looks at various economic data that the next the government will form majority of policies around.
- Nigerians go to the poll on Saturday to elect new leaders.
- Business Insider Sub-Saharan Africa by Pulse looks at the various economic realities on ground for the next political leaders.
- The Saturday’s election will see new leaders representing a composition of the federal government, most especially, the executive and legislative arms.
Nigerians head to the polls on Saturday, February 16, to elect a new president and members of the National Assembly for another term of four years.
The Saturday’s election is so important because these set of candidates represent a composition of the federal government, most especially, the executive and legislative arms where most of the overall economic policies at expected to come from.
Business Insider Sub-Saharan Africa by Pulse looks at the economic realities on the ground as a quick reminder for the next crop of leaders that will take Nigeria into another year of governance through 2023.
- Nigerian economy
Nigeria’s GDP growth currently stands at 1.93%. The economy grew by 2.38% in the fourth quarter of 2018.
- Nigeria’s unemployment figure
Nigeria’s unemployment rate stands at 23.1%, according to the Q3 figure released by the National Bureau Of Statistics in December. It is the latest figure by the official statistics office. The NS figure showed that the economically active or working-age population (15 – 64 years of age) stands at 115.5 million in Q3, 2018.
- Nigeria’s inflation figure
Nigeria’s inflation rate stands at 11.37% as of January 2019, the current figure from the National Bureau of Statistics.
The figure was 0.16% points higher than the rate recorded in November same year and the highest inflation rate since June 2018.
- Nigeria’s capital importation
The National Bureau of Statistics (NBS) put the total value of capital importation into Nigeria at $16.81 billion in 2018. The figures represented 37.49% growth year-on-year.
- Nigeria’s interest rate
Central Bank of Nigeria (CBN) monetary policy committee (MPC) at its first meeting for 2019 retained key lending rate at record-high 14%. The same rate it has been since July 2016.
Other rates, the asymmetric corridor at +200 and -500 basis points around the MPR, while the CRR is retained at 22.5%, with the liquidity ratio at 30%.
- Nigerian Naira vs US dollar
– N362 per dollar at the parallel market
– N361.86 at I&E – Investors’ & Exporters’ FX Window
– N306.75 – CBN official rate
- Nigeria’s oil production
Oil production stands at 1.91 million barrels per day (mbpd), the fourth quarter of 2018.
- Global oil price
Global crude oil price at $63.67 – Brent crude oil price as at Friday, February 15, 2019.
- Nigeria’s foreign reserves
Nigeria’s external reserves stand at $42,87 billion as at Wednesday, February 13, 2019, according to the latest figure from the Central Bank of Nigeria. It represents a 0.46% drop from the $43,07 billion it opened on the first day of 2019.
- Nigeria’s debt profile
The country debt profile is at N22.4 trillion ($73.21 billion), official figure as at June 2018 by Debt Management Office.
– External debt: $21 billion
– Domestic debt: $51.62 billion