Nigeria: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria
IMF Staff Country Reports, March 7, 2018
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- Nigeria: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria
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Bibliographic details
- Published: March 7, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484345467.002
Key findings on recent performance
- The Nigerian economy is "exiting recession but remains vulnerable."
- 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 2017, from 18.5 percent at end-2016.
Drivers of recent improvement
- "New foreign exchange measures" contributed to better foreign exchange availability.
- "Rising oil prices" supported near-term projections.
- "Attractive yields on government securities" and a "tighter monetary policy" helped contain inflationary pressures.
- Reserves increased to a four-year high.
Medium-term outlook and risks
- Higher oil prices support the near-term projections, but medium-term projections indicate that growth would "remain relatively flat" under unchanged policies.
- Under unchanged policies, the report projects "continuing declines in per capita real GDP."
Subject areas and keywords covered
- 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 metadata (as provided)
- Pages: 98
- Volume: 2018
- Issue: 063
- Series: Country Report No. 2018/063
- DOI: https://doi.org/10.5089/9781484345467.002
- Stock No: 1NGAEA2018001
- ISBN: 9781484345467
- ISSN: 1934-7685
- Publication date on landing page: March 7, 2018
International Monetary Fund. Nigeria: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria (IMF Staff Country Reports 2018, 063).
Content in this bundle
- Country Report