{
  "title": "Nigeria: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria",
  "publication": "IMF Staff Country Reports, March 7, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/03/07/nigeria-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-45699",
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  "summary": "This 2018 Article IV Consultation highlights that the Nigerian economy is exiting recession but remains vulnerable. New foreign exchange measures, rising oil prices, attractive yields on government securities, and a tighter monetary policy have contributed to better foreign exchange availability, in",
  "sections": [
    {
      "heading": "Key findings on recent performance",
      "content": "- The Nigerian economy is \"exiting recession but remains vulnerable.\"\n- Economic growth reached 0.8 percent in 2017, \"driven mainly by recovering oil production.\"\n- Inflation declined to 15.4 percent year-over-year by end-December 2017, from 18.5 percent at end-2016."
    },
    {
      "heading": "Drivers of recent improvement",
      "content": "- \"New foreign exchange measures\" contributed to better foreign exchange availability.\n- \"Rising oil prices\" supported near-term projections.\n- \"Attractive yields on government securities\" and a \"tighter monetary policy\" helped contain inflationary pressures.\n- Reserves increased to a four-year high."
    },
    {
      "heading": "Medium-term outlook and risks",
      "content": "- Higher oil prices support the near-term projections, but medium-term projections indicate that growth would \"remain relatively flat\" under unchanged policies.\n- Under unchanged policies, the report projects \"continuing declines in per capita real GDP.\""
    },
    {
      "heading": "Subject areas and keywords covered",
      "content": "- Subject: Banking, Fiscal policy, Foreign exchange, Oil prices, Prices, Public debt, Revenue administration\n- Keywords: banking sector risk, CBN purchase, central bank, CR, Eurobond proceeds, food inflation, Global, ISCR, Nigerian authorities, Oil prices, outturn, Sub-Saharan Africa, West Africa"
    },
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      "heading": "Publication metadata (as provided)",
      "content": "- Pages: 98\n- Volume: 2018\n- Issue: 063\n- Series: Country Report No. 2018/063\n- DOI: https://doi.org/10.5089/9781484345467.002\n- Stock No: 1NGAEA2018001\n- ISBN: 9781484345467\n- ISSN: 1934-7685\n- Publication date on landing page: March 7, 2018\n\nInternational Monetary Fund. Nigeria: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria (IMF Staff Country Reports 2018, 063).\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\"}"
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    "Published: March 7, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484345467.002",
    "The Nigerian economy is \"exiting recession but remains vulnerable.\"",
    "Economic growth reached 0.8 percent in 2017, \"driven mainly by recovering oil production.\"",
    "Inflation declined to 15.4 percent year-over-year by end-December 2017, from 18.5 percent at end-2016.",
    "\"New foreign exchange measures\" contributed to better foreign exchange availability.",
    "\"Rising oil prices\" supported near-term projections.",
    "\"Attractive yields on government securities\" and a \"tighter monetary policy\" helped contain inflationary pressures.",
    "Reserves increased to a four-year high.",
    "Higher oil prices support the near-term projections, but medium-term projections indicate that growth would \"remain relatively flat\" under unchanged policies.",
    "Under unchanged policies, the report projects \"continuing declines in per capita real GDP.\"",
    "Subject: Banking, Fiscal policy, Foreign exchange, Oil prices, Prices, Public debt, Revenue administration",
    "Keywords: banking sector risk, CBN purchase, central bank, CR, Eurobond proceeds, food inflation, Global, ISCR, Nigerian authorities, Oil prices, outturn, Sub-Saharan Africa, West Africa",
    "Pages: 98",
    "Volume: 2018",
    "Issue: 063",
    "Series: Country Report No. 2018/063",
    "DOI: https://doi.org/10.5089/9781484345467.002",
    "Stock No: 1NGAEA2018001",
    "ISBN: 9781484345467",
    "ISSN: 1934-7685",
    "Publication date on landing page: March 7, 2018",
    "**Country Report**"
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