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Research Team
Research Team
24 May 2021
Published by
EmergingMarketWatch
Nigeria: GDP growth firms to 0.5% y/y in Q1 lifted by agriculture and crude oil
Research Team
Research Team @
EmergingMarketWatch
24 May 2021
Research Team
Research Team
24 May 2021
Published by
EmergingMarketWatch
- Structural weaknesses, economic uncertainty, FX shortages, elevated inflation drag on non-oil economy
- Inflation has remained in double digits driven by food supply challenges, and FX pass through
- Economy contracted 1.9% in 2020 due to COVID-19, oil price slump, marking second recession in only four years
- Economic growth will remain weak and fragile in 2021 as Nigeria needs to implement FX and monetary reforms
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