Markets Actual Q1/23 Q2/23 Q3/23 Q4/23
Currency 459.78 456 457 458 459
Stock Market (points) 52752.96 51543 50512 49502 48513
Government Bond 10Y (%) 13.95 14.21 14.46 14.73 14.99

Overview Actual Q1/23 Q2/23 Q3/23 Q4/23
GDP Growth Rate (%) 9.68 -13 -0.4 10.8 5
GDP Annual Growth Rate (%) 2.25 2.7 3.2 3.4 3.2
Unemployment Rate (%) 33.30 40 42.5 44 45
Inflation Rate (%) 21.34 20 17 16 15
Interest Rate (%) 17.50 17.5 17.5 17 17
Balance of Trade (NGN Millions) 402412.40 50000 70000 850000 -150000
Current Account (USD Million) 1890.00 1050 850 -400 -1000
Current Account to GDP (% of GDP) -0.50 -0.7
Government Debt to GDP (% of GDP) 37.00 42
Government Budget (% of GDP) -4.70 -4.8
Corporate Tax Rate (%) 30.00 30
Personal Income Tax Rate (%) 24.00 24

GDP Actual Q1/23 Q2/23 Q3/23 Q4/23
GDP Growth Rate (%) 9.68 -13 -0.4 10.8 5
GDP Annual Growth Rate (%) 2.25 2.7 3.2 3.4 3.2
GDP (USD Billion) 440.83 454
GDP Constant Prices (NGN Million) 18959954.87 17817814 17839031 19604593 19566673
Gross Fixed Capital Formation (NGN Million) 2308147.45 2949351 2382008 2386624 2382008
Full Year GDP Growth (%) 3.40 3
GDP from Agriculture (NGN Million) 5625362.33 3984485 4145981 5816625 5805374
GDP from Construction (NGN Million) 629359.11 745601 571842 650757 649499
GDP from Manufacturing (NGN Million) 1628911.93 1816578 1542966 1684295 1681037
GDP from Mining (NGN Million) 1073896.57 1181925 1128603 1110409 1108261
GDP from Public Administration (NGN Millions ) 389183.23 291248 387614 402415 401637
GDP from Services (NGN Millions ) 7048423.11 7207863 7418083 7288069 7273973
GDP from Transport (NGN Millions ) 254927.74 196617 328342 263595 263085
GDP from Utilities (NGN Million) 106384.37 73713 185666 110001 109789
GDP per Capita (USD) 2429.59 2500

Labour Actual Q1/23 Q2/23 Q3/23 Q4/23
Unemployment Rate (%) 33.30 40 42.5 44 45
Employed Persons (Thousand) 46488.00 63500 64000 62700 63000
Employment Rate (%) 66.70 73.8 74.3 75 75
Unemployed Persons (Thousand) 23187.00 33800 34400 35500 36000
Youth Unemployment Rate (%) 53.40 56.7 57.4 56.5 57

Prices Actual Q1/23 Q2/23 Q3/23 Q4/23
Inflation Rate (%) 21.34 20 17 16 15
Consumer Price Index CPI (points) 499.40 518 533 555 574
Core Consumer Prices (points) 416.17 428 433 446 454
Core Inflation Rate (%) 18.50 16 12 10 9
Food Inflation (%) 23.75 20 17 14 10
CPI Housing Utilities (points) 419.20 444 452 467 482
CPI Transportation (points) 436.20 442 448 451 457
GDP Deflator (points) 275.61 313 305 320 317
Inflation Rate MoM (%) 1.71 1.4 1.2 0.8 1.2

Money Actual Q1/23 Q2/23 Q3/23 Q4/23
Interest Rate (%) 17.50 17.5 17.5 17 17
Interbank Rate (%) 11.90 11.9 11.9 11.4 11.4
Money Supply M0 (NGN Million) 3164256.76 3180000 3205000 3050000 3100000
Money Supply M1 (NGN Million) 21503412.00 20500000 19000000 18300000 19000000
Money Supply M2 (NGN Million) 51784485.54 47500000 46500000 48000000 47000000
Foreign Exchange Reserves (USD Million) 37080.00 36000 36500 37300 38000
Deposit Interest Rate (%) 8.45 8.45 8.45 7.95 7.95
Lending Rate (%) 13.17 13.17 13.17 12.67 12.67
Money Supply M3 (NGN Million) 51785745.45 48000000 47000000 46000000 46000000

Trade Actual Q1/23 Q2/23 Q3/23 Q4/23
Balance of Trade (NGN Millions) 402412.40 50000 70000 850000 -150000
Current Account (USD Million) 1890.00 1050 850 -400 -1000
Current Account to GDP (% of GDP) -0.50 -0.7
Imports (NGN Millions ) 1392483.70 1900000 1800000 1650000 1850000
Exports (NGN Millions ) 1794896.00 1950000 1870000 2500000 1700000
Foreign Direct Investment (USD Million) -1590.20 250 600 -300 200
Capital Flows (USD Million) 3070.33 -2100 3000 2300 -3500
Crude Oil Production (BBL/D/1K) 1235.00 1300 1280 1200 1240
External Debt (USD Million) 39661.72 46500 47400 48000 49000
Remittances (USD Million) 4941.04 5350 5430 5500 5500
Non Oil Exports (NGN Million) 391254.40 46500 52000 54000 55000
Oil Exports (NGN Million) 1403641.60 2100000 1750000 1600000 1650000

Government Actual Q1/23 Q2/23 Q3/23 Q4/23
Government Debt to GDP (% of GDP) 37.00 42
Government Budget (% of GDP) -4.70 -4.8
Fiscal Expenditure (NGN Billion) 2419.31 4300 3900 4500 4700
Government Spending (NGN Million) 931227.37 929665 961027 962889 961027
Government Debt (USD Million) 101913.43 99600 100000 98500 105000

Taxes Actual Q1/23 Q2/23 Q3/23 Q4/23
Corporate Tax Rate (%) 30.00 30
Personal Income Tax Rate (%) 24.00 24

Business Actual Q1/23 Q2/23 Q3/23 Q4/23
Industrial Production (%) -7.20 -6.5 1.3 1.8 1.6
Manufacturing Production (%) 9.40 3.4 2.5 4 3.4
Composite PMI (points) 54.60 52.7 53.4 54
Capacity Utilization (%) 51.30 53.4 54.1 54.6 54
Services PMI (points) 51.40 48.7 51 49.5 51
Manufacturing PMI (points) 52.30 50.6 51.7 52.4 52

Consumer Actual Q1/23 Q2/23 Q3/23 Q4/23
Consumer Spending (NGN Million) 13961462.79 13998964 14408230 14436153 14408230
Disposable Personal Income (NGN Million) 16859887.75 17182743 17399404 17433124 17399404
Private Sector Credit (NGN Million) 41581495.16 40500000 39000000 41500000 40500000
Gasoline Prices (USD/Liter) 0.45 0.48 0.49 0.51 0.53