Markets Actual Q3 Q4 Q1 Q2 2021
Currency 380.80 381 381 381 381 381
Stock Market (points) 25027.61 24503 23978 23462 22956 21944
Government Bond 10y (%) 9.08 9.2 9.33 9.45 9.58 9.84

Overview Actual Q3 Q4 Q1 Q2 2021
GDP Growth Rate (%) -14.30 1.2 2.2 -15.5 2.6 5.1
GDP Annual Growth Rate (%) 1.87 -7 -8.6 0.6 1 1.7
Unemployment Rate (%) 23.10 31.5 31.8 31.5 31.9 32
Inflation Rate (%) 12.56 13.5 13 12.7 12.5 12.5
Interest Rate (%) 12.50 12 12 12 11.5 11.5
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 27.5
Balance of Trade (NGN Millions) -162246.25 700000 200000 100000 450000 300000
Current Account (USD Million) -4881.73 -3100 -4000 -4500 -4800 -4700
Current Account to GDP (%) -3.60 -3.9 -3.9 -2.5 -2.5 -2.5
Government Debt to GDP (%) 17.50 55 55 40 40 40
Government Budget (% of GDP) -3.40 -6.5 -6.5 -5.6 -5.6 -5.6
Business Confidence (points) -7.90 -10 -7 5 15 20
Consumer Confidence (points) -29.20 -4 -3.7 2 3.5 4
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 2021
GDP Growth Rate (%) -14.30 1.2 2.2 -15.5 2.6 5.1
GDP Annual Growth Rate (%) 1.87 -7 -8.6 0.6 1 1.7
GDP (USD Billion) 448.10 250 250 360 360 360
GDP Constant Prices (NGN Million) 16893269.79 18042917 18052354 16994629 17062202 18359244
Gross Fixed Capital Formation (NGN Million) 2976480.11 2475696 2720503 2994339 3006245 2766751
GDP per capita (USD) 2386.90 2250 2250 2300 2300 2300
GDP per capita PPP (USD) 5135.50 4900 4900 5100 5100 5100
GDP From Agriculture (NGN Million) 3677153.49 5219665 4655901 3699216 3713925 4735051
GDP From Construction (NGN Million) 682791.74 537647 613395 686888 689620 623823
GDP From Manufacturing (NGN Million) 1615390.58 1560004 1560439 1625083 1631544 1586966
GDP From Mining (NGN Million) 1591248.22 1743511 1306717 1600796 1607161 1328931
GDP From Public Administration (NGN Millions ) 280721.30 354884 391011 282406 283529 397658
GDP From Services (NGN Millions ) 6477202.90 6045728 6829588 6516066 6541975 6945691
GDP From Transport (NGN Millions ) 296779.23 252647 251458 298560 299747 255733
GDP From Utilities (NGN Million) 63971.30 91670 110075 64355 64611 111946

Labour Actual Q3 Q4 Q1 Q2 2021
Unemployment Rate (%) 23.10 31.5 31.8 31.5 31.9 32
Population (Million) 200.00 205 206 210 210 211
Minimum Wages (NGN/Month) 30000.00 30000 30000 30000 30000 30000
Unemployed Persons (Thousand) 20927.60 28100 28000 28000 27500 27600
Youth Unemployment Rate (%) 36.50 42.6 43 43 43.7 44
Employed Persons (Thousand) 69542.90 72400 70500 71500 72000 72000
Employment Rate (%) 76.90 70.5 71 70.7 71 72

Prices Actual Q3 Q4 Q1 Q2 2021
Inflation Rate (%) 12.56 13.5 13 12.7 12.5 12.5
Consumer Price Index CPI (points) 326.10 339 347 355 367 391
Core Consumer Prices (points) 295.01 304 304 311 316 327
Core Inflation Rate (%) 10.13 11 8.4 8.4 8 7.5
Food Inflation (%) 15.18 17 16.4 16.2 16 15.8
Inflation Rate Mom (%) 1.21 1.3 1.5 1.3 1.2 1.3
CPI Transportation (points) 294.30 309 315 322 331 355

Money Actual Q3 Q4 Q1 Q2 2021
Interest Rate (%) 12.50 12 12 12 11.5 11.5
Cash Reserve Ratio (%) 27.50 27.5 27.5 27.5 27.5 27.5
Money Supply M0 (NGN Million) 2300831.63 1980000 1811767 1811767 1811767 1811767
Money Supply M1 (NGN Million) 12204254.18 12150000 12150000 12150000 12150000 11049385
Money Supply M2 (NGN Million) 32171336.26 28500000 28500000 28500000 28500000 29329153
Foreign Exchange Reserves (USD Million) 35900.00 45000 50000 47500 51200 52000
Deposit Interest Rate (%) 5.67 5.99 5.99 5.99 5.49 5.49
Lending Rate (%) 14.73 14.92 14.92 14.92 14.42 14.42

Trade Actual Q3 Q4 Q1 Q2 2021
Balance of Trade (NGN Millions) -162246.25 700000 200000 100000 450000 300000
Current Account (USD Million) -4881.73 -3100 -4000 -4500 -4800 -4700
Current Account to GDP (%) -3.60 -3.9 -3.9 -2.5 -2.5 -2.5
Imports (NGN Millions ) 1127880.09 1100000 1200000 1250000 1100000 1300000
Exports (NGN Millions ) 965633.84 1800000 1400000 1350000 1550000 1600000
Terms of Trade (points) 103.19 102 103 103 103 104
Foreign Direct Investment (USD Million) 427.76 350 400 700 1200 1000
Capital Flows (USD Million) -6300.42 -4300 -6050 1200 -3600 -1600
Crude Oil Production (BBL/D/1K) 1411.00 1750 1800 1780 1780 1900
Remittances (USD Million) 5629.04 5450 5600 5600 6100 6200
External Debt (USD Million) 27665.66 30000 32000 33500 34000 35500

Government Actual Q3 Q4 Q1 Q2 2021
Government Debt to GDP (%) 17.50 55 55 40 40 40
Government Budget (% of GDP) -3.40 -6.5 -6.5 -5.6 -5.6 -5.6
Government Revenues (NGN Billion) 938.72 850 1050 1200 1000 1230
Military Expenditure (USD Million) 1907.00 1940 1940 1940 1940 2000
Government Spending (NGN Million) 1082949.34 1040146 989816 1089447 1093779 1006643
Government Budget Value (NGN Billion) -1135.74 -2000 -1950 -1300 -1600 -1420
Government Debt (USD Million) 79303.31 90000 95000 85000 95500 96400
Fiscal Expenditure (NGN Billion) 2074.46 2850 3000 2500 2600 2650

Taxes Actual Q3 Q4 Q1 Q2 2021
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 Q3 Q4 Q1 Q2 2021
Business Confidence (points) -7.90 -10 -7 5 15 20
Industrial Production (%) 25.10 -4.2 -5 -2 1.6 1.3
Manufacturing Production (%) -1.90 -3 -2.8 0.5 1.3 2
Manufacturing Pmi (points) 44.90 43 46 51 53 54
Mining Production (%) 0.10 -10 -12 5 10 10
Services Pmi (points) 43.30 45 52 53 54 56
Composite Pmi (points) 50.40 51 53 52.6 53.5 54.2
Capacity Utilization (%) 55.00 53.5 54 54.7 55.3 55

Consumer Actual Q3 Q4 Q1 Q2 2021
Consumer Confidence (points) -29.20 -4 -3.7 2 3.5 4
Consumer Spending (NGN Million) 12193023.60 10414829 11144424 12266182 12314954 11333879
Disposable Personal Income (NGN Million) 19718833.62 18217329 18023014 19837147 19916022 18329405
Private Sector Credit (NGN Million) 29183704.32 24500000 26000000 26000000 26000000 26000000
Gasoline Prices (USD/Liter) 0.32 0.32 0.31 0.29 0.28 0.26


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.