Markets Actual Q2 Q3 Q4 Q1 2020
Currency 305.90 309 312 315 318 324
Stock Market (points) 30086.91 30688 30337 29992 29651 28978
Government Bond 10y (%) 14.47 14.36 14.48 14.59 14.7 14.93
Overview Actual Q2 Q3 Q4 Q1 2020
GDP Growth Rate (%) 5.30 2 3 4.5 -12.4 5
GDP Annual Growth Rate (%) 2.40 1.8 2.2 2.1 2 2.2
Unemployment Rate (%) 23.10 28 30 32 34 32.7
Inflation Rate (%) 11.25 11.2 11.9 12 12 11.7
Interest Rate (%) 13.50 13.5 13.5 13.5 13.5 13.75
Cash Reserve Ratio (%) 22.50 22.5 22.5 22 22 20
Balance of Trade (NGN Millions) 789468.78 1015000 910000 950000 700000 700000
Current Account to GDP (%) 2.00 1.5 1.5 1.5 0.9 0.9
Government Debt to GDP (%) 21.30 23 23 23 25 25
Government Budget (% of GDP) -5.10 -2.6 -2.6 -2.6 -2.3 -2.3
Business Confidence (Index Points) 28.20 23 24 26 26 26
Consumer Confidence (Index Points) 9.70 -8 -6 -2 3 3.2
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 2020
GDP Growth Rate (%) 5.30 2 3 4.5 -12.4 5
GDP Annual Growth Rate (%) 2.40 1.8 2.2 2.1 2 2.2
GDP (USD Billion) 375.77 500 500 500 690 690
GDP Constant Prices (NGN Million) 19041437.59 16729733 18280237 19441308 19422266 19869017
Gross Fixed Capital Formation (NGN Million) 2494431.00 2516881 2521870 2546814 2544320 2602844
GDP per capita (USD) 2412.41 2550 2550 2550 2690 2690
GDP per capita PPP (USD) 5338.45 5510 5510 5510 5600 5600
GDP From Agriculture (NGN Million) 4978775.48 3823828 5346511 5083330 5078351 5195163
GDP From Construction (NGN Million) 662431.53 754591 550215 676343 675680 691222
GDP From Manufacturing (NGN Million) 1686416.37 1553423 1616633 1721831 1720145 1759711
GDP From Mining (NGN Million) 1344156.80 1430836 1715269 1372384 1371040 1402577
GDP From Public Administration (NGN Millions ) 427538.21 383427 369562 436517 436089 446120
GDP From Services (NGN Millions ) 6068482.62 6388525 6135236 6195921 6189852 6332231
GDP From Transport (NGN Millions ) 277338.67 218299 223852 283163 282885 289392
GDP From Utilities (NGN Million) 104510.68 112812 105660 106705 106601 109053
Labour Actual Q2 Q3 Q4 Q1 2020
Unemployment Rate (%) 23.10 28 30 32 34 32.7
Population (Million) 190.89 198 198 196 201 201
Living Wage Family (NGN/Month) 137600.00 139900 139900 139900 139900 139900
Wages High Skilled (NGN/Month) 57200.00 57600 57600 57600 57600 58700
Wages Low Skilled (NGN/Month) 25500.00 25500 27500 27500 27500 28500
Prices Actual Q2 Q3 Q4 Q1 2020
Inflation Rate (%) 11.25 11.2 11.9 12 12 11.7
Consumer Price Index CPI (Index Points) 280.80 289 300 308 312 344
Core Consumer Prices (Index Points) 261.82 271 277 278 283 299
Food Inflation (%) 13.45 13.6 12 9.4 9.1 8.1
CPI Transportation (Index Points) 260.80 272 280 286 290 320
Money Actual Q2 Q3 Q4 Q1 2020
Interest Rate (%) 13.50 13.5 13.5 13.5 13.5 13.75
Cash Reserve Ratio (%) 22.50 22.5 22.5 22 22 20
Foreign Exchange Reserves (USD Million) 42330.00 48000 43600 43300 44000 48000
Deposit Interest Rate (%) 9.69 9.69 9.69 9.69 9.69 9.69
Lending Rate (%) 16.01 16.01 16.01 16.01 16.01 16.01
Trade Actual Q2 Q3 Q4 Q1 2020
Balance of Trade (NGN Millions) 789468.78 1015000 910000 950000 700000 700000
Current Account to GDP (%) 2.00 1.5 1.5 1.5 0.9 0.9
Crude Oil Production (BBL/D/1K) 1685.00 1550 1550 1500 1450 1400
Government Actual Q2 Q3 Q4 Q1 2020
Government Debt to GDP (%) 21.30 23 23 23 25 25
Government Budget (% of GDP) -5.10 -2.6 -2.6 -2.6 -2.3 -2.3
Government Spending (NGN Million) 795880.30 803043 804635 812594 811798 830471
Government Budget Value (NGN Billion) -397.17 -770 -708 -381 -381 -487
Taxes Actual Q2 Q3 Q4 Q1 2020
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 24.00 24 24 24 24 24
Sales Tax Rate (%) 5.00 5 5 5 5 5
Business Actual Q2 Q3 Q4 Q1 2020
Business Confidence (Index Points) 28.20 23 24 26 26 26
Industrial Production (%) -11.00 1 1.5 2 2.8 3.5
Manufacturing Pmi 57.40 57.2 56.4 62 59.6 58
Composite Pmi 53.60 54.4 55.7 56 54 54.5
Services Pmi 58.50 59.3 58.6 51.69 59.5 60.4
Consumer Actual Q2 Q3 Q4 Q1 2020
Consumer Confidence (Index Points) 9.70 -8 -6 -2 3 3.2
Consumer Spending (NGN Million) 11018143.01 11117306 11139343 11249524 11238506 11497014
Gasoline Prices (USD/Liter) 0.47 0.45 0.44 0.43 0.42 0.42


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.