Nigeria: 2024 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Nigeria

IMF Staff Country Reports, May 9, 2024

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Canonical URL: Nigeria: 2024 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Nigeria

Nigeria, under its new administration, has set out on an ambitious reform path to restore macroeconomic stability and support inclusive growth.
Authorities reformed the fuel price subsidies and unified official foreign exchange windows.
Policy focus areas include revenue mobilization, governance, enhancing the monetary and exchange rate policy frameworks, and strengthening social safety nets.
Determined and well-sequenced implementation of the authorities’ policy intentions would pave the way for faster, more inclusive and resilient growth.
Near-term risks are tilted to the downside.

Further strengthening bank capitalization and tight supervision are needed to mitigate emerging financial sector stability risks.
Improving the functioning of the domestic securities and foreign exchange markets should enhance the monetary transition mechanism and attract capital inflows.

Structural reforms can ease near-term policy trade-offs.
Policy recommendations highlighted:
- Continue supporting agricultural productivity.
- Sustain actions to reduce oil theft.
- Remove burdensome border procedures.
- Accelerate climate adaptation measures.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Currency markets, Energy subsidies, Expenditure, Financial markets, Foreign exchange, Inflation, International organization, Monetary policy, Prices
Keywords: Africa, Anti-money laundering and combating the financing of terrorism (AML/CFT), Currency markets, Energy subsidies, Global, Inflation, inflation print, inflation projection, March inflation, March production, monetary policy committee meeting