This page has economic forecasts for nigeria including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the nigeria economy. Economic growth is expected to recover slightly, to above 1 percent in 2017, driven mainly by the restoration of oil production to normal levels 2. The nigeria economic report represents a new world bank product intended to be produced on a biannual basis. Gdp growth turned positive in 2017 as oil prices recovered and output stabilized. Africas economic outlook for 2015 how we made it in africa. Challenges and solution is an incisive lecture presented by hon. The recent positive outlook and assessment of the nigerian economy raises both hopes and fears. The slowdown was most pronounced among oil exporters. Nigeria economy, politics and gdp growth summary the. Nigeria african economic outlook 2015 the economy has enjoyed sustained economic growth for a decade, with annual real gdp increasing by around 7%. This special edition of the economic report on nigeria aims at serving a dual purpose.
Nigeria african economic outlook african development bank. Cia world fact book all values, unless otherwise stated, are in us dollars. The nonoil sector has been the main driver of growth, with services contributing about 57%. Growth was mainly in transport, an improved oil sector, and information and communications technology.
Nigeria not among the fastest growing economies in subsaharan africa. You should not act upon the information contained in this publication without obtaining specific professional advice. Nigerias economic outlook in 2017 economic confidential. The revisions reflect a reassessment of prospects in china, russia, the euro area, and japan as well as weaker activity in some major oil exporters because of the sharp drop in oil prices. This strong performer is, however, heavily dependent on natural resources and is still vulnerable to global demand. A survey conducted in nigeria in 2008 by a development finance organization, the enhancing financial innovation and access revealed that about 53.
Oecd, alexander klein deg, karlheinz knickel, ignatius madu university of. Since the late 1960s it has been based primarily on the petroleum industry. The rate of economic growth is projected to be solid in 2015 and the next few years. The economic scenario has drastically deteriorated amid the twin shocks of the covid19 pandemic and global oil price crash. Real gdp growth across subsaharan african countries the regions three largest economies, south africa, nigeria, and angola, are expected to. The global pursuit of financial inclusion as a vehicle for economic development had a positive effect in nigeria as the exclusion rate reduced from. Country notes on each of africas 54 countries constitute. Nigerias imf financial assistance to support health care sector, protect jobs and businesses.
Under the program, which covers the years from 2000 to 2015, nigeria is. In this regard, the federal government has developed a framework in the nigeria economic recovery and growth plan 201720. Agriculture was hurt by sporadic flooding and by conflicts between herdsmen and local farmers. The nigerian economy and financial markets 2015 report. Nigeria, the continents top oil producer which overtook south africa as the largest economy in 2014, may experience one of the most accelerated growths, forecasted at 7. Looking ahead, the economic outlook for africa remains optimistic. First, it reports on the key developments in the nigerian economy in the recent past chapter 1. Each report will provide an assessment of the current economic situation in the country and give special attention to selected topics of high policy relevance for nigeria. Terrorism and security threats from neighboring countries mali, libya and nigeria, falling world oil and uranium prices, and slower growth in the nigerian economy continue to have an. This 14th edition analyses regional development and spatial inclusion challenges faced by the continent. Early in the forecast period nigeria will be in a state of nearstagflation, with tight credit conditions, low growth, rising unemployment and high inflation mainly policy induced. This 14th edition analyses regional development and spatial inclusion challenges faced.
The nigeria economic report ner is a regular publication of the world bank. Public disclosure authorized nigeria economic report. Nigerias recession according to nbs data, the nigerian economy has recorded two consecutive quarters of economic contraction in q1 2016, gdp growth was negative 0. The african economic outlook 2015 the annual african economic outlook. The central bank of nigerias recent decree that banks hold loandeposit ratios of 60% bodes well for increasing lending to the real sector. It depends on implementing the economic recovery and growth plan 201720, which emphasizes economic diversification. After slipping into an economic recession last year. Subsaharan africas economic recovery is set to continue, but along two tracks. The country has been hit hard by the coronavirus, particularly because of the associated plunge in the price of oilnigerias top export commodity. The economy is now on a slow track for the first half 2015 with around 3.
The lockdown measures imposed in the countryas major economic centers will only amplify the blow as the services sector reels from the severe pullback in consumption. It is ranked as the 27thlargest economy in the world in terms of nominal gdp, and the 22ndlargest in terms of purchasing power parity. The economy of nigeria is a middleincome, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. Oecd ilibrary oecd economic outlook, volume 2015 issue 2. Following the oil price collapse in 20142016, combined with negative production shocks, the gross domestic product gdp growth rate dropped to 2.
Imf world economic outlook weo update, january 2015. Severe instability, interventionism and corruption will be major obstacles to economic development over 202024. Fuel subsidy costs are expected to amount to 18 percent of government oil revenues in 2015, and this share could increase to more than 30 percent by 2018 even if oil prices remain low. Nigeria economic outlook top 10 themes for 2019 top 10 economies in africa in 2018 egypt 8. Oecd, alexander klein deg, karlheinz knickel, ignatius madu university of nigeria, geraud magrin university of. Real gdp growth across subsaharan african countries the regions three largest economies, south africa, nigeria, and angola, are expected to grow at a slower pace during 2018. The economy of nigeria is a middleincome, mixed economy and emerging market, with. The economy shifted into a higher gear in the final quarter of last year, with annual gdp growth accelerating from 2. Nigeria entered recession in 2016 as a result of lower oil prices and production, exacerbated by militant attacks on oil and gas infrastructure in the niger delta region, coupled with detrimental economic policies, including foreign exchange restrictions. Dec 24, 2014 nigeria, the continents top oil producer which overtook south africa as the largest economy in 2014, may experience one of the most accelerated growths, forecasted at 7. Between 2000 and 2014, nigerias gross domestic product gdp grew at an average rate of 7% per year.
Ferdinand dozie nwankwo at the 2nd homecoming programme organised by the department of. The variables discussed in this section include gross domestic product gdp, inflation, the value of total trade, imports and exports. Oil exports collapsed in 20152016 due to oil price. Under current law, the deficit is projected to hold steady as a percentage of gdp through 2018, but rise thereafter, raising the already high federal debt. Economic outlook 2 disclaimer this document has been prepared for general guidance on matters of interest only, and does not constitute professional advice. There is a general consensus that increasing the supply of power in nigeria is critical to the future development of the country. Economic indicators for nigeria including actual values, historical data charts, an economic calendar, timeseries statistics, business news, long term forecasts and shortterm predictions for nigeria economy. Central bank of nigeria quarterly economic reports.
Because this led to a great influx of rural people into the larger urban. The african economic outlook 2015 analyses africas growing role in the world economy and predicts the continents twoyear prospects in crucial areas. The oecd economic outlook is the oecds twiceyearly analysis of the major economic trends and prospects for the next two years. Oil price volatility continues to influence nigerias growth performance. Nigeria gdp economic growth quickens to over fouryear high in q4 2019. As recent softness abates, global growth is projected to edge up to 2. Nigeria african economic outlook 2017 in 2016, nigerias economy slipped into recession for the first time in more than two decades reflecting adverse economic shocks, inconsistent economic policies, and deepening security problems in the north east and delta regions. The nigerian economy is one of the largest in africa. Economic activity in subsaharan africa ssa decelerated from 4. Nigerian economy will struggle to realise growth much higher. Because this led to a great influx of rural people into the larger urban centres. The truth about mobile phone and wireless radiation dr devra davis duration. Nigeria economy gdp, inflation, cpi and interest rate. The report includes countryspecific threeyear forecasts for major macroeconomic indicators, including commodity and financial markets.