These statistics from NBS show the trend of economic development in Nigeria and the future isn’t so bright
Nigeria’s National Bureau of Statistics recently released a report on the country’s economy, comparing the status quo from 2014 and 2015 with likely projections in 2016 and beyond. The report titled; Nigerian Economy: Past, Present and Future, stated that Nigeria’s Gross Domestic Product (GDP) will be 5.61 percent in 2019 unlike when it was 6.22 percent in 2014.
Although the country experienced a decrease in the value of imports/exports, the report states that the relative lower price of the Nigerian Naira is expected to result in cheaper prices of non-oil exports, and curb increases in imports.
According to the report, the GDP in 2016 will be lukewarm due to a few reasons such as political uncertainty prior to and six months after the elections, and intermittent supply shocks of refined petroleum products.
Due to the Central Bank’s adjustment of the foreign exchange management framework, the analysts at NBS expect a gradual easing in prices beyond 2016. According to the report, over the 2017 to 2019 period, Headline inflation is expected to average 9.01 percent.
The report also states that the country’s growth rate will improve by the end of 2016 at 3.78 percent. The growth rate will however increase to 5.03 percent in 2017 and 5.61 percent in 2018 but in 2019, there will be no improved growth rate. Total Trade is forecasted to increase on the margin, increasing by 2.41 percent as imports increase by 2.88 percent and exports increase by 2.16 percent.