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Analysis by Region - Emerging Markets - Nigeria

Publisher Oxford Economics
Published May 20, 2022
Length 6 Pages
SKU # OFE17190287

Description

Analysis by Region - Emerging Markets - Nigeria

While Nigeria is one of the few countries that is expected to financially benefit from the war between Russia and Ukraine, it has not come off scot-free from the conflict. Higher fuel prices are pressuring households, prompting the government to redirect funding to finance fuel subsidies. Furthermore, the hydrocarbons sector continues recording sub-par performances, with oil output rising by 5.4% q-o-q to an average of 1.3 mbpd in Q1 2022. Yet, the private sector remains strong, and oil production should increase throughout the year. We still expect strong economic growth in the near term, with real GDP forecast to expand by 3.4% in 2022 and 2.9% in 2023.

Table of Contents

6 Pages
Nigeria: Weak oil output tempers optimism, strong growth still expected
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

Currency Rates
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