In-Depth Analysis
Nigeria
Nigeria again finds itself in the midst of oil price and production shocks, with the situation being exacerbated by Covid-19 and the measures imposed to curb the spread of the virus. This will hold major adverse economic consequences, with a fragile recovery to follow.
The latest GDP figures confirm a loss in economic momentum after a surprisingly good start to the year. High inflation and forex constraints make for a difficult monetary environment. An overvalued exchange rate in the context of strained forex supply sustains wide spreads between official and parallel market exchange rates. One source of good news is the improvement in external balances which we expect to continue into the latter part of this year and into 2022. (Source: Nigeria Annual Country Profile, published September 2021)
Macroeconomic Data
(2020)
|
Fiscal Balance (as a % of GDP) |
-7.6 |
|
Consumer Price Index (% change y-o-y, avg) |
13.2 |
|
Current Account Balance (as a % of GDP) |
-4.2 |
|
Real GDP (annual % change) |
-1.8 |
|
GDP per Capita, US$ |
1,955.5 |
|
Import Cover (months) |
5.71 |
|
Population, million |
206.1 |
| Total External Debt (as a % of GDP) |
15.9 |