IMF Staff Country Reports

This paper discusses key findings of the annual progress report on implementing the National Economic Empowerment and Development Strategy (NEEDS)—Nigeria’s Poverty Reduction Strategy Paper. The progress report highlights key accomplishments and shortcomings as well as outstanding issues. Key macroeconomic indicators improved during the last years, reflecting the authorities’ attention to macroeconomic management, an improved policy framework, and favorable external environment. Non-oil growth was robust, and despite unrest in the Niger Delta, oil production could fully fill the OPEC quota. The budgetary oil price rule was an essential anchor of fiscal policy.