IMF Staff Country Reports

This 2009 Article IV Consultation highlights that reforms initiated earlier this decade in Nigeria have averted the boom–bust pattern that characterized previous oil price cycles and better prepared the economy to deal with the global financial crisis. Non-oil growth averaged 9 percent from 2004 to 2008. The pace of economic activity has nevertheless slowed in 2009. Executive Directors have welcomed the authorities’ commitment to a strong macroeconomic and financial policy framework that can support an early recovery and lay the basis for the successful implementation of Nigeria’s Vision 2020 development plan.