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..
GDP growth slowed for a second-consecutive quarter, falling from 2.1% y-o-y in Q1 to 1.9% y-o-y in Q2. Oil output rebounded strongly, but the non-oil economy lost significant traction. Aside from the ICT and transport subsectors still recording robust growth, there is little else to be optimistic about at present given low-trending oil prices, slow implementation of the minimum wage, and declining reserves limiting the potential for monetary policy to be eased significantly. In line with reserves remaining on a downward trend, the risk of additional FX restrictions being imposed has increased. (Source: Nigeria Annual Country Profile, published September 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) |
7.2 |
|
Population, million |
196.1 |
| Total External Debt (as a % of GDP) |
12.7 |