In-Depth Analysis
Nigeria
Nigeria remains highly dependent on hydrocarbons, with the majority of fiscal revenue and export receipts stemming from the oil sector. This structural concentration will become an increasingly pressing issue as the world attempts to wean itself from hydrocarbon dependence.
The economy surprised to the upside in Q3 2021 and we have revised our growth outlook accordingly. Given population pressures, the current growth trajectory still looks inadequate to lift living standards in any meaningful way. Debt remains at a comfortable level, but the dependence on improving revenue (which will require significant improvements on the institutional front) and increasingly expensive debt mean that fiscal consolidation could disappoint. (Source: Nigeria Quarterly Update, published December 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$ |
1,961.1 |
|
Import Cover (months) |
5.71 |
|
Population, million |
206.1 |
| Total External Debt (as a % of GDP) |
16.9 |