STATART Market Outlook

Where Nigerian markets are heading, with the odds attached

Four outlook series on growth, prices, the naira, consumers and sectors, for Nigeria first and then West Africa. Open any series to read its sample intro and full contents, then request the complete edition.

Forecasts stated as ranges with probabilities
Every figure sourced and dated
Excel tables with every edition

Market OutlookQuarterlyIn preparation

Nigeria Market Outlook

Growth, inflation, the naira, interest rates and consumer demand, with forecasts and the odds behind them

Why now. The NBS rebased both the consumer price index and GDP in 2025, so last year's benchmarks no longer compare like for like. Every edition rebuilds the picture on the current series and states its forecasts as ranges with probabilities, not single numbers.

Cadence: Quarterly
Chapters: 10
Horizon: Next 4 quarters
Delivery: PDF and Excel tables

Reserve the first edition Preview the sample intro

Sample Intro

Look inside the Nigeria Market Outlook

Five slides from the front of the edition: what it covers, the series it tracks and the decisions it is built for.

01 / 05

STATART

Market Outlook

Nigeria Market Outlook

The quarter in numbers, and what comes next

Quarterly edition · Nigeria first, then West Africa

STATART

Nigeria Market Outlook overview

Economy

Real GDP growth by sector
Headline, food and core inflation
Policy rate and liquidity
External reserves

The naira

Official market rate path
FX access for importers
Pass-through to prices
Scenario bands

Consumers

Household spending pressure
Staple food and energy prices
Trading down and pack sizes
Credit and payments

Business

Purchasing managers' index
Fuel and power costs
Equity market signals
Sector winners and laggards

Every figure carries publisher, reference period, retrieval date and currency basis.

STATART Insights and AnalyticsNigeria Market Outlook · sample intro

STATART

What each edition covers

Series	Latest	Trend	Forecast	Scenarios	Sources
Real GDP growth	Covered	Covered	Covered	Covered	NBS, quarterly
Headline and food inflation	Covered	Covered	Covered	Covered	NBS, monthly
Monetary policy rate	Covered	Covered	Covered	Covered	CBN, each MPC meeting
Naira exchange rate	Covered	Covered	Covered	Covered	CBN, daily
External reserves	Covered	Covered	Covered	Not covered	CBN, daily
Purchasing managers' index	Covered	Covered	Not covered	Not covered	CBN and Stanbic IBTC, monthly
Petrol and diesel prices	Covered	Covered	Covered	Covered	NBS price watch, monthly
Credit to the private sector	Covered	Covered	Covered	Not covered	CBN, monthly
NGX All-Share Index	Covered	Covered	Not covered	Covered	NGX, daily
Telecom subscriptions	Covered	Covered	Not covered	Not covered	NCC, monthly

Arrows show what each edition carries for each series.
Sources are named on every chart in the full edition.

STATART

Make better decisions

Set prices and pack sizes for the next two quarters
Time imports and plan your FX exposure
Build budgets on a base, high and low case
Decide which states to expand into first
Brief a board or investor with sourced numbers

STATART Insights and AnalyticsNigeria Market Outlook · sample intro

STATART

Inside the full edition

01The quarter in numbers
02Growth and output
03Prices
04The naira and FX
05Interest rates and credit
06Consumer demand
07Business conditions
08Sector watch

Full exhibits, tables and forecasts are in the complete editionIllustrative preview. No figures are shown.

STATART Insights and AnalyticsNigeria Market Outlook · sample intro

Sample intro. Use the arrows, the tabs or your arrow keys. The full edition carries every chart, table and forecast.

Table of Contents

What is inside this outlook

The full contents of the Nigeria Market Outlook. Each section is backed by sourced charts and tables, with state or country detail where the data allow.

01
The quarter in numbers
- Ten numbers that defined the quarter
- What changed since the last edition
- Our forecast scorecard: what we got right and wrong
02
Growth and output
- Real GDP growth by sector
- Oil and non-oil output
- Agriculture, manufacturing and services
03
Prices
- Headline, food and core inflation
- Staple food prices
- Petrol, diesel and cooking gas prices
04
The naira and FX
- Exchange rate path and volatility
- Reserves and FX liquidity
- Pass-through to retail prices
05
Interest rates and credit
- Monetary policy decisions and stance
- Lending rates and credit growth
- Treasury bill and bond yields
06
Consumer demand
- Household wallet pressure
- Trading down, pack sizes and channel shifts
- Digital payments and credit use
07
Business conditions
- Purchasing managers' index
- Energy and logistics costs
- Equity market and earnings signals
08
Sector watch
- FMCG and retail
- Banking and fintech
- Telecoms, energy, agriculture and real estate
09
Forecasts and scenarios
- Four-quarter forecast table
- Base, high and low case with probabilities
- What would change our view
10
Appendix
- Sources, reference periods and retrieval dates
- Method and definitions
- Data tables (Excel)

Regional OutlookTwice yearlyIn preparation

West Africa Market Outlook

Ten West African economies compared on growth, prices, currencies, trade and consumer demand, Nigeria first

Why now. West Africa runs on two currency systems: the CFA franc zone managed by the BCEAO, and floating currencies such as the naira and the cedi. The same shock prices out very differently from one border to the next, which is why this outlook compares countries side by side rather than one at a time.

Cadence: Twice yearly
Countries: 10
Currencies: 7
Delivery: PDF and Excel tables

Reserve the first edition Preview the sample intro

Sample Intro

Look inside the West Africa Market Outlook

Five slides from the front of the edition: what it covers, the series it tracks and the decisions it is built for.

01 / 05

STATART

Regional Outlook

West Africa Market Outlook

One region, two currency systems, ten markets

Twice yearly edition · Nigeria first, then West Africa

STATART

West Africa Market Outlook overview

Growth

Real GDP growth by country
Sector drivers
Investment and capital flows
Country rankings

Prices

Inflation by country
Food and fuel prices
Policy rates
Real interest rates

Currencies

Naira and cedi paths
CFA franc (XOF) peg
Leone, dalasi and others
FX risk by market

Trade and demand

Intra-regional trade
Ports and corridors
AfCFTA progress
Urban consumer markets

Every figure carries publisher, reference period, retrieval date and currency basis.

STATART Insights and AnalyticsWest Africa Market Outlook · sample intro

STATART

What each edition covers

Country	Growth	Prices	Currency	Trade	Consumer	Sources
Nigeria	Covered	Covered	Covered	Covered	Covered	NBS, CBN
Ghana	Covered	Covered	Covered	Covered	Covered	GSS, Bank of Ghana
Côte d'Ivoire	Covered	Covered	Covered	Covered	Covered	INS, BCEAO
Senegal	Covered	Covered	Covered	Covered	Covered	ANSD, BCEAO
Benin	Covered	Covered	Covered	Covered	Partly covered	INStaD, BCEAO
Togo	Covered	Covered	Covered	Covered	Partly covered	INSEED, BCEAO
Sierra Leone	Covered	Covered	Covered	Partly covered	Partly covered	Stats SL, Bank of Sierra Leone
Liberia	Covered	Covered	Covered	Partly covered	Partly covered	LISGIS, Central Bank of Liberia
Guinea	Covered	Covered	Covered	Partly covered	Partly covered	INS, BCRG
The Gambia	Covered	Covered	Covered	Partly covered	Partly covered	GBoS, Central Bank of The Gambia

Half markers: thinner official series, so STATART estimates are labelled.
Currencies: naira, cedi, CFA franc, leone, Liberian dollar, Guinean franc, dalasi.

STATART

Make better decisions

Choose your next West African market on comparable numbers
Price across the naira, cedi and CFA franc zone
Plan routes through regional ports and corridors
Weigh country risk before committing capital
Brief regional leadership with one consistent dataset

STATART Insights and AnalyticsWest Africa Market Outlook · sample intro

STATART

Inside the full edition

01The half-year in numbers
02Growth by country
03Prices and policy
04Currencies
05Trade, ports and corridors
06Consumer markets
07Sector opportunities across borders
08Country risk and scenarios

Full exhibits, tables and forecasts are in the complete editionIllustrative preview. No figures are shown.

STATART Insights and AnalyticsWest Africa Market Outlook · sample intro

Sample intro. Use the arrows, the tabs or your arrow keys. The full edition carries every chart, table and forecast.

Table of Contents

What is inside this outlook

The full contents of the West Africa Market Outlook. Each section is backed by sourced charts and tables, with state or country detail where the data allow.

01
The half-year in numbers
- Regional scorecard
- What changed since the last edition
02
Growth by country
- Real GDP growth, ten economies
- Sector drivers and investment
03
Prices and policy
- Inflation by country
- Policy rates and real interest rates
04
Currencies
- Naira and cedi
- The CFA franc zone and the BCEAO
- Leone, Liberian dollar, Guinean franc and dalasi
05
Trade, ports and corridors
- Intra-regional trade flows
- The Lagos to Abidjan corridor
- AfCFTA and ECOWAS trade rules
06
Consumer markets
- Lagos, Accra, Abidjan and Dakar compared
- Household spending and retail channels
07
Sector opportunities across borders
- FMCG, telecoms, fintech, agriculture and energy
08
Country risk and scenarios
- Base, high and low case by country
- Risks to watch
09
Market entry notes
- Company registration, standards and import rules by country
10
Appendix
- National statistics offices and central banks used
- Method, definitions and data tables

Consumer SnapshotMonthlyIn preparation

Nigeria Consumer Snapshot

A short monthly read on what households pay for food, energy and transport, and what they are cutting, swapping and keeping

Why now. Nigerian household budgets are set by a handful of prices that the NBS tracks every month: staple foods, cooking and transport fuel, and fares. The Snapshot turns those price watches, state by state, into a short read on how spending is shifting.

Cadence: Monthly
Length: Short read
Coverage: 36 states and FCT
Delivery: PDF and chart pack

Reserve the first edition Preview the sample intro

Sample Intro

Look inside the Nigeria Consumer Snapshot

Five slides from the front of the edition: what it covers, the series it tracks and the decisions it is built for.

01 / 05

STATART

Consumer Snapshot

Nigeria Consumer Snapshot

The household wallet, one month at a time

Monthly edition · Nigeria first, then West Africa

STATART

Nigeria Consumer Snapshot overview

Food

Rice, beans and garri
Bread and tomatoes
Eggs and vegetable oil
State price gaps

Energy

Petrol and diesel
Cooking gas (LPG)
Kerosene
Refill sizes

Getting around

Bus fares within cities
Intercity fares
Okada and keke
Fuel pass-through

Behaviour

Trading down
Smaller pack sizes
Market versus shop
Payment habits

Every figure carries publisher, reference period, retrieval date and currency basis.

STATART Insights and AnalyticsNigeria Consumer Snapshot · sample intro

STATART

What each edition covers

Series	National	By state	By zone	Trend	Sources
Rice (local and imported)	Covered	Covered	Covered	Covered	NBS food price watch
Beans and garri	Covered	Covered	Covered	Covered	NBS food price watch
Bread and tomatoes	Covered	Covered	Covered	Covered	NBS food price watch
Eggs and vegetable oil	Covered	Covered	Covered	Covered	NBS food price watch
Petrol (PMS)	Covered	Covered	Covered	Covered	NBS energy price watch
Diesel (AGO)	Covered	Covered	Covered	Covered	NBS energy price watch
Cooking gas (LPG)	Covered	Covered	Covered	Covered	NBS energy price watch
Kerosene	Covered	Covered	Covered	Covered	NBS energy price watch
Bus and intercity fares	Covered	Covered	Covered	Covered	NBS transport fare watch
Household behaviour pulse	Covered	Partly covered	Covered	Partly covered	STATART Survey panel, when fielded

Half markers: covered when the STATART panel wave is large enough to report.
Every price carries its NBS reference month.

STATART

Make better decisions

Set shelf prices and promotions with this month's numbers
Pick pack sizes that match what households can afford
Spot states where prices are pulling apart
Plan distribution around fuel and fare costs
Track whether your shoppers are trading down

STATART Insights and AnalyticsNigeria Consumer Snapshot · sample intro

STATART

Inside the full edition

01The month in one chart
02Staple food prices
03Energy at home
04Getting around
05What households are cutting, swapping and keeping
06Regional gaps
07What to watch next month

Full exhibits, tables and forecasts are in the complete editionIllustrative preview. No figures are shown.

STATART Insights and AnalyticsNigeria Consumer Snapshot · sample intro

Sample intro. Use the arrows, the tabs or your arrow keys. The full edition carries every chart, table and forecast.

Table of Contents

What is inside this outlook

The full contents of the Nigeria Consumer Snapshot. Each section is backed by sourced charts and tables, with state or country detail where the data allow.

01
The month in one chart
- The single price move that mattered most
02
Staple food prices
- Rice, beans, garri, bread, tomatoes, eggs and vegetable oil
- Highest and lowest priced states
03
Energy at home
- Petrol, diesel, cooking gas and kerosene
- Refill and purchase sizes
04
Getting around
- City and intercity fares
- How fuel prices reach fares
05
What households are cutting, swapping and keeping
- Trading down and brand switching
- Pack sizes and price points
06
Regional gaps
- North, South-West, South-South and South-East compared
07
What to watch next month
- Signals that would change the picture

Sector BriefRollingIn preparation

Sector Brief Series

One-page briefs on eight Nigerian sectors, each with the number that matters, what moved it, who is winning and what to watch

Why now. Sector growth in Nigeria moves unevenly from quarter to quarter in the NBS GDP series. A one-page brief tells you which way your sector is moving, and why, before a full industry report is due.

Cadence: Rolling
Sectors: 8
Format: One page plus data sheet
Delivery: PDF

Reserve the first edition Preview the sample intro

Sample Intro

Look inside the Sector Brief Series

Five slides from the front of the edition: what it covers, the series it tracks and the decisions it is built for.

01 / 05

STATART

Sector Brief

Sector Brief Series

Eight sectors, one page each

Rolling edition · Nigeria first, then West Africa

STATART

Sector Brief Series overview

The number

One headline metric
Latest reading and trend
How it compares
Source and period

What moved it

Demand drivers
Costs and prices
Policy and regulation
FX exposure

Who is winning

Leading companies
New entrants
Deals and investment
Capacity changes

What to watch

Signals with thresholds
Upcoming decisions
Risks
Opportunities

Every figure carries publisher, reference period, retrieval date and currency basis.

STATART Insights and AnalyticsSector Brief Series · sample intro

STATART

What each edition covers

Sector	Output	Prices	Regulator	Companies	Sources
FMCG and retail	Covered	Covered	Not covered	Covered	NBS, NGX filings
Fintech and payments	Covered	Not covered	Covered	Covered	CBN, NIBSS
Agriculture and food	Covered	Covered	Covered	Partly covered	NBS, FMAFS
Energy and power	Covered	Covered	Covered	Covered	NERC, NMDPRA
Telecoms and digital	Covered	Covered	Covered	Covered	NCC, NGX filings
Real estate and construction	Covered	Covered	Not covered	Covered	NBS, NGX filings
Healthcare and pharma	Covered	Partly covered	Covered	Covered	NAFDAC, NBS
Transport and logistics	Covered	Covered	Covered	Partly covered	NBS, NPA

Half markers: partial company or price data, labelled in the brief.
Briefs publish as each sector's source data is released.

STATART

Make better decisions

Get a sector view before a board meeting
Check a sector's direction before an investment memo
Brief a sales team on a client's industry
Decide whether you need the full industry report
Track competitors' moves each quarter

STATART Insights and AnalyticsSector Brief Series · sample intro

STATART

Inside the full edition

01FMCG and retail
02Fintech and payments
03Agriculture and food
04Energy and power
05Telecoms and digital
06Real estate and construction
07Healthcare and pharma
08Transport and logistics

Full exhibits, tables and forecasts are in the complete editionIllustrative preview. No figures are shown.

STATART Insights and AnalyticsSector Brief Series · sample intro

Sample intro. Use the arrows, the tabs or your arrow keys. The full edition carries every chart, table and forecast.

Table of Contents

What is inside this outlook

The full contents of the Sector Brief Series. Each section is backed by sourced charts and tables, with state or country detail where the data allow.

01
FMCG and retail
- Pack sizes and price points
- Distributor margins
- Leading brands
02
Fintech and payments
- Transaction volumes
- POS agent networks
- Licensing and regulation
03
Agriculture and food
- Harvest and food prices
- Fertiliser and inputs
- Processing capacity
04
Energy and power
- Grid supply and tariffs
- Petrol and diesel prices
- Off-grid solar
05
Telecoms and digital
- Subscriptions and data use
- Tariffs
- Towers and fibre investment
06
Real estate and construction
- Cement and building costs
- Rents and mortgages
- Housing supply
07
Healthcare and pharma
- Product registrations
- Local manufacturing
- Medicine prices
08
Transport and logistics
- Fuel cost pass-through
- Ports and Customs
- Last-mile delivery

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Where Nigerian markets are heading, with the odds attached

Nigeria Market Outlook

Look inside the Nigeria Market Outlook

Nigeria Market Outlook

Nigeria Market Outlook overview

Economy

The naira

Consumers

Business

What each edition covers

Make better decisions

Inside the full edition

What is inside this outlook

The quarter in numbers

Growth and output

Prices

The naira and FX

Interest rates and credit

Consumer demand

Business conditions

Sector watch

Forecasts and scenarios

Appendix

West Africa Market Outlook

Look inside the West Africa Market Outlook

West Africa Market Outlook

West Africa Market Outlook overview

Growth

Prices

Currencies

Trade and demand

What each edition covers

Make better decisions

Inside the full edition

What is inside this outlook

The half-year in numbers

Growth by country

Prices and policy

Currencies

Trade, ports and corridors

Consumer markets

Sector opportunities across borders

Country risk and scenarios

Market entry notes

Appendix

Nigeria Consumer Snapshot

Look inside the Nigeria Consumer Snapshot

Nigeria Consumer Snapshot

Nigeria Consumer Snapshot overview

Food

Energy

Getting around

Behaviour

What each edition covers

Make better decisions

Inside the full edition

What is inside this outlook

The month in one chart

Staple food prices

Energy at home

Getting around

What households are cutting, swapping and keeping

Regional gaps

What to watch next month

Sector Brief Series

Look inside the Sector Brief Series

Sector Brief Series

Sector Brief Series overview

The number

What moved it

Who is winning

What to watch

What each edition covers

Make better decisions

Inside the full edition

What is inside this outlook

FMCG and retail

Fintech and payments

Agriculture and food

Energy and power