Markets Actual Q3 Q4 Q1 Q2 2022
Currency 411.00 414 416 419 421 426
Stock Market (points) 37947.18 37618 36712 35826 34962 33298
Government Bond 10y (%) 12.65 13.2 13.77 14.37 14.98 16.31

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) -13.90 8 5.1 -15.3 -15.3 4
GDP Annual Growth Rate (%) 0.51 3.2 2.5 2.4 2.2 2.3
Unemployment Rate (%) 33.30 32 32.5 30 28 28
Inflation Rate (%) 17.75 17 14 13 12.5 12
Interest Rate (%) 11.50 12 12 12.5 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 -758000 840000 840000 -773000 -600000
Current Account (USD Million) -1750.60 -3400 -6200 -3700 -2700 -5700
Current Account to GDP (% of GDP) -4.20 -2.7 -2.7 -2.3 -2.3 -2.3
Government Debt to GDP (% of GDP) 34.98 35.5 35.5 36 36 36
Government Budget (% of GDP) -3.80 -4 -4 -3.7 -3.7 -3.7
Business Confidence (points) -15.20 -5 4 6 10 12
Consumer Confidence (points) -14.80 -12 -7 4 6 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 2022
GDP Growth Rate (%) -13.90 8 5.1 -15.3 -15.3 4
GDP Annual Growth Rate (%) 0.51 3.2 2.5 2.4 2.2 2.3
GDP (USD Billion) 432.30 440 440 445 445 445
GDP Constant Prices (NGN Million) 16826890.29 16820012 20345873 20038902 17230736 20499796
Gross Fixed Capital Formation (NGN Million) 2944319.35 2429278 2665312 3017927 3014983 3087340
GDP per capita (USD) 2273.22 2300 2300 2300 2300 2450
GDP per capita PPP (USD) 4916.72 5100 5100 5100 5100 5250
GDP From Agriculture (NGN Million) 3760880.60 4145951 5319847 5399997 3851142 5524197
GDP From Construction (NGN Million) 692520.88 543487 707811 696236 709141 712250
GDP From Manufacturing (NGN Million) 1670393.69 1483921 1801944 1723457 1710483 1763096
GDP From Mining (NGN Million) 1556073.55 1501343 1436238 1175816 1593419 1202860
GDP From Public Administration (NGN Millions ) 278241.06 396233 456827 446406 284919 456673
GDP From Services (NGN Millions ) 6836847.32 6718521 6484205 7899856 7000932 8081553
GDP From Transport (NGN Millions ) 231805.43 125537 296338 265217 237369 271317
GDP From Utilities (NGN Million) 394015.61 123804 111670 121457 403472 124251

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 33.30 32 32.5 30 28 28
Population (Million) 206.14 210 211 211 211 216
Minimum Wages (NGN/Month) 30000.00 30000 30000 30000 30000 30000
Unemployed Persons (Thousand) 23187.00 28100 27800 28300 27400 27500
Youth Unemployment Rate (%) 53.40 52 53.5 52.8 53.1 53
Employed Persons (Thousand) 58527.00 60000 65000 63500 63500 68000
Employment Rate (%) 66.70 70 72 71.7 73 74

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 17.75 17 14 13 12.5 12
Consumer Price Index CPI (points) 384.00 397 406 421 432 454
Core Consumer Prices (points) 333.64 343 346 358 367 377
Core Inflation Rate (%) 13.09 13 10.6 10.6 10 9
Food Inflation (%) 21.83 18 15 14.3 13.7 13
Inflation Rate Mom (%) 1.06 1.4 1.4 1.2 1.3 1.2
CPI Transportation (points) 338.50 356 360 370 381 403

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) 11.50 12 12 12.5 12.5 12.5
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 25
Money Supply M0 (NGN Million) 2741262.67 2770000 2680000 2640000 2400000 2400000
Money Supply M1 (NGN Million) 16016754.46 14850000 13050000 12850000 12500000 12600000
Money Supply M2 (NGN Million) 38759139.29 36500000 36000000 32000000 31500000 28000000
Foreign Exchange Reserves (USD Million) 33330.00 32600 34400 35500 35200 36000
Deposit Interest Rate (%) 3.05 3.05 10.19 3.55 4.05 4.05
Lending Rate (%) 11.13 11.13 16.51 11.63 12.13 12.13

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (NGN Millions) -1123289.91 -758000 840000 840000 -773000 -600000
Current Account (USD Million) -1750.60 -3400 -6200 -3700 -2700 -5700
Current Account to GDP (% of GDP) -4.20 -2.7 -2.7 -2.3 -2.3 -2.3
Imports (NGN Millions ) 2193557.03 2100000 1850000 1760000 1730000 1800000
Exports (NGN Millions ) 1070267.12 1050000 1160000 987000 995000 1200000
Terms of Trade (points) 100.04 103 103 102 102 102
Foreign Direct Investment (USD Million) 2138.38 460 700 1000 850 900
Capital Flows (USD Million) 7886.98 3600 -2800 -900 3000 -1000
Crude Oil Production (BBL/D/1K) 1313.00 1780 1900 1900 1900 1850
Remittances (USD Million) 4071.91 4500 5000 5200 5400 5500
Non Oil Exports (NGN Million) 405369.81 220000 230000 225000 235000 240000
Oil Exports (NGN Million) 664897.32 845000 860000 810000 830000 830000
External Debt (USD Million) 32859.99 37000 40000 38700 39100 39000

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 34.98 35.5 35.5 36 36 36
Government Budget (% of GDP) -3.80 -4 -4 -3.7 -3.7 -3.7
Government Revenues (NGN Billion) 903.52 950 1200 870 930 1100
Military Expenditure (USD Million) 2403.00 1940 2000 2000 2000 2000
Government Spending (NGN Million) 1409720.94 2475416 850402 1444964 1443554 1478198
Government Budget Value (NGN Billion) -1483.93 -1620 -487 -1450 -1430 -1400
Government Debt (USD Million) 87239.12 86200 86500 85300 84700 85000
Fiscal Expenditure (NGN Billion) 2387.46 2350 2650 2300 2450 2500

Taxes Actual Q3 Q4 Q1 Q2 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 Q3 Q4 Q1 Q2 2022
Business Confidence (points) -15.20 -5 4 6 10 12
Industrial Production (%) 1.60 9.5 2.7 1.8 2.5 3
Manufacturing Production (%) -1.30 9 2 0.6 1.3 1.6
Manufacturing PMI (points) 49.00 49.5 50.3 51 51 52
Mining Production (%) 9.20 14 8 4 2 3
Services PMI (points) 47.30 45 47 49 51 51
Composite PMI (points) 53.60 53 52 51.3 52.5 53
Capacity Utilization (%) 45.40 52 54 53.6 54.4 55

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Confidence (points) -14.80 -12 -7 4 6 8
Consumer Spending (NGN Million) 14347658.52 8901286 11772942 14706350 14692002 15044596
Disposable Personal Income (NGN Million) 20329672.71 18272250 21888961 20837915 20817585 21317187
Private Sector Credit (NGN Million) 32638184.62 29300000 29000000 27500000 26800000 27000000
Gasoline Prices (USD/Liter) 0.43 0.41 0.39 0.37 0.35 0.33


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.