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 second wave of Covid-19 cases has firmly taken hold in Nigeria, and while we have not seen a tightening in restrictions similar to that observed in Europe, the flare-up in cases will still hamper the economic recovery. Meanwhile, price inflation remains at uncomfortable levels and the Central Bank of Nigeria could be compelled to increase interest rates this year. The structural fragilities of Nigerian fiscal finances have been laid bare by the oil price slump, while external liquidity conditions remain tight, hampering trade and inflating prices. (Source: Nigeria Quaterly Update, published March 2021)
Macroeconomic Data
(2020)
|
Fiscal Balance (as a % of GDP) |
-6.9 |
|
Consumer Price Index (% change y-o-y, avg) |
13. |
|
Current Account Balance (as a % of GDP) |
-3.3 |
|
Real GDP (annual % change) |
-1.8 |
|
GDP per Capita, US$ |
1,956.5 |
|
Import Cover (months) |
5.9 |
|
Population, million |
206.1 |
| Total External Debt (as a % of GDP) |
15.6 |