{
  "title": "Nigeria: Staff Report for the 2011 Article IV Consultation",
  "publication": "IMF Staff Country Reports, July 24, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/nigeria-staff-report-for-the-2011-article-iv-consultation-26098",
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  "summary": "The Nigerian economy remained strong, with a non-oil real GDP of 8.3 percent and an overall real GDP of 6.7 percent. A modest fiscal consolidation took place in 2011 as a response to the substantial monetary tightening by the Central Bank of Nigeria and moderation of food prices.",
  "publishDate": "2012-07-24",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- Non-oil real GDP: 8.3 percent.\n- Overall real GDP: 6.7 percent.\n- A modest fiscal consolidation took place in 2011 in response to:\n  - Substantial monetary tightening by the Central Bank of Nigeria.\n  - Moderation of food prices.\n- Banks showed continued improvement in financial stability.\n- Executive Directors commended the authorities for countercyclical policies.\n- Executive Directors emphasized the need for policies that safeguard macroeconomic stability and ensure inclusive growth."
    },
    {
      "heading": "Macroeconomic and policy context",
      "content": "- Monetary policy: Substantial tightening by the Central Bank of Nigeria in 2011.\n- Fiscal policy: Modest consolidation in 2011 as a response to monetary tightening and moderating food prices.\n- Financial sector: Continued improvement in bank stability noted."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Maintain policies that safeguard macroeconomic stability.\n- Pursue measures to ensure inclusive growth alongside countercyclical policies."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Publication title: Nigeria: Staff Report for the 2011 Article IV Consultation.\n- Series: Country Report No. 2012/194.\n- Volume: 2012.\n- Issue: 194.\n- Pages: 80.\n- DOI: https://doi.org/10.5089/9781475506679.002\n- Stock No: 1NGAEA2012001\n- ISBN: 9781475506679\n- ISSN: 1934-7685\n- Subject: Energy subsidies, Expenditure, External debt, Oil prices, Oil, gas and mining taxes, Prices, Public debt, Taxes.\n- Keywords: authority, CR, gas and mining taxes, gas GDP, Global, inflation expectation, ISCR, Oil, Oil prices, policy issue, policy objective, price, real GDP, stance of the government, state power company.\n\nSource: Nigeria: Staff Report for the 2011 Article IV Consultation (IMF Staff Country Reports, 2012, 194).\n\n---\n\n Content in this bundle\n\n- Nigeria: 2012 Article IV Consultation; IMF Country Report No. 12/194; February 8, 2012\n  - Nigeria: 2012 Article IV Consultation; IMF Country Report No. 12/194; February 8, 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Nigeria: 2012 Article IV Consultation; IMF Country Report No. 12/194; February 8, 2012 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/nigeria-staff-report-for-the-2011-article-iv-consultation-26098"
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    "Published: July 24, 2012",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475506679.002",
    "Non-oil real GDP: 8.3 percent.",
    "Overall real GDP: 6.7 percent.",
    "A modest fiscal consolidation took place in 2011 in response to:",
    "Banks showed continued improvement in financial stability.",
    "Executive Directors commended the authorities for countercyclical policies.",
    "Executive Directors emphasized the need for policies that safeguard macroeconomic stability and ensure inclusive growth.",
    "Monetary policy: Substantial tightening by the Central Bank of Nigeria in 2011.",
    "Fiscal policy: Modest consolidation in 2011 as a response to monetary tightening and moderating food prices.",
    "Financial sector: Continued improvement in bank stability noted.",
    "Maintain policies that safeguard macroeconomic stability.",
    "Pursue measures to ensure inclusive growth alongside countercyclical policies.",
    "Publication title: Nigeria: Staff Report for the 2011 Article IV Consultation.",
    "Series: Country Report No. 2012/194.",
    "Volume: 2012.",
    "Issue: 194.",
    "Pages: 80.",
    "DOI: https://doi.org/10.5089/9781475506679.002",
    "Stock No: 1NGAEA2012001",
    "ISBN: 9781475506679",
    "ISSN: 1934-7685",
    "Subject: Energy subsidies, Expenditure, External debt, Oil prices, Oil, gas and mining taxes, Prices, Public debt, Taxes.",
    "Keywords: authority, CR, gas and mining taxes, gas GDP, Global, inflation expectation, ISCR, Oil, Oil prices, policy issue, policy objective, price, real GDP, stance of the government, state power company.",
    "**Nigeria: 2012 Article IV Consultation; IMF Country Report No. 12/194; February 8, 2012**"
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