Markets Actual Q3 Q4 Q1 Q2 2023
Currency 430.83 431 432 433 434 436
Stock Market (points) 49171.70 48125 47237 46369 45516 43855
Government Bond 10Y (%) 13.28 13.03 13.25 13.48 13.71 14.19

Overview Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) -0.37 9.8 3 -13 -0.4 5
GDP Annual Growth Rate (%) 3.54 3.7 3.5 2.7 3.2 3.3
Unemployment Rate (%) 33.30 36 38 37 40 40
Inflation Rate (%) 20.52 21.6 20 17 15 10
Interest Rate (%) 15.50 15.5 16.5 16.5 16 16
Cash Reserve Ratio (%) 27.50 27.5 25 25 25 25
Balance of Trade (NGN Millions) 838687.50 800000 550000 50000 70000 -150000
Current Account (USD Million) 5069.28 1800 2600 1050 850 -1000
Current Account to GDP (% of GDP) -2.80 -1.8 -1.8 -0.7 -0.7 -0.7
Government Debt to GDP (% of GDP) 37.00 39 39 42 42 42
Government Budget (% of GDP) -4.70 -5 -5 -48 -48 -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 Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) -0.37 9.8 3 -13 -0.4 5
GDP Annual Growth Rate (%) 3.54 3.7 3.5 2.7 3.2 3.3
GDP (USD Billion) 440.78 445 445 445 445 445
GDP Constant Prices (NGN Million) 17285882.91 19229148 21040580 17817814 17839031 21734919
Gross Fixed Capital Formation (NGN Million) 2853507.61 2517743 2953380 2930552 2944820 3050842
GDP per Capita (USD) 2421.62 2400 2400 2400 2400 2500
GDP per Capita PPP (USD) 4969.22 5100 5250 5250 5250 5250
Full Year GDP Growth (%) 3.40 3 3 3.3 3.3 3.3
GDP from Agriculture (NGN Million) 4017423.67 5756326 5647887 3984485 4145981 5834267
GDP from Construction (NGN Million) 554110.90 618514 727321 745601 571842 751323
GDP from Manufacturing (NGN Million) 1495122.06 1722005 1779981 1816578 1542966 1838721
GDP from Mining (NGN Million) 1093607.39 1440184 1091637 1181925 1128603 1127661
GDP from Public Administration (NGN Millions ) 375594.90 394410 455852 291248 387614 470896
GDP from Services (NGN Millions ) 7188064.97 6787370 8432620 7207863 7418083 8710897
GDP from Transport (NGN Millions ) 318160.43 186705 347408 196617 328342 358873
GDP from Utilities (NGN Million) 179909.27 111678 132802 73713 185666 137184

Labour Actual Q3 Q4 Q1 Q2 2023
Unemployment Rate (%) 33.30 36 38 37 40 40
Population (Million) 211.40 211 216 216 216 216
Employed Persons (Thousand) 46488.00 58000 62000 63500 64000 63000
Employment Rate (%) 66.70 73 74.6 73.8 74.3 75
Minimum Wages (NGN/Month) 30000.00 30000 30000 30000 30000 30000
Unemployed Persons (Thousand) 23187.00 32000 35000 33800 34400 36000
Youth Unemployment Rate (%) 53.40 56 58 56.7 57.4 57

Prices Actual Q3 Q4 Q1 Q2 2023
Inflation Rate (%) 20.52 21.6 20 17 15 10
Consumer Price Index CPI (points) 471.80 482 494 505 524 543
Core Consumer Prices (points) 399.20 407 406 413 425 442
Core Inflation Rate (%) 17.20 18 14 12 10 9
Food Inflation (%) 23.12 24 19 17 15 10
CPI Transportation (points) 409.10 416 424 429 435 440
Inflation Rate MoM (%) 1.77 1.8 1.7 1.4 1.2 1.2

Money Actual Q3 Q4 Q1 Q2 2023
Interest Rate (%) 15.50 15.5 16.5 16.5 16 16
Cash Reserve Ratio (%) 27.50 27.5 25 25 25 25
Interbank Rate (%) 13.27 13.27 14.27 14.27 13.77 13.77
Money Supply M0 (NGN Million) 3210664.98 3218000 3200000 3180000 3205000 3100000
Money Supply M1 (NGN Million) 21436163.98 21800000 2250000 20500000 19000000 19000000
Money Supply M2 (NGN Million) 49305842.28 49700000 48500000 47500000 46500000 47000000
Foreign Exchange Reserves (USD Million) 39180.00 38800 39300 38900 39100 39400
Deposit Interest Rate (%) 6.79 6.79 7.79 7.79 7.29 7.29
Lending Rate (%) 12.23 12.23 13.23 13.23 12.73 12.73
Money Supply M3 (NGN Million) 49356443.64 48700000 47500000 48000000 47000000 46000000

Trade Actual Q3 Q4 Q1 Q2 2023
Balance of Trade (NGN Millions) 838687.50 800000 550000 50000 70000 -150000
Current Account (USD Million) 5069.28 1800 2600 1050 850 -1000
Current Account to GDP (% of GDP) -2.80 -1.8 -1.8 -0.7 -0.7 -0.7
Imports (NGN Millions ) 1669497.80 1850000 1750000 1900000 1800000 1850000
Exports (NGN Millions ) 2508185.26 2650000 2300000 1950000 1870000 1700000
Terms of Trade (points) 103.00 103 103 103 103 104
Foreign Direct Investment (USD Million) -182.50 -560 -700 250 600 200
Capital Flows (USD Million) -784.77 1800 -6300 -2100 3000 -3500
Crude Oil Production (BBL/D/1K) 972.00 750 1000 1100 1080 1200
External Debt (USD Million) 39969.19 43000 45000 46500 47400 49000
Non Oil Exports (NGN Million) 523614.84 480000 560000 46500 52000 55000
Oil Exports (NGN Million) 1984570.42 2300000 1850000 2100000 1750000 1650000
Remittances (USD Million) 5147.40 5300 5500 5350 5430 5500

Government Actual Q3 Q4 Q1 Q2 2023
Government Debt to GDP (% of GDP) 37.00 39 39 42 42 42
Government Budget (% of GDP) -4.70 -5 -5 -48 -48 -4.8
Government Revenues (NGN Billion) 1142.77 1060 960 1180 890 1150
Fiscal Expenditure (NGN Billion) 2760.61 3400 4000 2800 3500 3400
Government Spending (NGN Million) 1173404.20 1185205 1214473 1205086 1210953 1254551
Government Budget Value (NGN Billion) -1617.84 -2340 -3040 -1620 -2610 -2250
Government Debt (USD Million) 100069.89 99000 98500 99600 100000 105000
Military Expenditure (USD Million) 2403.00 2000 2000 2000 2000 2000

Taxes Actual Q3 Q4 Q1 Q2 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 Q3 Q4 Q1 Q2 2023
Industrial Production (%) -9.70 -8.5 -9 -6.5 1.3 1.6
Manufacturing Production (%) 5.90 1.8 2 3.4 2.5 3.4
Composite PMI (points) 52.30 52 53 52.7 53.4 53
Capacity Utilization (%) 55.80 53.1 52.8 53.4 54.1 54
Manufacturing PMI (points) 52.30 52 51.8 50.6 51.7 52
Mining Production (%) 27.50 7.5 10 2.7 4 5
Services PMI (points) 49.00 50.2 49.5 48.7 51 51

Consumer Actual Q3 Q4 Q1 Q2 2023
Consumer Spending (NGN Million) 14926584.44 14130197 15449015 15329602 15404235 15958832
Disposable Personal Income (NGN Million) 20014610.80 19345456 20715122 20555005 20655078 21398721
Private Sector Credit (NGN Million) 40193740.88 41500000 43000000 40500000 39000000 40500000
Gasoline Prices (USD/Liter) 0.46 0.48 0.5 0.51 0.53 0.54


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 Thursday, September 29, 2022.