Markets Actual Q2 Q3 Q4 Q1 2023
Currency 414.49 415 416 417 417 419
Stock Market (points) 51705.61 50837 49984 49141 48319 46710
Government Bond 10y (%) 11.16 11.36 11.56 11.77 11.98 12.41

Overview Actual Q2 Q3 Q4 Q1 2023
GDP Growth Rate (%) -14.66 -3 9.1 4 -10 5
GDP Annual Growth Rate (%) 3.11 2.9 3 3.2 3 3.4
Unemployment Rate (%) 33.30 35 36 38 37 40
Inflation Rate (%) 17.71 18 16 15 12 10
Interest Rate (%) 13.00 13 14.5 14.5 14.5 14.5
Cash Reserve Ratio (%) 27.50 27.5 27.5 25 25 25
Balance of Trade (NGN Millions) 971382.29 600000 350000 -90000 -100000 50000
Current Account (USD Million) 3680.28 -3600 -4000 -4000 -4000 -4800
Current Account to GDP (% of GDP) -4.20 4 4 4 5 5
Government Debt to GDP (% of GDP) 34.98 35 35 35 33 33
Government Budget (% of GDP) -4.70 -4 -4 -4 -3.8 -3.8
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 2023
GDP Growth Rate (%) -14.66 -3 9.1 4 -10 5
GDP Annual Growth Rate (%) 3.11 2.9 3 3.2 3 3.4
GDP (USD Billion) 432.30 445 445 445 445 445
GDP Constant Prices (NGN Million) 17349381.10 17178811 19099346 20979592 17869863 21692899
Gross Fixed Capital Formation (NGN Million) 2853507.61 2582605 2500748 2944820 2939113 3044944
GDP per capita (USD) 2396.04 2400 2400 2400 2400 2500
GDP per capita PPP (USD) 4916.72 5100 5100 5250 5250 5250
Full Year GDP Growth (%) 3.40 3.25 3.25 3.25 3.4 3.4
GDP From Agriculture (NGN Million) 3879731.92 4084818 5717469 5631516 3996124 5822988
GDP From Construction (NGN Million) 725998.76 548142 614339 725213 747779 749870
GDP From Manufacturing (NGN Million) 1768820.22 1493605 1710381 1774822 1821885 1835166
GDP From Mining (NGN Million) 1150851.86 1275405 1430462 1088472 1185377 1125480
GDP From Public Administration (NGN Millions ) 283590.67 378888 391748 454531 292098 469985
GDP From Services (NGN Millions ) 8147459.17 6888844 6741553 8408178 8391883 8694056
GDP From Transport (NGN Millions ) 191448.27 215872 185445 346401 197192 358179
GDP From Utilities (NGN Million) 71775.44 188916 110924 132417 73929 136919

Labour Actual Q2 Q3 Q4 Q1 2023
Unemployment Rate (%) 33.30 35 36 38 37 40
Population (Million) 206.14 211 211 216 216 216
Employed Persons (Thousand) 46488.00 64400 66000 65500 65500 67000
Employment Rate (%) 66.70 74 75 74.6 75 76
Minimum Wages (NGN/Month) 30000.00 30000 30000 30000 30000 30000
Unemployed Persons (Thousand) 23187.00 27400 26800 27300 28000 29000
Youth Unemployment Rate (%) 53.40 53.1 53 53 53 51

Prices Actual Q2 Q3 Q4 Q1 2023
Inflation Rate (%) 17.71 18 16 15 12 10
Consumer Price Index CPI (points) 447.20 453 459 473 484 521
Core Consumer Prices (points) 380.30 387 393 399 406 438
Core Inflation Rate (%) 14.90 16 14 12 10 10
Food Inflation (%) 19.50 20 17 13 10 8.5
Inflation Rate Mom (%) 1.78 1.5 1.3 1.6 1.3 1.3
CPI Transportation (points) 389.70 396 401 407 412 418

Money Actual Q2 Q3 Q4 Q1 2023
Interest Rate (%) 13.00 13 14.5 14.5 14.5 14.5
Cash Reserve Ratio (%) 27.50 27.5 27.5 25 25 25
Interbank Rate (%) 12.33 12.33 13.83 13.83 13.83 13.83
Money Supply M0 (NGN Million) 3331796.22 3600000 3800000 3950000 4050000 3900000
Money Supply M1 (NGN Million) 20608106.85 23000000 21800000 2250000 20500000 21000000
Money Supply M2 (NGN Million) 48555975.14 46500000 45500000 46000000 45800000 46500000
Foreign Exchange Reserves (USD Million) 38540.00 38050 38500 39500 38800 39000
Deposit Interest Rate (%) 4.44 4.44 5.94 5.94 5.94 5.94
Lending Rate (%) 11.83 11.83 13.33 13.33 13.33 13.33
Money Supply M3 (NGN Million) 46542025.44 43800000 45000000 45500000 46000000 46000000

Trade Actual Q2 Q3 Q4 Q1 2023
Balance of Trade (NGN Millions) 971382.29 600000 350000 -90000 -100000 50000
Current Account (USD Million) 3680.28 -3600 -4000 -4000 -4000 -4800
Current Account to GDP (% of GDP) -4.20 4 4 4 5 5
Imports (NGN Millions ) 1834067.40 2000000 1950000 2100000 2050000 1850000
Exports (NGN Millions ) 2805449.70 2600000 2300000 2010000 1950000 1900000
Terms of Trade (points) 101.22 102 103 103 103 104
Foreign Direct Investment (USD Million) 1563.64 700 920 900 900 860
Capital Flows (USD Million) 2573.54 3000 5000 -1000 -1000 -1000
Crude Oil Production (BBL/D/1K) 1024.00 1320 1400 1420 1420 1420
External Debt (USD Million) 39969.19 45300 45500 46000 46000 45050
Non Oil Exports (NGN Million) 453526.56 288500 260000 270000 270000 250000
Oil Exports (NGN Million) 1270799.94 870000 1100000 890000 890000 875000
Remittances (USD Million) 4971.70 5400 5600 5600 5600 5600

Government Actual Q2 Q3 Q4 Q1 2023
Government Debt to GDP (% of GDP) 34.98 35 35 35 33 33
Government Budget (% of GDP) -4.70 -4 -4 -4 -3.8 -3.8
Government Revenues (NGN Billion) 1114.21 930 980 1000 1000 1200
Government Spending (NGN Million) 1173404.20 1101337 1177205 1210953 1208606 1252126
Government Budget Value (NGN Billion) -2039.36 -1520 -1620 -1600 -1600 -1500
Government Debt (USD Million) 100069.89 97000 99000 98500 99600 105000
Fiscal Expenditure (NGN Billion) 3153.57 2450 2600 2600 2600 2700
Military Expenditure (USD Million) 2403.00 2000 2000 2000 2000 2000

Taxes Actual Q2 Q3 Q4 Q1 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 Q2 Q3 Q4 Q1 2023
Industrial Production (%) -2.60 -5 -2.7 -2 1.6 2
Manufacturing Production (%) 4.30 -2 -1.7 0.7 1.6 2
Capacity Utilization (%) 55.80 54 54.5 55 55 56
Composite PMI (points) 53.90 52.7 53 54 52 53
Manufacturing PMI (points) 52.00 51 51.5 52 51.4 52
Mining Production (%) -10.60 -4 3 5 6 7
Services PMI (points) 48.00 51 49.7 51 48.7 52

Consumer Actual Q2 Q3 Q4 Q1 2023
Consumer Spending (NGN Million) 14926584.44 12676746 14034815 15404235 15374382 15927979
Disposable Personal Income (NGN Million) 20014610.80 17065318 19214870 20655078 20615049 21357351
Private Sector Credit (NGN Million) 38195688.06 30200000 29800000 27500000 27500000 26000000
Gasoline Prices (USD/Liter) 0.40 0.41 0.43 0.44 0.46 0.46


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 Monday, June 27, 2022.