The Nigerian economy grew by 3.6 percent in 2021, following a contraction of 1.8 percent in 2020. Average annual inflation was 17.0 percent in 2021 compared to 13.2 percent in 2020 and above the central bank's target of 6-9 percent. The Central Bank kept the policy rate unchanged at 11.5 percent in 2021 to support the economic recovery. The current account deficit narrowed to 2.9 percent of GDP in 2021 from 4 percent in 2020. The country received SDR allocation of USD 3.4 billion which contributed to increase gross reserves to USD 40.1 billion in 2021. (Download detailed Analysis Source : Report African Economic Outlook 2022 ; AfDB)
As of December 31, 2022, the Nigerian Stock Exchange (NGSE) has 174 listed companies, representing a market capitalization of $91.4 billion. Foreign direct investment flows to Nigeria increased from $2,385.3 million in 2020 to $4,844.3 million in 2021, an increase of 103%.
