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GDP (Quarterly)

In the first quarter of 2019, the real GDP recorded a 2.01% growth year on year when compared to Q1 2018 which had a growth of 1.89%. This figure, however, represents a fall of about -0.38% points from the last quarter of 2018 (Q4 2018) which recorded a growth of 2.38%.


The Nigeria’s Consumer Price Index (CPI) which measures inflation rate increased by 11.40% year-on-year in May 2019. This is 0.03% points higher than the figure (11.37%) recorded in the preceding month (April, 2019), and also a 0.34% point higher than the figure (13.45%) recorded in May, 2018.

The inflation rate in Nigeria has been on the high in 2019 since it recorded a high of 11.37% in January of 2019. However, the rate has since averaged 12.45% between January, 1996 until April, 2019 when it recorded an all-time high of 47.56% in 1996 and a record low of -2.49 at the start of the new millennium (January, 2000).

Interest Rate

Nigeria’s Monetary Policy Rates (MPR), has in recent years fluctuated substantially, with an average of 11.02% between 2007 and 2019 and reaching a record 14% high in year 2016 and an all-time low of 6% in 2009.

Policymakers left the benchmark rate for the second time in 2019 at 13.50%, 0.5% points below the previous rate of 14%.

Foreign Trade

Nigeria's total exports in Q1 2019 was estimated at N4,535.3 billion, which stands for a 1.78% rise compared to Q4 2018, and a 3.9 % fall year-on -year, when compared to the first quarter of 2018.

Similarly, the total imports value rose to N3,703.7 billion, representing an increase of 3.39% relative to Q4 2018 and 29.84% when compared to the first quarter of 2018’s figure; while the trade balance stayed positive at N831.6 billion in Q1 2019, boosted by the increase in both exports and imports.


The Central Bank of Nigeria manufacturing purchasing manager index rose to 57.80 in May, 2019 from 57.70 recorded in the previous month, while the Non-manufacturing PMI jumped to 58.90 from 58.70 in the same period under review.

The analysis from the data indicates an expansion in the manufacturing sector of the Nigerian economy for a twenty-sixth straight month.

Until 2019, the Nigerian manufacturing purchasing manager index averaged 51.81% from 2014 reaching a record of 61.10% in December, 2018 and an all-time low of 41.90% in July, 2016.