26000000
Gasoline Prices (USD/Liter) 0.40 0.38 0.36 0.34 0.33 0.31


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Nigeria Forecast - was last updated on Friday, January 21, 2022.