Nigeria: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement, and Statement by the Executive Director for Nigeria
IMF Staff Country Reports, February 9, 2022
Source details
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- Nigeria: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement, and Statement by the Executive Director for Nigeria
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Bibliographic details
- Published: February 9, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400200205.002
Economic recovery and context
- The economy is recovering from a historic downturn thanks to policy support, rebounding oil prices and international financial assistance.
- COVID-19 infection rates and fatalities have been contained, benefiting from the authorities’ pro-active approach.
- With higher oil prices and the country entering into the 2023 Presidential election cycle, there are risks of delays in much needed fiscal and exchange rate reforms.
- Macroeconomic and structural policies should build confidence and ensure a robust exit from the crisis.
Risks and near-term concerns
- Risk of delays in fiscal and exchange rate reforms associated with higher oil prices and the 2023 Presidential election cycle.
Policy implications and recommendations
- Implement macroeconomic and structural policies that build confidence.
- Ensure a robust exit from the crisis by proceeding with fiscal and exchange rate reforms despite political and commodity price developments.
Subject areas and keywords
- Subject: COVID-19, Exchange rates, External debt, Foreign exchange, Health, Inflation, International organization, Monetary policy, Prices
- Keywords: COVID-19, Exchange rates, Global, headline inflation, Inflation, January-November data, oil sector, policy support, staff appraisal, staff projection, Sub-Saharan Africa
Content in this bundle
- Petroleum Industry Act 2021