{
  "title": "Nigeria: 2017 Article IV Consultation- Press Release; Staff Report; and Statement by the Executive Director for Nigeria",
  "publication": "IMF Staff Country Reports, April 5, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/04/05/nigeria-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44792",
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  "summary": "This 2017 Article IV Consultation highlights low oil prices’ and falling oil production’s blow to the Nigerian economy. The country entered a recession in 2016, with growth contracting by 1.5 percent. Annual inflation doubled to 18.",
  "publishDate": "2017-04-05",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Economic context and drivers of the 2016 downturn",
      "content": "- Low oil prices and falling oil production significantly weakened the Nigerian economy.\n- The country entered a recession in 2016.\n- Growth contracted by 1.5 percent in 2016.\n- Annual inflation doubled to 18.6 percent, reflecting higher electricity costs and fuel tariffs, a weaker naira, and accommodating monetary conditions.\n- Despite significantly lower capital spending, the consolidated fiscal deficit increased from 3.5 percent of GDP in 2015 to 4.7 percent of GDP in 2016.\n- Agriculture maintained a continuing strong performance amid the broader downturn."
    },
    {
      "heading": "Key indicators and projections",
      "content": "- 2016 growth: contracting by 1.5 percent.\n- 2016 inflation: 18.6 percent (annual).\n- Consolidated fiscal deficit: from 3.5 percent of GDP in 2015 to 4.7 percent of GDP in 2016.\n- 2017 baseline growth projection under unchanged policies: would pick up only slightly to 0.8 percent, mostly reflecting some recovery in oil production and continued strong performance in agriculture."
    },
    {
      "heading": "Outlook and risks",
      "content": "- Under unchanged policies, the outlook is characterized as challenging.\n- The modest projected recovery in 2017 relies primarily on some recovery in oil production and sustained agricultural performance.\n- Persistently weak oil-sector dynamics, exchange rate pressures (weaker naira), and elevated inflation pose downside risks to the recovery.\n\nInternational Monetary Fund. Nigeria: 2017 Article IV Consultation- Press Release; Staff Report; and Statement by the Executive Director for Nigeria (April 5, 2017).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/04/05/nigeria-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44792"
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    "Published: April 5, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475591903.002",
    "Low oil prices and falling oil production significantly weakened the Nigerian economy.",
    "The country entered a recession in 2016.",
    "Growth contracted by 1.5 percent in 2016.",
    "Annual inflation doubled to 18.6 percent, reflecting higher electricity costs and fuel tariffs, a weaker naira, and accommodating monetary conditions.",
    "Despite significantly lower capital spending, the consolidated fiscal deficit increased from 3.5 percent of GDP in 2015 to 4.7 percent of GDP in 2016.",
    "Agriculture maintained a continuing strong performance amid the broader downturn.",
    "2016 growth: contracting by 1.5 percent.",
    "2016 inflation: 18.6 percent (annual).",
    "Consolidated fiscal deficit: from 3.5 percent of GDP in 2015 to 4.7 percent of GDP in 2016.",
    "2017 baseline growth projection under unchanged policies: would pick up only slightly to 0.8 percent, mostly reflecting some recovery in oil production and continued strong performance in agriculture.",
    "Under unchanged policies, the outlook is characterized as challenging.",
    "The modest projected recovery in 2017 relies primarily on some recovery in oil production and sustained agricultural performance.",
    "Persistently weak oil-sector dynamics, exchange rate pressures (weaker naira), and elevated inflation pose downside risks to the recovery.",
    "**Country Report**"
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