Markets Actual Q1 Q2 Q3 Q4 2020
Currency 306.88 309 315 320 325 336
Stock Market (points) 30736.88 30879 30494 30112 29734 28997
Government Bond 10y (%) 15.12 15.62 15.74 15.86 15.98 16.22
Overview Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 9.50 -13.1 2 3 5.8 4.5
GDP Annual Growth Rate (%) 1.81 2 3 3.2 3 3.5
Unemployment Rate (%) 23.10 17.2 17.3 17.4 17.5 15
Inflation Rate (%) 11.44 11.5 11.2 11.9 12.3 11.2
Interest Rate (%) 14.00 14 15 16 16 15
Cash Reserve Ratio (%) 22.50 22.5 22.5 22.5 22 20
Balance of Trade (NGN Millions) 805238.49 787497 787656 787742 -20600 -17600
Current Account to GDP (%) 2.00 3.2 3.2 3.2 3.2 4.4
Government Debt to GDP (%) 21.30 23 23 23 23 25
Government Budget (% of GDP) -5.10 -2.6 -2.6 -2.6 -2.6 -2.3
Business Confidence (Index Points) 30.50 25.46 25.96 25.98 12 15
Consumer Confidence (Index Points) 9.70 4.68 -8 -6 -2 3.23
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 24.00 24 24 24 24 24
GDP Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 9.50 -13.1 2 3 5.8 4.5
GDP Annual Growth Rate (%) 1.81 2 3 3.2 3 3.5
GDP (USD Billion) 375.77 500 500 500 500 690
GDP Constant Prices (NGN Million) 16580508.10 16267802 16829216 16845796 17077923 17675651
Gross Fixed Capital Formation (NGN Million) 2494431.00 2519375 2531847 2534342 2569264 2659188
GDP per capita (USD) 2412.41 2550 2550 2550 2550 2690
GDP per capita PPP (USD) 5338.45 5510 5510 5510 5510 5600
GDP From Agriculture (NGN Million) 5288339.21 3522186 3846566 5372953 5446989 5637634
GDP From Construction (NGN Million) 544228.74 663783 770296 561644 560556 580175
GDP From Manufacturing (NGN Million) 1599043.51 1611519 1562660 1624628 1647015 1704660
GDP From Mining (NGN Million) 1696606.69 1578061 1460615 1750898 1747505 1808668
GDP From Public Administration (NGN Millions ) 365540.65 365666 391407 377238 376507 389685
GDP From Services (NGN Millions ) 6067614.53 6128291 6158629 6164696 6249643 6468380
GDP From Transport (NGN Millions ) 221416.44 243950 219597 224959 228059 236041
GDP From Utilities (NGN Million) 111806.01 61638 113483 113595 115160 119191
Labour Actual Q1 Q2 Q3 Q4 2020
Unemployment Rate (%) 23.10 17.2 17.3 17.4 17.5 15
Population (Million) 190.89 198 198 198 198 200
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 25500 27500 27500 28500
Prices Actual Q1 Q2 Q3 Q4 2020
Inflation Rate (%) 11.44 11.5 11.2 11.9 12.3 11.2
Consumer Price Index CPI (Index Points) 274.60 281 292 302 306 340
Core Consumer Prices (Index Points) 256.68 263 271 277 277 297
Food Inflation (%) 13.56 13.5 12.5 12 9.4 8.1
CPI Transportation (Index Points) 255.40 265 274 281 285 317
Money Actual Q1 Q2 Q3 Q4 2020
Interest Rate (%) 14.00 14 15 16 16 15
Cash Reserve Ratio (%) 22.50 22.5 22.5 22.5 22 20
Foreign Exchange Reserves (USD Million) 43230.00 41024 40510 40176 56000 57000
Deposit Interest Rate (%) 9.41 9.47 9.22 8.97 8.47 8.47
Lending Rate (%) 16.53 16.53 16.28 16.03 15.53 15.53
Trade Actual Q1 Q2 Q3 Q4 2020
Balance of Trade (NGN Millions) 805238.49 787497 787656 787742 -20600 -17600
Current Account to GDP (%) 2.00 3.2 3.2 3.2 3.2 4.4
Terms of Trade (Index Points) 109.20 98.74 98.74 98.74 102 107
Crude Oil Production (BBL/D/1K) 1797.00 1800 1800 1820 1800 1900
Government Actual Q1 Q2 Q3 Q4 2020
Government Debt to GDP (%) 21.30 23 23 23 23 25
Government Budget (% of GDP) -5.10 -2.6 -2.6 -2.6 -2.6 -2.3
Government Spending (NGN Million) 795880.30 811798 819757 821348 819757 848448
Government Budget Value (NGN Billion) -397.17 -457 -770 -708 -381 -487
Taxes Actual Q1 Q2 Q3 Q4 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 Q1 Q2 Q3 Q4 2020
Business Confidence (Index Points) 30.50 25.46 25.96 25.98 12 15
Industrial Production (%) -11.00 -6.58 1 1.5 2 3.5
Manufacturing Pmi 61.10 57.47 57.45 57.37 54 51.3
Composite Pmi 55.00 54.98 54.96 54.95 54 53
Services Pmi 62.30 57.8 57.87 57.89 51.69 52.75
Consumer Actual Q1 Q2 Q3 Q4 2020
Consumer Confidence (Index Points) 9.70 4.68 -8 -6 -2 3.23
Consumer Spending (NGN Million) 11018143.01 11128324 11183415 11194433 11348687 11745891
Gasoline Prices (USD/Liter) 0.48 0.45 0.44 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.