Nigeria
Markedly lower oil prices placed the Nigerian economy under immense pressure and an ineffective policy response failed to provide support. Economic activity has started to gain some traction, but oil prices trending lower again now threaten to derail the still-fragile rebound..
The economy was slow out of the blocks at the start of 2019, but activity should firm gradually as the year progresses. Oil production looks set to rise slightly as new capacity comes online, while consumer demand will get a boost from the higher minimum wage and lower interest rates. On the monetary front, inflation has trended mostly sideways, but risks to the outlook are tilted slightly to the upside. Lower oil prices, meanwhile, will again add pressure on Nigeria’s external and fiscal accounts. (Source: Nigeria Quarterly Update, published June 2019.)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-4.5 |
|
Consumer Price Index (% change y-o-y, avg) |
12.1 |
|
Current Account Balance (as a % of GDP) |
1.4 |
|
Real GDP (annual % change) |
1.9 |
|
GDP per Capita, US$ |
1,895.8 |
|
Import Cover (months) |
9.3 |
|
Population, million |
196.1 |
| Total External Debt (as a % of GDP) |
12.7 |