Markets Actual Q3 Q4 Q1 Q2 2022
Currency 411.00 414 416 419 421 426
Stock Market (points) 38864.81 37998 37075 36175 35295 33601
Government Bond 10y (%) 11.94 12.44 12.95 13.49 14.05 15.23

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) -13.90 9 5.1 -13.5 3 4
GDP Annual Growth Rate (%) 5.00 4 2.9 2.7 3 2.7
Unemployment Rate (%) 33.30 32.7 32.5 31.8 31.5 32
Inflation Rate (%) 17.01 16.3 13 10 9 7
Interest Rate (%) 11.50 11.5 11.5 12.5 12.5 12.5
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 25
Balance of Trade (NGN Millions) -679470.20 -650000 -340000 -305000 -315000 -200000
Current Account (USD Million) -1750.60 -3200 -4800 -2500 -3600 -4000
Current Account to GDP (% of GDP) -4.20 -2.7 -2.7 -2.4 -2.4 -2.4
Government Debt to GDP (% of GDP) 34.98 35.5 35.5 36 36 36
Government Budget (% of GDP) -3.80 -4 -4 -3.7 -3.7 -3.7
Business Confidence (points) -15.20 -7 4 6 10 15
Consumer Confidence (points) -14.80 -12 -7 3 6 9
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 24.00 24 24 24 24 24

GDP Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) -13.90 9 5.1 -13.5 3 4
GDP Annual Growth Rate (%) 5.00 4 2.9 2.7 3 2.7
GDP (USD Billion) 432.30 440 440 445 445 445
GDP Constant Prices (NGN Million) 16694666.15 18537461 20117102 17281216 17195506 20660264
Gross Fixed Capital Formation (NGN Million) 2944319.35 2492859 3029705 3023816 3032649 3111507
GDP per capita (USD) 2273.22 2300 2300 2300 2300 2450
GDP per capita PPP (USD) 4916.72 5100 5100 5100 5100 5250
GDP From Agriculture (NGN Million) 3969697.16 5703426 5421071 3862424 4088788 5567439
GDP From Construction (NGN Million) 532693.68 595896 698953 711219 548674 717825
GDP From Manufacturing (NGN Million) 1451511.22 1655897 1730182 1715494 1495057 1776897
GDP From Mining (NGN Million) 1239461.07 1618002 1180405 1598088 1276645 1212276
GDP From Public Administration (NGN Millions ) 368209.62 396141 448148 285754 379256 460248
GDP From Services (NGN Millions ) 6694697.46 6356695 7930685 6690055 6895538 8144813
GDP From Transport (NGN Millions ) 209788.41 155254 266252 238064 216082 273441
GDP From Utilities (NGN Million) 183591.69 98314 121931 73267 189099 125223

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 33.30 32.7 32.5 31.8 31.5 32
Population (Million) 206.14 210 211 211 211 216
Minimum Wages (NGN/Month) 30000.00 30000 30000 30000 30000 30000
Unemployed Persons (Thousand) 23187.00 28100 27800 28300 27400 27300
Youth Unemployment Rate (%) 53.40 55 53.5 52.8 53.1 53
Employed Persons (Thousand) 46488.00 54000 60000 62000 64400 65500
Employment Rate (%) 66.70 74 73.6 74 74.6 75

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 17.01 16.3 13 10 9 7
Consumer Price Index CPI (points) 391.50 395 402 410 419 430
Core Consumer Prices (points) 340.61 343 346 358 367 377
Core Inflation Rate (%) 13.41 13 10.6 10.6 10 9
Food Inflation (%) 20.30 19 14 10 8 6
Inflation Rate Mom (%) 1.02 0.9 0.8 0.6 0.5 0.4
CPI Transportation (points) 346.00 354 357 360 369 381

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) 11.50 11.5 11.5 12.5 12.5 12.5
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 25
Money Supply M0 (NGN Million) 2812103.48 2770000 2680000 2640000 2500000 2400000
Money Supply M1 (NGN Million) 16291049.38 16350000 16050000 15880000 15650000 15000000
Money Supply M2 (NGN Million) 39769833.80 39500000 38800000 38500000 36500000 34000000
Foreign Exchange Reserves (USD Million) 33660.00 34000 35000 35300 34800 36000
Deposit Interest Rate (%) 4.78 4.78 4.78 5.78 5.78 5.78
Lending Rate (%) 11.57 11.57 11.57 12.57 12.57 12.57

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (NGN Millions) -679470.20 -650000 -340000 -305000 -315000 -200000
Current Account (USD Million) -1750.60 -3200 -4800 -2500 -3600 -4000
Current Account to GDP (% of GDP) -4.20 -2.7 -2.7 -2.4 -2.4 -2.4
Imports (NGN Millions ) 2482178.50 2100000 1850000 1780000 1700000 1700000
Exports (NGN Millions ) 1802708.30 1450000 1510000 1475000 1385000 1500000
Terms of Trade (points) 100.04 103 103 102 102 102
Foreign Direct Investment (USD Million) 2138.38 620 400 1300 700 900
Capital Flows (USD Million) 7886.98 4500 -2800 -1600 3000 -1000
Crude Oil Production (BBL/D/1K) 1239.00 1780 1900 1900 1900 1850
Remittances (USD Million) 4278.12 4500 5000 5200 5400 5600
Non Oil Exports (NGN Million) 375013.81 350000 325000 297000 288500 270000
Oil Exports (NGN Million) 1427694.48 1350000 1300000 895000 870000 890000
External Debt (USD Million) 32859.99 40000 45000 44500 45300 46000

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 34.98 35.5 35.5 36 36 36
Government Budget (% of GDP) -3.80 -4 -4 -3.7 -3.7 -3.7
Government Revenues (NGN Billion) 903.52 920 1050 870 930 1000
Military Expenditure (USD Million) 2403.00 1940 2000 2000 2000 2000
Government Spending (NGN Million) 1409720.94 1964981 1450603 1447783 1452013 1489769
Government Budget Value (NGN Billion) -1483.93 -1430 -1450 -1510 -1520 -1600
Government Debt (USD Million) 87239.12 87500 90000 89300 90100 91000
Fiscal Expenditure (NGN Billion) 2387.46 2350 2500 2380 2450 2600

Taxes Actual Q3 Q4 Q1 Q2 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 Q3 Q4 Q1 Q2 2022
Business Confidence (points) -15.20 -7 4 6 10 15
Industrial Production (%) 1.60 12 2 1.8 2.5 3
Manufacturing Production (%) -1.30 9 1 0.7 1.3 1.6
Manufacturing PMI (points) 46.90 47.5 50.3 49.7 50.1 51
Mining Production (%) 9.20 20 8 -2.1 3 6
Services PMI (points) 46.90 47.6 47.4 49 51 51
Composite PMI (points) 52.20 53 52.4 51.3 52 53
Capacity Utilization (%) 45.40 52 54 53.6 54 55

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Confidence (points) -14.80 -12 -7 3 6 9
Consumer Spending (NGN Million) 14347658.52 12229914 14763741 14735045 14778088 15162362
Disposable Personal Income (NGN Million) 20329672.71 20502888 20919233 20878574 20939563 21484053
Private Sector Credit (NGN Million) 32842575.08 33000000 32300000 30500000 30200000 27500000
Gasoline Prices (USD/Liter) 0.40 0.38 0.36 0.34 0.33 0.31


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.