In-Depth Analysis
Nigeria
Nigeria again finds itself in the midst of oil price and production shocks, with the situation being exacerbated by Covid-19 and the measures imposed to curb the spread of the virus. This will hold major adverse economic consequences, with a fragile recovery to follow.
The economy reflected a less severe slowdown during the second quarter, suggesting that GDP may not contract by as much as previously anticipated in 2020. However, the economic rebound will likely be gradual, with various factors contributing to a more challenging outlook. These factors relate to a tightening in FX liquidity, a decline in oil output as Nigeria reflects stronger-than-anticipated compliance with Opec+ production cuts, in addition to mounting inflationary pressures which will weigh on consumer demand. (Source: Nigeria Quarterly Update, published September 2020.)
Macroeconomic Data
(2019)
|
Fiscal Balance (as a % of GDP) |
-4.8 |
|
Consumer Price Index (% change y-o-y, avg) |
11.4 |
|
Current Account Balance (as a % of GDP) |
-4.2 |
|
Real GDP (annual % change) |
2.2 |
|
GDP per Capita, US$ |
2,004.4 |
|
Import Cover (months) |
4.3 |
|
Population, million |
201.1 |
| Total External Debt (as a % of GDP) |
12.4 |