{
  "title": "Nigeria: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement, and Statement by the Executive Director for Nigeria",
  "publication": "IMF Staff Country Reports, February 9, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/02/09/nigeria-2021-article-iv-consultation-press-release-staff-report-staff-statement-and-512944",
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  "summary": "The economy is recovering from a historic downturn thanks to policy support, rebounding oil prices and international financial assistance. Benefiting from the authorities’ pro-active approach, COVID-19 infection rates and fatalities have been contained.",
  "sections": [
    {
      "heading": "Economic recovery and context",
      "content": "- The economy is recovering from a historic downturn thanks to policy support, rebounding oil prices and international financial assistance.\n- COVID-19 infection rates and fatalities have been contained, benefiting from the authorities’ pro-active approach.\n- With higher oil prices and the country entering into the 2023 Presidential election cycle, there are risks of delays in much needed fiscal and exchange rate reforms.\n- Macroeconomic and structural policies should build confidence and ensure a robust exit from the crisis."
    },
    {
      "heading": "Risks and near-term concerns",
      "content": "- Risk of delays in fiscal and exchange rate reforms associated with higher oil prices and the 2023 Presidential election cycle."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Implement macroeconomic and structural policies that build confidence.\n- Ensure a robust exit from the crisis by proceeding with fiscal and exchange rate reforms despite political and commodity price developments."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: COVID-19, Exchange rates, External debt, Foreign exchange, Health, Inflation, International organization, Monetary policy, Prices\n- Keywords: COVID-19, Exchange rates, Global, headline inflation, Inflation, January-November data, oil sector, policy support, staff appraisal, staff projection, Sub-Saharan Africa\n\n---\n\n Content in this bundle\n\n- Petroleum Industry Act 2021\n  - Petroleum Industry Act 2021 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Petroleum Industry Act 2021 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 9, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400200205.002",
    "The economy is recovering from a historic downturn thanks to policy support, rebounding oil prices and international financial assistance.",
    "With higher oil prices and the country entering into the 2023 Presidential election cycle, there are risks of delays in much needed fiscal and exchange rate reforms.",
    "Macroeconomic and structural policies should build confidence and ensure a robust exit from the crisis.",
    "Risk of delays in fiscal and exchange rate reforms associated with higher oil prices and the 2023 Presidential election cycle.",
    "Implement macroeconomic and structural policies that build confidence.",
    "Ensure a robust exit from the crisis by proceeding with fiscal and exchange rate reforms despite political and commodity price developments.",
    "Subject: COVID-19, Exchange rates, External debt, Foreign exchange, Health, Inflation, International organization, Monetary policy, Prices",
    "Keywords: COVID-19, Exchange rates, Global, headline inflation, Inflation, January-November data, oil sector, policy support, staff appraisal, staff projection, Sub-Saharan Africa",
    "**Petroleum Industry Act 2021**"
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