Nigeria: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Nigeria
IMF Staff Country Reports, February 8, 2021
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- Nigeria: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Nigeria
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Bibliographic details
- Published: February 8, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513568423.002
Economic context and key findings
- The Nigerian economy is described as being "at a critical juncture."
- Pre-crisis weaknesses included:
- falling per capita income,
- double-digit inflation,
- significant governance vulnerabilities,
- limited buffers.
- The economy was "grappling with multiple shocks from the COVID-19 pandemic."
Macroeconomic outlook and projections
- Real output is projected to contract by 3.2 percent in 2020.
- A weak recovery is expected to keep per capita income stagnant and "no higher than the 2010 level in the medium term."
Policy implications and recommendations
- "Policy adjustment and reforms are urgently needed to navigate this crisis and change the long-running lackluster course."
Content in this bundle
- 1ngaea2021001