In-Depth Analysis
Nigeria
Low oil prices continue to place the Nigerian economy under pressure and a weak policy response has only served to make matters worse. The economy is gradually gaining some traction, but the rebound remains fragile and downside risks are significant.
The economy held up relatively well during the first quarter, but lockdowns coming into effect and oil prices trending sharply lower set the scene for a sharp contraction in Q2. The outlook is also especially challenging, with lower oil prices and softer production contributing to tighter FX liquidity. Foreign exchange shortages and elevated inflation will hinder the rebound in demand during H2. Nigeria’s Covid-19 cases have also continued to rise steadily, raising the risk of a prolonged battle with the disease with longer adverse economic implications. (Source: Nigeria Quarterly Update, published June 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) |
4.5 |
|
Population, million |
201.1 |
| Total External Debt (as a % of GDP) |
12.4 |