Analysis by Region - Emerging Markets - Nigeria

Analysis by Region - Emerging Markets - Nigeria

While international oil prices remain elevated, domestic oil production continues to disappoint. Not only is Nigeria missing a golden opportunity to translate high oil prices into record profits, but the government is also paying an exorbitant price to contain domestic fuel costs. While this has been somewhat successful, spending on other budgetary items has taken a backseat. Furthermore, inflation continues to rise unabated, and this is suppressing private sector activity, weakening consumption spending, and threatening macroeconomic stability. Consequently, real GDP growth is forecast to lower from 3.6% in 2021 to 2.7% in 2022.


Nigeria: Economic growth projection lowered to 2.7% for 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

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