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.
Indications of a sustained expansion are positive, but we still have not seen signs of a robust recovery similar to that observed in more developed markets. Long-standing issues plaguing the monetary sector (external liquidity constraints and elevated inflation) will have to be addressed for the recovery to gain additional traction. Still, the 2021 Q1 GDP print surprised to the upside, and we now expect a 3.1% GDP expansion this year. (Source: Nigeria Quarterly Update, published June 2021)
Macroeconomic Data
(2020)
|
Fiscal Balance (as a % of GDP) |
-7.7 |
|
Consumer Price Index (% change y-o-y, avg) |
13.2 |
|
Current Account Balance (as a % of GDP) |
-4.2 |
|
Real GDP (annual % change) |
-1.8 |
|
GDP per Capita, US$ |
1,955.5 |
|
Import Cover (months) |
5.71 |
|
Population, million |
206.1 |
| Total External Debt (as a % of GDP) |
15.9 |