Nigeria: Staff Report for the 2011 Article IV Consultation

IMF Staff Country Reports, July 24, 2012

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Nigeria: Staff Report for the 2011 Article IV Consultation

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Bibliographic details

• Published: July 24, 2012
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781475506679.002

Key findings

• Non-oil real GDP: 8.3 percent.
• Overall real GDP: 6.7 percent.
• A modest fiscal consolidation took place in 2011 in response to:
  • Substantial monetary tightening by the Central Bank of Nigeria.
  • Moderation of food prices.
• Banks showed continued improvement in financial stability.
• Executive Directors commended the authorities for countercyclical policies.
• Executive Directors emphasized the need for policies that safeguard macroeconomic stability and ensure inclusive growth.

Macroeconomic and policy context

• Monetary policy: Substantial tightening by the Central Bank of Nigeria in 2011.
• Fiscal policy: Modest consolidation in 2011 as a response to monetary tightening and moderating food prices.
• Financial sector: Continued improvement in bank stability noted.

Policy implications and recommendations

• Maintain policies that safeguard macroeconomic stability.
• Pursue measures to ensure inclusive growth alongside countercyclical policies.

Publication and metadata

• Publication title: Nigeria: Staff Report for the 2011 Article IV Consultation.
• Series: Country Report No. 2012/194.
• Volume: 2012.
• Issue: 194.
• Pages: 80.
• DOI: https://doi.org/10.5089/9781475506679.002
• Stock No: 1NGAEA2012001
• ISBN: 9781475506679
• ISSN: 1934-7685
• Subject: Energy subsidies, Expenditure, External debt, Oil prices, Oil, gas and mining taxes, Prices, Public debt, Taxes.
• Keywords: authority, CR, gas and mining taxes, gas GDP, Global, inflation expectation, ISCR, Oil, Oil prices, policy issue, policy objective, price, real GDP, stance of the government, state power company.

Source: Nigeria: Staff Report for the 2011 Article IV Consultation (IMF Staff Country Reports, 2012, 194).

Content in this bundle

• Nigeria: 2012 Article IV Consultation; IMF Country Report No. 12/194; February 8, 2012
  • Nigeria: 2012 Article IV Consultation; IMF Country Report No. 12/194; February 8, 2012 (Markdown version)
  • Nigeria: 2012 Article IV Consultation; IMF Country Report No. 12/194; February 8, 2012 (PDF)