## Nigeria: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement, and Statement by the Executive Director for Nigeria

_IMF Staff Country Reports, February 9, 2022_

## Source details

**Canonical URL:** [Nigeria: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement, and Statement by the Executive Director for Nigeria](https://www.imf.org/en/publications/cr/issues/2022/02/09/nigeria-2021-article-iv-consultation-press-release-staff-report-staff-statement-and-512944)

## Other formats

- [Markdown version](/en/publications/cr/issues/2022/02/09/nigeria-2021-article-iv-consultation-press-release-staff-report-staff-statement-and-512944/index.md)
- [Structured JSON version](/en/publications/cr/issues/2022/02/09/nigeria-2021-article-iv-consultation-press-release-staff-report-staff-statement-and-512944/index.json)
- [Bundle manifest](/en/publications/cr/issues/2022/02/09/nigeria-2021-article-iv-consultation-press-release-staff-report-staff-statement-and-512944/bundle-manifest.json)

## Bibliographic details
- Published: February 9, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400200205.002

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### Economic recovery and context
- The economy is recovering from a historic downturn thanks to policy support, rebounding oil prices and international financial assistance.
- COVID-19 infection rates and fatalities have been contained, benefiting from the authorities’ pro-active approach.
- 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.

### Risks and near-term concerns
- Risk of delays in fiscal and exchange rate reforms associated with higher oil prices and the 2023 Presidential election cycle.

### Policy implications and recommendations
- 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 areas and keywords
- 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

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## Content in this bundle

- **Petroleum Industry Act 2021**
  - [Petroleum Industry Act 2021 (Markdown version)](/-/media/files/publications/cr/2022/english/1ngaea2022001.pdf.md){rel="alternate" type="text/markdown"}
  - [Petroleum Industry Act 2021 (PDF)](/-/media/files/publications/cr/2022/english/1ngaea2022001.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2022/02/09/nigeria-2021-article-iv-consultation-press-release-staff-report-staff-statement-and-512944_