In-Depth Analysis
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 ended 2018 on a firmer footing, with encouraging signs of the recovery gradually becoming more broad-based. Survey figures also suggest the rebound has not lost much momentum at the start of 2019. Rising oil production and stronger demand lifting non-oil activity represent key growth drivers. Relatively tight monetary policy could curb consumption to an extent, but the introduction of a new minimum wage should provide a boost. That said, lower oil prices leading to FX pressures and disruptions to oil flows due to sabotage or theft could weigh on economic activity. (Source: Nigeria Quarterly Update, published March 2019.)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-4.8 |
|
Consumer Price Index (% change y-o-y, avg) |
12.1 |
|
Current Account Balance (as a % of GDP) |
1.3 |
|
Real GDP (annual % change) |
1.9 |
|
GDP per Capita, US$ |
1,896 |
|
Import Cover (months) |
9.3 |
|
Population, million |
196.2 |
| Total External Debt (as a % of GDP) |
12.7 |