{
  "title": "Nigeria: Staff Report for the 2002 Article IV Consultation",
  "publication": "IMF Staff Country Reports, January 3, 2003",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/30/nigeria-staff-report-for-the-2002-article-iv-consultation-16260",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/30/nigeria-staff-report-for-the-2002-article-iv-consultation-16260",
  "overlayPath": "/en/publications/cr/issues/2016/12/30/nigeria-staff-report-for-the-2002-article-iv-consultation-16260/index.md",
  "summary": "Nigeria’s 2002 Article IV Consultation highlights that major macroeconomic imbalances had emerged as a result of sharp increases in government spending and expressed concern at the risks of a further acceleration of inflation and continuing instability in the exchange market.",
  "sections": [
    {
      "heading": "Major findings — macroeconomic imbalances",
      "content": "- Major macroeconomic imbalances had emerged as a result of sharp increases in government spending.\n- The overall fiscal balance deteriorated sharply in 2001.\n- The external accounts worsened.\n- Inflation accelerated.\n- Lax financial policies have led to a sharp fall in international reserves."
    },
    {
      "heading": "Fiscal stance and public spending (2001–2002)",
      "content": "- The overall stance of fiscal policy remains highly expansionary in 2002, notwithstanding efforts by the authorities to contain capital spending.\n- Sharp increases in government spending are identified as a principal driver of the emerging imbalances."
    },
    {
      "heading": "Price-level and exchange market risks",
      "content": "- The report expresses concern at the risks of a further acceleration of inflation.\n- The report expresses concern at continuing instability in the exchange market."
    },
    {
      "heading": "Policy concerns and implications",
      "content": "- Continued expansionary fiscal policy combined with lax financial policies increase risks to macroeconomic stability.\n- Worsening external accounts and falling international reserves highlight vulnerability to external shocks.\n- Containing capital spending alone is insufficient given the overall expansionary fiscal stance.\n\nNigeria: Staff Report for the 2002 Article IV Consultation, January 3, 2003.\n\n---\n\n Content in this bundle\n\n- cr0303\n  - cr0303 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr0303 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/30/nigeria-staff-report-for-the-2002-article-iv-consultation-16260/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/30/nigeria-staff-report-for-the-2002-article-iv-consultation-16260/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/30/nigeria-staff-report-for-the-2002-article-iv-consultation-16260/bundle-manifest.json)",
    "Published: January 3, 2003",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451828900.002",
    "Major macroeconomic imbalances had emerged as a result of sharp increases in government spending.",
    "The overall fiscal balance deteriorated sharply in 2001.",
    "The external accounts worsened.",
    "Inflation accelerated.",
    "Lax financial policies have led to a sharp fall in international reserves.",
    "The overall stance of fiscal policy remains highly expansionary in 2002, notwithstanding efforts by the authorities to contain capital spending.",
    "Sharp increases in government spending are identified as a principal driver of the emerging imbalances.",
    "The report expresses concern at the risks of a further acceleration of inflation.",
    "The report expresses concern at continuing instability in the exchange market.",
    "Continued expansionary fiscal policy combined with lax financial policies increase risks to macroeconomic stability.",
    "Worsening external accounts and falling international reserves highlight vulnerability to external shocks.",
    "Containing capital spending alone is insufficient given the overall expansionary fiscal stance.",
    "**_cr0303**"
  ],
  "related": [
    {
      "title": "_cr0303",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2003/_cr0303.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2003/_cr0303.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2003/_cr0303.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/30/nigeria-staff-report-for-the-2002-article-iv-consultation-16260/index.md",
    "json": "/en/publications/cr/issues/2016/12/30/nigeria-staff-report-for-the-2002-article-iv-consultation-16260/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/30/nigeria-staff-report-for-the-2002-article-iv-consultation-16260/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-13T16:13:08.589Z"
}