## Nigeria: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria

_IMF Staff Country Reports, April 1, 2019_

## Source details

**Canonical URL:** [Nigeria: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria](https://www.imf.org/en/publications/cr/issues/2019/04/01/nigeria-2019-article-iv-consultation-press-release-staff-report-and-statement-by-the-46726)

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## Bibliographic details
- Published: April 1, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498306140.002

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### Main findings
- Nigeria’s economy is still recovering from the substantial terms-of-trade shock that triggered the 2016 recession.
- Persistent structural and policy challenges constrain growth to below the level needed to reduce vulnerabilities and improve development outcomes.
- With elections now complete, there is a greater chance for faster policy implementation.
- The authorities’ Economic Recovery and Growth Plan priorities remain appropriate and should be urgently implemented.
- A comprehensive package of urgent policy reforms is required to address vulnerabilities and raise growth over the medium term.

### Fiscal policy recommendations
- Revenue-based fiscal consolidation would be required to create space for higher capital and priority spending.
- Improve spending efficiency and strengthen governance as part of consolidation efforts.

### Banking sector recommendations
- Strengthening banking sector resilience requires increasing capital buffers.
- This includes extending the no dividend distribution rule to all banks with high restructured loans.

### Subjects and policy areas highlighted
- Banking, Education, Exchange rates, Expenditure, Foreign exchange, Inflation, Oil prices, Prices

*Source: Nigeria: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria (April 1, 2019).*

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_Source: https://www.imf.org/en/publications/cr/issues/2019/04/01/nigeria-2019-article-iv-consultation-press-release-staff-report-and-statement-by-the-46726_