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Analysis by Region - Africa - Nigeria

Publisher Oxford Economics
Published Apr 26, 2022
Length 6 Pages
SKU # OFE17137292

Description

Analysis by Region - Africa - Nigeria

While the war between Russia and Ukraine has increased international uncertainty, the Nigerian economy remains undeterred. The non-oil economy's strong performance persisted in the first quarter of the year, as the PMI moderated only slightly to 55.0 in Q1 2022, from 55.2 points in Q4 2021, when real GDP expanded by 9.7% q-o-q. Furthermore, the hydrocarbons sector has benefitted from elevated oil prices, and these gains should compound as production recovers throughout the year. Nevertheless, rising inflation, localised fuel shortages, and liquidity concerns serve as notable short-term risks. Overall, our economic outlook remains unchanged, and we expect that real GDP will expand by 3.4% in 2022 and 2.9% in 2023.

Table of Contents

6 Pages
Nigeria: Robust economic activity extends into 2022
Forecast overview
Recent developments
Short-term outlook
Key drivers of our short-term forecast
Economic risk
Economic risk evaluation
Background
Economic development
Structure of the economy
Balance of payments
Policy and politics

Pricing

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