2.06% was what the Nigerian economy shrank by in the second quarter. Its economy is in recession, after having registered two quarters of negative growth.
US$25bn was the value of Nigeria’s foreign exchange reserves this month, a drop from $37.3bn in June 2014. It has sold reserves to maintain the naira-US dollar peg (at N198/$), a policy it abandoned in May when it reintroduced a flexible exchange rate.
N313 to $1 is the official exchange rate, but a dollar can buy N436 on the black market.
17.6% was its August inflation rate, which spiked with the drop in the value of the naira.
3% of GDP is its projected current account deficit between 2016 and 2019, the lowest since 1998. This is down from an average surplus of 2.8% between 2011 and 2014, and is a result of the weak oil price.
90% of export revenue is made up of petroleum products.
37% y/y was the decline in foreign direct investment in the second quarter of 2016.
75.7% was the fall in total capital inflows.
R220bn was the value of trade between SA and Nigeria between 2011 and 2015. Officials from SA travelled to Nigeria this week to expand trade and investment relations.
Source: Overseas Development Institute, S&P, DTI