{
  "title": "Nigeria: Selected Issues",
  "publication": "IMF Staff Country Reports, April 1, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/04/01/nigeria-selected-issues-46727",
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  "summary": "This Selected Issues paper discusses further concrete steps to improve the governance of state-owned enterprise (SOE) and of the oil sector, given their importance to fiscal transparency and sustainability.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- This Selected Issues paper examines concrete steps to improve governance of state-owned enterprises (SOE) and of the oil sector, given their importance to fiscal transparency and sustainability.\n- Emphasis on reducing leakages in the petroleum sector because of Nigeria’s current fiscal and external dependence on oil revenue.\n- The paper provides an overview of developments, recent reforms, and challenges, and outlines policy recommendations for stronger governance and corruption prevention, detection, and resolution.\n- Anti-money laundering and combating the financing of terrorism (AML/CFT) measures are highlighted as instruments useful beyond the petroleum sector.\n- Strengthening transparency is necessary to ensure Nigeria receives maximum benefits from the oil and gas sector.\n- The Nigerian authorities must accelerate anti-corruption efforts to maintain momentum against both entrenched challenges and evolving threats."
    },
    {
      "heading": "Key findings and analyses",
      "content": "- Governance weaknesses in SOEs and the oil sector materially affect fiscal transparency and fiscal sustainability.\n- Petroleum-sector leakages are macroeconomically critical due to Nigeria’s fiscal and external dependence on oil revenue.\n- AML/CFT frameworks and anti-corruption measures have cross-cutting relevance beyond petroleum, supporting prevention, detection, and resolution of corruption and illicit financial flows."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Strengthen governance and transparency in SOEs and the oil and gas sector.\n- Implement anti-corruption measures to address both entrenched challenges and evolving threats.\n- Enhance AML/CFT frameworks as part of broader anti-corruption and transparency efforts that extend beyond the petroleum sector."
    },
    {
      "heading": "Implementation requirements",
      "content": "- Achieving critical improvements will require a combination of:\n  - Legislative action,\n  - Institutional reform,\n  - Additional resources."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Corruption, Crime, Education, Export diversification, External debt, Fuel prices, International trade\n- Keywords: AMCON bill, AMCON disclosure, Anti-money laundering and combating the financing of terrorism (AML/CFT), collection power, Corruption, cost, CR, debt, Export diversification, firm, firm age, firm level, firm performance, firm size, Global, ISCR, MTDS debt mix objective\n\n---\n\n Content in this bundle\n\n- Nigeria: Selected Issues; IMF Country Report No. 19/93; March 13, 2019\n  - Nigeria: Selected Issues; IMF Country Report No. 19/93; March 13, 2019 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Nigeria: Selected Issues; IMF Country Report No. 19/93; March 13, 2019 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 1, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498306225.002",
    "This Selected Issues paper examines concrete steps to improve governance of state-owned enterprises (SOE) and of the oil sector, given their importance to fiscal transparency and sustainability.",
    "Emphasis on reducing leakages in the petroleum sector because of Nigeria’s current fiscal and external dependence on oil revenue.",
    "The paper provides an overview of developments, recent reforms, and challenges, and outlines policy recommendations for stronger governance and corruption prevention, detection, and resolution.",
    "Strengthening transparency is necessary to ensure Nigeria receives maximum benefits from the oil and gas sector.",
    "The Nigerian authorities must accelerate anti-corruption efforts to maintain momentum against both entrenched challenges and evolving threats.",
    "Governance weaknesses in SOEs and the oil sector materially affect fiscal transparency and fiscal sustainability.",
    "Petroleum-sector leakages are macroeconomically critical due to Nigeria’s fiscal and external dependence on oil revenue.",
    "AML/CFT frameworks and anti-corruption measures have cross-cutting relevance beyond petroleum, supporting prevention, detection, and resolution of corruption and illicit financial flows.",
    "Strengthen governance and transparency in SOEs and the oil and gas sector.",
    "Implement anti-corruption measures to address both entrenched challenges and evolving threats.",
    "Enhance AML/CFT frameworks as part of broader anti-corruption and transparency efforts that extend beyond the petroleum sector.",
    "Achieving critical improvements will require a combination of:",
    "Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Corruption, Crime, Education, Export diversification, External debt, Fuel prices, International trade",
    "Keywords: AMCON bill, AMCON disclosure, Anti-money laundering and combating the financing of terrorism (AML/CFT), collection power, Corruption, cost, CR, debt, Export diversification, firm, firm age, firm level, firm performance, firm size, Global, ISCR, MTDS debt mix objective",
    "**Nigeria: Selected Issues; IMF Country Report No. 19/93; March 13, 2019**"
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      "title": "Nigeria: Selected Issues; IMF Country Report No. 19/93; March 13, 2019",
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