Markets Actual Q4 Q1 Q2 Q3 2022
Currency 409.91 412 415 417 420 425
Stock Market (points) 41438.15 39932 39017 38126 37252 35564
Government Bond 10y (%) 11.97 12.44 12.91 13.39 13.89 14.94

Overview Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) -13.90 5.1 -13.5 3 9.1 4
GDP Annual Growth Rate (%) 5.00 3.8 2.7 3 2.8 2.7
Unemployment Rate (%) 33.30 32.5 31.8 31.5 31.8 32
Inflation Rate (%) 16.63 13 10 9 7.5 7
Interest Rate (%) 11.50 11.5 12.5 12.5 12.5 12.5
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 25
Balance of Trade (NGN Millions) -679470.20 840000 -340000 -305000 -315000 -200000
Current Account (USD Million) -1750.60 -4800 -2500 -3600 -4000 -4000
Current Account to GDP (% of GDP) -4.20 -2.7 -2.4 -2.4 -2.4 -2.4
Government Debt to GDP (% of GDP) 34.98 35.5 36 36 36 36
Government Budget (% of GDP) -3.80 -4 -3.7 -3.7 -3.7 -3.7
Business Confidence (points) -15.20 4 6 10 15 15
Consumer Confidence (points) -14.80 -7 3 6 9 9
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 24.00 24 24 24 24 24

GDP Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) -13.90 5.1 -13.5 3 9.1 4
GDP Annual Growth Rate (%) 5.00 3.8 2.7 3 2.8 2.7
GDP (USD Billion) 432.30 440 445 445 445 445
GDP Constant Prices (NGN Million) 16694666.15 20345873 20293054 17281216 17195506 20840966
Gross Fixed Capital Formation (NGN Million) 2944319.35 2665312 3056203 3023816 3032649 3138721
GDP per capita (USD) 2273.22 2300 2300 2300 2300 2450
GDP per capita PPP (USD) 4916.72 5100 5100 5100 5100 5250
GDP From Agriculture (NGN Million) 3969697.16 5319847 5468485 3862424 4088788 5616134
GDP From Construction (NGN Million) 532693.68 707811 705066 711219 548674 724103
GDP From Manufacturing (NGN Million) 1451511.22 1801944 1745315 1715494 1495057 1792439
GDP From Mining (NGN Million) 1239461.07 1436238 1190729 1598088 1276645 1222879
GDP From Public Administration (NGN Millions ) 368209.62 456827 452068 285754 379256 464273
GDP From Services (NGN Millions ) 6694697.46 6484205 8000049 6690055 6895538 8216051
GDP From Transport (NGN Millions ) 209788.41 296338 268581 238064 216082 275833
GDP From Utilities (NGN Million) 183591.69 111670 122997 73267 189099 126318

Labour Actual Q4 Q1 Q2 Q3 2022
Unemployment Rate (%) 33.30 32.5 31.8 31.5 31.8 32
Population (Million) 206.14 211 211 211 211 216
Minimum Wages (NGN/Month) 30000.00 30000 30000 30000 30000 30000
Unemployed Persons (Thousand) 23187.00 27800 28300 27400 26800 27300
Youth Unemployment Rate (%) 53.40 53.5 52.8 53.1 53 53
Employed Persons (Thousand) 46488.00 60000 62000 64400 66000 65500
Employment Rate (%) 66.70 73.6 74 74.6 75 75

Prices Actual Q4 Q1 Q2 Q3 2022
Inflation Rate (%) 16.63 13 10 9 7.5 7
Consumer Price Index CPI (points) 396.00 402 410 419 426 430
Core Consumer Prices (points) 344.80 346 358 367 379 377
Core Inflation Rate (%) 13.74 10.6 10.6 10 10 9
Food Inflation (%) 19.57 14 10 8 6 6
Inflation Rate Mom (%) 1.02 0.8 0.6 0.5 0.3 0.4
CPI Transportation (points) 349.80 353 355 356 358 359

Money Actual Q4 Q1 Q2 Q3 2022
Interest Rate (%) 11.50 11.5 12.5 12.5 12.5 12.5
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 25
Money Supply M0 (NGN Million) 2778706.01 2680000 2640000 2500000 2440000 2400000
Money Supply M1 (NGN Million) 16408026.85 16050000 15880000 15650000 15300000 15000000
Money Supply M2 (NGN Million) 40744532.18 38800000 38500000 36500000 3400000 34000000
Foreign Exchange Reserves (USD Million) 33660.00 35000 35300 34800 35100 36000
Deposit Interest Rate (%) 4.80 4.8 5.8 5.8 5.8 5.8
Lending Rate (%) 11.62 11.62 12.62 12.62 12.62 12.62

Trade Actual Q4 Q1 Q2 Q3 2022
Balance of Trade (NGN Millions) -679470.20 840000 -340000 -305000 -315000 -200000
Current Account (USD Million) -1750.60 -4800 -2500 -3600 -4000 -4000
Current Account to GDP (% of GDP) -4.20 -2.7 -2.4 -2.4 -2.4 -2.4
Imports (NGN Millions ) 2482178.50 1850000 1780000 1700000 1650000 1700000
Exports (NGN Millions ) 1802708.30 1510000 1475000 1385000 1550000 1500000
Terms of Trade (points) 100.04 103 102 102 102 102
Foreign Direct Investment (USD Million) 2138.38 400 1300 700 920 900
Capital Flows (USD Million) 7886.98 -2800 -1600 3000 5000 -1000
Crude Oil Production (BBL/D/1K) 1247.00 1900 1900 1900 1900 1850
Remittances (USD Million) 4278.12 5000 5200 5400 5600 5600
Non Oil Exports (NGN Million) 375013.81 325000 297000 288500 260000 270000
Oil Exports (NGN Million) 1427694.48 1300000 895000 870000 1100000 890000
External Debt (USD Million) 32859.99 45000 44500 45300 45500 46000

Government Actual Q4 Q1 Q2 Q3 2022
Government Debt to GDP (% of GDP) 34.98 35.5 36 36 36 36
Government Budget (% of GDP) -3.80 -4 -3.7 -3.7 -3.7 -3.7
Government Revenues (NGN Billion) 903.52 1050 870 930 980 1000
Military Expenditure (USD Million) 2403.00 2000 2000 2000 2000 2000
Government Spending (NGN Million) 1409720.94 850402 1463290 1447783 1452013 1502799
Government Budget Value (NGN Billion) -1483.93 -487 -1450 -1510 -1520 -1600
Government Debt (USD Million) 87239.12 90000 89300 90100 91000 91000
Fiscal Expenditure (NGN Billion) 2387.46 2500 2380 2450 2600 2600

Taxes Actual Q4 Q1 Q2 Q3 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 Q4 Q1 Q2 Q3 2022
Business Confidence (points) -15.20 4 6 10 15 15
Industrial Production (%) 1.60 2 1.8 2.5 3.2 3
Manufacturing Production (%) -1.30 1 0.7 1.3 2 1.6
Manufacturing PMI (points) 46.90 50.3 49.7 50.1 51 51
Mining Production (%) 9.20 8 -2.1 3 12 6
Services PMI (points) 46.90 47.4 49 51 49.7 51
Composite PMI (points) 52.30 52.4 51.3 52 53 53
Capacity Utilization (%) 45.40 54 53.6 54 54.5 55

Consumer Actual Q4 Q1 Q2 Q3 2022
Consumer Confidence (points) -14.80 -7 3 6 9 9
Consumer Spending (NGN Million) 14347658.52 11772942 14892870 14735045 14778088 15294977
Disposable Personal Income (NGN Million) 20329672.71 21888961 21102200 20878574 20939563 21671960
Private Sector Credit (NGN Million) 33359191.72 32300000 30500000 30200000 29800000 27500000
Gasoline Prices (USD/Liter) 0.40 0.38 0.36 0.34 0.33 0.31


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.