Markets Actual Q2 Q3 Q4 Q1 2022
Currency 410.00 410 410 410 410 410
Stock Market (points) 38557.11 37673 36865 36072 35294 33738
Government Bond 10y (%) 13.15 13.32 13.5 13.69 13.87 14.24

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) -13.90 -4 8 5.1 -15.3 4
GDP Annual Growth Rate (%) 0.51 5.8 3.2 2.5 2.4 2.3
Unemployment Rate (%) 33.30 31.9 32 32.5 30 28
Inflation Rate (%) 17.93 18.8 17 14 13 12
Interest Rate (%) 11.50 11.5 12 12 12.5 12.5
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 25
Balance of Trade (NGN Millions) -1123289.91 -835000 -758000 840000 -773000 -600000
Current Account (USD Million) -5264.53 -4500 -3400 -6200 -3700 -5700
Current Account to GDP (% of GDP) -4.20 -2.7 -2.7 -2.7 -2.3 -2.3
Government Debt to GDP (% of GDP) 34.98 35.5 35.5 35.5 36 36
Government Budget (% of GDP) -3.80 -4 -4 -4 -3.7 -3.7
Business Confidence (points) -15.20 -8 -5 4 6 12
Consumer Confidence (points) -14.80 -18 -12 -7 4 8
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 2022
GDP Growth Rate (%) -13.90 -4 8 5.1 -15.3 4
GDP Annual Growth Rate (%) 0.51 5.8 3.2 2.5 2.4 2.3
GDP (USD Billion) 448.10 360 360 360 360 450
GDP Constant Prices (NGN Million) 16826890.29 16820012 18394866 20038902 17230736 20499796
Gross Fixed Capital Formation (NGN Million) 2944319.35 2429278 2473683 3017927 3014983 3087340
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) 3760880.60 4145951 5659554 5399997 3851142 5524197
GDP From Construction (NGN Million) 692520.88 543487 591313 696236 709141 712250
GDP From Manufacturing (NGN Million) 1670393.69 1483921 1643160 1723457 1710483 1763096
GDP From Mining (NGN Million) 1556073.55 1501343 1605556 1175816 1593419 1202860
GDP From Public Administration (NGN Millions ) 278241.06 396233 393094 446406 284919 456673
GDP From Services (NGN Millions ) 6836847.32 6718521 6307798 7899856 7000932 8081553
GDP From Transport (NGN Millions ) 231805.43 125537 154059 265217 237369 271317
GDP From Utilities (NGN Million) 394015.61 123804 97558 121457 403472 124251

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 33.30 31.9 32 32.5 30 28
Population (Million) 206.14 210 210 211 211 216
Minimum Wages (NGN/Month) 30000.00 30000 30000 30000 30000 30000
Unemployed Persons (Thousand) 23187.00 27500 28100 27800 28300 27500
Youth Unemployment Rate (%) 53.40 54.4 52 53.5 52.8 53
Employed Persons (Thousand) 58527.00 58000 60000 65000 63500 68000
Employment Rate (%) 66.70 68 70 72 71.7 74

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 17.93 18.8 17 14 13 12
Consumer Price Index CPI (points) 379.90 387 397 406 421 454
Core Consumer Prices (points) 330.95 336 343 346 357 377
Core Inflation Rate (%) 13.20 14 13 10.6 10.2 9
Food Inflation (%) 22.28 24 18 15 14.3 13
Inflation Rate Mom (%) 1.01 1.5 1.4 1.4 1.2 1.2
CPI Transportation (points) 331.20 350 356 360 370 403

Money Actual Q2 Q3 Q4 Q1 2022
Interest Rate (%) 11.50 11.5 12 12 12.5 12.5
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 25
Money Supply M0 (NGN Million) 2796471.37 2850000 2770000 2680000 2640000 2400000
Money Supply M1 (NGN Million) 15996570.46 15850000 14850000 13050000 12850000 12600000
Money Supply M2 (NGN Million) 38382883.36 38700000 36500000 36000000 32000000 28000000
Foreign Exchange Reserves (USD Million) 34250.00 35000 35600 35400 35500 36000
Deposit Interest Rate (%) 3.05 3.05 3.55 3.55 4.05 4.05
Lending Rate (%) 11.13 11.13 11.63 11.63 12.13 12.13

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (NGN Millions) -1123289.91 -835000 -758000 840000 -773000 -600000
Current Account (USD Million) -5264.53 -4500 -3400 -6200 -3700 -5700
Current Account to GDP (% of GDP) -4.20 -2.7 -2.7 -2.7 -2.3 -2.3
Imports (NGN Millions ) 2193557.03 1810000 2100000 1850000 1760000 1800000
Exports (NGN Millions ) 1070267.12 975000 1050000 1160000 987000 1200000
Terms of Trade (points) 100.04 102 103 103 102 102
Foreign Direct Investment (USD Million) 438.70 445 460 700 1000 900
Capital Flows (USD Million) -3371.72 -3600 3600 -2800 -900 -1000
Crude Oil Production (BBL/D/1K) 1344.00 1780 1780 1900 1900 1850
Remittances (USD Million) 4071.91 3800 4500 5000 5200 5500
Non Oil Exports (NGN Million) 405369.81 180000 220000 230000 225000 240000
Oil Exports (NGN Million) 664897.32 730000 845000 860000 810000 830000
External Debt (USD Million) 33348.08 35600 37000 40000 38700 39000

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (% of GDP) 34.98 35.5 35.5 35.5 36 36
Government Budget (% of GDP) -3.80 -4 -4 -4 -3.7 -3.7
Government Revenues (NGN Billion) 903.52 860 950 1200 870 1100
Military Expenditure (USD Million) 2403.00 1940 1940 2000 2000 2000
Government Spending (NGN Million) 1409720.94 2475416 1949866 1444964 1443554 1478198
Government Budget Value (NGN Billion) -1483.93 -1620 -1400 -1450 -1430 -1400
Government Debt (USD Million) 86392.54 85400 86200 86500 85300 85000
Fiscal Expenditure (NGN Billion) 2387.46 2480 2350 2650 2300 2500

Taxes Actual Q2 Q3 Q4 Q1 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 Q2 Q3 Q4 Q1 2022
Business Confidence (points) -15.20 -8 -5 4 6 12
Industrial Production (%) 1.60 8 9.5 2.7 1.8 3
Manufacturing Production (%) -1.30 8 9 2 0.6 1.6
Manufacturing PMI (points) 49.00 48 49.5 50.3 51 52
Mining Production (%) 9.20 10 14 8 4 3
Services PMI (points) 47.30 40 45 47 49 51
Composite PMI (points) 54.40 52.7 53 52 51.3 53
Capacity Utilization (%) 45.40 50 52 54 53.6 55

Consumer Actual Q2 Q3 Q4 Q1 2022
Consumer Confidence (points) -14.80 -18 -12 -7 4 8
Consumer Spending (NGN Million) 14347658.52 8901286 12135838 14706350 14692002 15044596
Disposable Personal Income (NGN Million) 20329672.71 18272250 20345174 20837915 20817585 21317187
Private Sector Credit (NGN Million) 31822919.06 33500000 29300000 29000000 27500000 27000000
Gasoline Prices (USD/Liter) 0.40 0.44 0.42 0.4 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.