Markets Actual Q3 Q4 Q1 Q2 2020
Currency 306.45 306 306 306 306 306
Stock Market (points) 27117.22 27078 26746 26420 26099 25465
Government Bond 10y (%) 14.32 13.84 13.96 14.07 14.18 14.41
Overview Actual Q3 Q4 Q1 Q2 2020
GDP Growth Rate (%) -13.77 3 4.5 -12.4 2.4 5
GDP Annual Growth Rate (%) 2.01 2 2.3 1.9 2.1 2.3
Unemployment Rate (%) 23.10 25.7 26.5 27.3 27.6 30
Inflation Rate (%) 11.08 11.2 11.4 11.2 11 11
Interest Rate (%) 13.50 13 13 13 13 13
Cash Reserve Ratio (%) 22.50 22.5 22 22 22 20
Balance of Trade (NGN Millions) 450034.62 910000 950000 700000 460000 700000
Current Account to GDP (%) 3.70 1.5 1.5 0.9 0.9 0.9
Government Debt to GDP (%) 21.30 23 23 25 25 25
Government Budget (% of GDP) -5.10 -2.6 -2.6 -2.3 -2.3 -2.3
Business Confidence (Index Points) 29.70 26 32 32 36 35
Consumer Confidence (Index Points) 1.20 -6 -2 3 5 3.2
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 24.00 24 24 24 24 24
GDP Actual Q3 Q4 Q1 Q2 2020
GDP Growth Rate (%) -13.77 3 4.5 -12.4 2.4 5
GDP Annual Growth Rate (%) 2.01 2 2.3 1.9 2.1 2.3
GDP (USD Billion) 397.30 500 500 690 690 690
GDP Constant Prices (NGN Million) 16555183.90 18671229 19721028 16869732 16902843 20174611
Gross Fixed Capital Formation (NGN Million) 2742192.51 2797036 2805263 2794294 2799779 2869784
GDP per capita (USD) 2396.30 2450 2450 2590 2590 2590
GDP per capita PPP (USD) 5315.82 5510 5510 5600 5600 5600
GDP From Agriculture (NGN Million) 3597916.08 5394106 5093287 3666276 3673472 5210433
GDP From Construction (NGN Million) 671448.37 555113 677667 684206 685549 693254
GDP From Manufacturing (NGN Million) 1608461.83 1631024 1725204 1639023 1642240 1764884
GDP From Mining (NGN Million) 1500081.65 1730539 1375072 1528583 1531583 1406699
GDP From Public Administration (NGN Millions ) 307550.32 372851 437372 313394 314009 447431
GDP From Services (NGN Millions ) 6259209.21 6189852 7361518 7332734 7347126 7530833
GDP From Transport (NGN Millions ) 288637.00 225845 283717 294121 294698 290243
GDP From Utilities (NGN Million) 64825.41 106601 130666 66057 66187 133672
Labour Actual Q3 Q4 Q1 Q2 2020
Unemployment Rate (%) 23.10 25.7 26.5 27.3 27.6 30
Population (Million) 190.89 198 196 201 201 201
Living Wage Family (NGN/Month) 137600.00 139900 139900 139900 139900 139900
Wages High Skilled (NGN/Month) 57200.00 57600 57600 57600 57600 58700
Wages Low Skilled (NGN/Month) 25500.00 27500 27500 27500 27500 28500
Prices Actual Q3 Q4 Q1 Q2 2020
Inflation Rate (%) 11.08 11.2 11.4 11.2 11 11
Consumer Price Index CPI (Index Points) 292.60 298 306 312 322 340
Core Consumer Prices (Index Points) 269.95 275 279 285 290 302
Food Inflation (%) 13.39 13.5 12.4 12 11.7 11.4
CPI Transportation (Index Points) 268.50 278 285 290 296 316
Money Actual Q3 Q4 Q1 Q2 2020
Interest Rate (%) 13.50 13 13 13 13 13
Cash Reserve Ratio (%) 22.50 22.5 22 22 22 20
Foreign Exchange Reserves (USD Million) 44940.00 43600 43300 45000 46400 47500
Deposit Interest Rate (%) 9.48 9.48 9.48 9.48 9.48 9.48
Lending Rate (%) 15.33 15.33 15.33 15.33 15.33 15.33
Trade Actual Q3 Q4 Q1 Q2 2020
Balance of Trade (NGN Millions) 450034.62 910000 950000 700000 460000 700000
Current Account to GDP (%) 3.70 1.5 1.5 0.9 0.9 0.9
Crude Oil Production (BBL/D/1K) 1948.00 1550 1500 1450 1450 1400
Government Actual Q3 Q4 Q1 Q2 2020
Government Debt to GDP (%) 21.30 23 23 25 25 25
Government Budget (% of GDP) -5.10 -2.6 -2.6 -2.3 -2.3 -2.3
Government Spending (NGN Million) 842195.49 859039 861566 858197 859882 881382
Government Budget Value (NGN Billion) -398.22 -708 -381 -381 -130 -487
Taxes Actual Q3 Q4 Q1 Q2 2020
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 24.00 24 24 24 24 24
Sales Tax Rate (%) 5.00 5 5 5 5 5
Business Actual Q3 Q4 Q1 Q2 2020
Business Confidence (Index Points) 29.70 26 32 32 36 35
Industrial Production (%) -10.50 2 -4.8 2.4 3 -3.5
Manufacturing Pmi 57.60 57.6 62 59.6 58.8 58
Composite Pmi 54.60 53.7 54 54.4 54.7 54.5
Services Pmi 58.70 58.6 51.69 59.5 60.2 60.4
Consumer Actual Q3 Q4 Q1 Q2 2020
Consumer Confidence (Index Points) 1.20 -6 -2 3 5 3.2
Consumer Spending (NGN Million) 10134919.77 10337618 10368023 10327483 10347753 10606487
Gasoline Prices (USD/Liter) 0.47 0.46 0.45 0.43 0.42 0.42


This page has economic forecasts for Nigeria including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Nigeria economy.