Nigeria: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria

March 7, 2018

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Format: Chicago

Nigeria: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria, (USA: International Monetary Fund, 2018) accessed November 26, 2024

Summary

This 2018 Article IV Consultation highlights that the Nigerian economy is exiting recession but remains vulnerable. New foreign exchange measures, rising oil prices, attractive yields on government securities, and a tighter monetary policy have contributed to better foreign exchange availability, increased reserves to a four-year high, and contained inflationary pressures. Economic growth reached 0.8 percent in 2017, driven mainly by recovering oil production. Inflation declined to 15.4 percent year-over-year by end-December, from 18.5 percent at end-2016. Higher oil prices are supporting the near-term projections, but medium-term projections indicate that growth would remain relatively flat, with continuing declines in per capita real GDP under unchanged policies.

Subject: Banking, Fiscal policy, Foreign exchange, Oil prices, Prices, Public debt, Revenue administration

Keywords: Banking sector risk, CBN purchase, Central bank, CR, Eurobond proceeds, Food inflation, Global, ISCR, Nigerian authorities, Oil prices, Outturn, Sub-Saharan Africa, West Africa

Publication Details

Pages:

98
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2018/063
Stock No:

1NGAEA2018001
ISBN:

9781484345467
ISSN:

1934-7685

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