Nigeria: Selected Issues

IMF Staff Country Reports, April 5, 2017

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Nigeria: Selected Issues

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Bibliographic details

• Published: April 5, 2017
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781475591910.002

Overview and Scope

• Publication type: IMF Staff Country Report, Country Report No. 2017/081.
• Date: April 5, 2017.
• Pages: 57.
• Volume: 2017.
• Issue: 081.
• DOI: https://doi.org/10.5089/9781475591910.002.
• Stock No: 1NGAEA2017002.
• ISBN: 9781475591910.
• ISSN: 1934-7685.
• Subject areas: Business environment, Economic sectors, Expenditure, Financial institutions, Foreign exchange, Nonperforming loans, Oil, Oil prices, Prices.
• Keywords: Business environment, CR, Doing business indicator, FX availability, FX exchange rate, FX inflow, ISCR, Nigeria, Nonperforming loans, oil export, Oil prices, Sub-Saharan Africa.

Key Findings

• The slump in oil prices contributed to sluggish growth in Nigeria.
• The lack of foreign exchange weakened corporate performance, setting the stage for nonperforming loans.
• Lower oil prices played a central role in the recent deterioration in Nigeria’s macroeconomic indicators.
• Corporate and financial sector performance have been negatively impacted by the combination of lower oil prices and limited FX availability.

Analysis Themes

• Role of lower oil prices in macroeconomic deterioration:
  • Examines how reduced oil revenues affected growth and macro indicators.
• Impact on corporate and financial sector performance:
  • Focuses on FX availability as a driver of corporate weakness and future nonperforming loans.
• Forward-looking aspects:
  • Promotes job-intensive growth strategies.
  • Considers strengthening state and local government finances through fiscal reforms.

Policy Recommendations and Implications

• Structural reforms to improve the business environment can have a positive impact on growth.
• Fiscal reforms would help strengthen finances of subnational governments (state and local).
• Addressing FX availability is implied as important to prevent further corporate stress and rising nonperforming loans.

Document Access and Metadata

• Format available: PDF (Download PDF).
• Citation example provided in Chicago format within the source content.

International Monetary Fund. African Dept. "Nigeria: Selected Issues", IMF Staff Country Reports 2017, 081 (2017).

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