Markets Actual Q2 Q3 Q4 Q1 2022
Currency 381.00 381 381 381 381 381
Stock Market (points) 38571.89 37805 36994 36198 35418 33857
Government Bond 10y (%) 11.79 11.95 12.11 12.27 12.44 12.77

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 9.70 -4 8 5.1 -15.3 4
GDP Annual Growth Rate (%) 0.11 6.5 3.2 2.5 2.4 2.3
Unemployment Rate (%) 33.30 31.9 32 32.5 30 28
Inflation Rate (%) 18.17 18.6 16 14 13 12
Interest Rate (%) 11.50 11.5 11.5 11.5 11.5 12
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 25
Balance of Trade (NGN Millions) -588676.84 -835000 -758000 840000 -570000 -540000
Current Account (USD Million) -3337.91 -4500 -2800 -3000 -1200 -2000
Current Account to GDP (%) -3.60 -2.5 -2.5 -2.5 -2.3 -2.3
Government Debt to GDP (%) 34.98 35.5 35.5 35.5 36 36
Government Budget (% of GDP) -3.80 -3.4 -3.4 -3.4 -3 -3
Business Confidence (points) -15.20 -6 -3 4 6 10
Consumer Confidence (points) -14.80 -18 -9 -7 4 8
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 24.00 24 24 24 24 24

GDP Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 9.70 -4 8 5.1 -15.3 4
GDP Annual Growth Rate (%) 0.11 6.5 3.2 2.5 2.4 2.3
GDP (USD Billion) 448.10 360 360 360 360 450
GDP Constant Prices (NGN Million) 19753163.95 17087407 18689103 20246993 20227240 20712674
Gross Fixed Capital Formation (NGN Million) 2296103.52 2445350 2369579 2353506 2351210 2407637
GDP per capita (USD) 2386.90 2300 2300 2300 2300 2450
GDP per capita PPP (USD) 5135.50 5100 5100 5100 5100 5250
GDP From Agriculture (NGN Million) 5268290.12 4173382 5659554 5399997 5394729 5524197
GDP From Construction (NGN Million) 679254.80 547082 591313 696236 695557 712250
GDP From Manufacturing (NGN Million) 1681421.10 1493739 1643160 1723457 1721775 1763096
GDP From Mining (NGN Million) 1147137.70 1511276 1605556 1175816 1174669 1202860
GDP From Public Administration (NGN Millions ) 435517.94 398855 393094 446406 445970 456673
GDP From Services (NGN Millions ) 7707176.57 6762972 6307798 7899856 7892149 8081553
GDP From Transport (NGN Millions ) 258748.42 126368 154059 265217 264958 271317
GDP From Utilities (NGN Million) 118494.67 124623 97558 121457 121339 124251

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 33.30 31.9 32 32.5 30 28
Population (Million) 206.14 210 210 211 211 216
Minimum Wages (NGN/Month) 30000.00 30000 30000 30000 30000 30000
Unemployed Persons (Thousand) 23187.00 27500 28100 27800 28300 29000
Youth Unemployment Rate (%) 53.40 54.4 52 53.5 52.8 53
Employed Persons (Thousand) 58527.00 58000 60000 65000 63500 68000
Employment Rate (%) 66.70 71 72 75 73 78

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 18.17 18.6 16 14 13 12
Consumer Price Index CPI (points) 372.50 371 387 383 406 454
Core Consumer Prices (points) 323.71 312 319 320 320 344
Core Inflation Rate (%) 12.67 10.7 10.5 10.2 10.2 8
Food Inflation (%) 22.95 24 18 15 14.3 13
Inflation Rate Mom (%) 1.56 1.5 1.4 1.4 1.2 1
CPI Transportation (points) 327.60 336 349 356 360 403

Money Actual Q2 Q3 Q4 Q1 2022
Interest Rate (%) 11.50 11.5 11.5 11.5 11.5 12
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 25
Money Supply M0 (NGN Million) 2779831.60 2950000 2770000 2680000 2640000 2440000
Money Supply M1 (NGN Million) 16551196.56 15850000 14150000 13050000 12850000 12650000
Money Supply M2 (NGN Million) 38230860.01 38700000 36500000 36000000 32000000 28000000
Foreign Exchange Reserves (USD Million) 34760.00 35000 35600 35400 35500 36000
Deposit Interest Rate (%) 3.13 2.74 2.74 10.19 2.74 3.24
Lending Rate (%) 11.21 11.35 11.35 16.51 11.35 11.85

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (NGN Millions) -588676.84 -835000 -758000 840000 -570000 -540000
Current Account (USD Million) -3337.91 -4500 -2800 -3000 -1200 -2000
Current Account to GDP (%) -3.60 -2.5 -2.5 -2.5 -2.3 -2.3
Imports (NGN Millions ) 1759720.29 1810000 1750000 1730000 1760000 1840000
Exports (NGN Millions ) 1171043.45 975000 992000 1160000 987000 1300000
Terms of Trade (points) 101.16 102 103 103 102 102
Foreign Direct Investment (USD Million) 427.76 700 1000 1200 800 680
Capital Flows (USD Million) 2663.65 -3600 3000 -2800 -900 -1000
Crude Oil Production (BBL/D/1K) 1429.00 1780 1780 1900 1900 1850
Remittances (USD Million) 3871.28 3800 4500 5000 5200 5500
Non Oil Exports (NGN Million) 291221.37 180000 220000 270000 230000 250000
Oil Exports (NGN Million) 879822.08 770000 845000 880000 860000 870000
External Debt (USD Million) 33348.08 35600 36000 36300 37000 38000

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (%) 34.98 35.5 35.5 35.5 36 36
Government Budget (% of GDP) -3.80 -3.4 -3.4 -3.4 -3 -3
Government Revenues (NGN Billion) 903.52 860 920 950 1000 1100
Military Expenditure (USD Million) 1876.00 1940 1940 2000 2000 2000
Government Spending (NGN Million) 2339712.81 2491794 2414584 2398206 2395866 2453364
Government Budget Value (NGN Billion) -1483.93 -1725 -1620 -487 -1700 -1400
Government Debt (USD Million) 86392.54 85400 86000 83000 79400 78500
Fiscal Expenditure (NGN Billion) 2387.46 2480 2350 2650 2300 2500

Taxes Actual Q2 Q3 Q4 Q1 2022
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 24.00 24 24 24 24 24
Sales Tax Rate (%) 7.50 7.5 7.5 7.5 7.5 7.5

Business Actual Q2 Q3 Q4 Q1 2022
Business Confidence (points) -15.20 -6 -3 4 6 10
Industrial Production (%) 1.60 -4 -6.5 2.7 1.8 2.5
Manufacturing Production (%) -1.30 -3 -5 -1.8 0.6 1.6
Manufacturing PMI (points) 49.60 48 49.5 50.3 51 52
Mining Production (%) 9.20 10 -12 5 10 7
Services PMI (points) 45.70 40 45 47 49 51
Composite PMI (points) 52.90 50.8 51.5 52 51.3 53
Capacity Utilization (%) 45.40 53 54 54 53.4 54

Consumer Actual Q2 Q3 Q4 Q1 2022
Consumer Confidence (points) -14.80 -18 -9 -7 4 8
Consumer Spending (NGN Million) 10240513.94 10906147 10568210 10496527 10486286 10737947
Disposable Personal Income (NGN Million) 17270557.89 18393144 17823216 17702322 17685051 18109475
Private Sector Credit (NGN Million) 30720797.93 30000000 29300000 29000000 27500000 28000000
Gasoline Prices (USD/Liter) 0.45 0.44 0.42 0.4 0.37 0.36


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.