In-Depth Analysis
Nigeria
Low oil prices continue to place the Nigerian economy under pressure and a weak policy response has only served to make matters worse. The economy is gradually gaining some traction, but the rebound remains fragile and downside risks are significant.
The ramifications of the coronavirus will hold severe adverse implications for the global economy, and Nigeria will not escape unscathed. The impact of a marked decline in global demand for oil has now been exacerbated by OPEC+ failing to reach an agreement. Markedly lower oil prices will affect the economy through various channels, including tighter FX liquidity, rising inflation, falling investment, lower fiscal expenditure and easing consumption growth. However, the situation can still be much worse if the domestic impact of the coronavirus is more severe. (Source: Nigeria Quarterly Update, published March 2020.)
Macroeconomic Data
(2019)
|
Fiscal Balance (as a % of GDP) |
-4.8 |
|
Consumer Price Index (% change y-o-y, avg) |
11.4 |
|
Current Account Balance (as a % of GDP) |
-2.5 |
|
Real GDP (annual % change) |
2.2 |
|
GDP per Capita, US$ |
2,004.4 |
|
Import Cover (months) |
5.1 |
|
Population, million |
201.1 |
| Total External Debt (as a % of GDP) |
12.6 |