Nigeria : 2017 Article IV Consultation- Press Release; Staff Report; and Statement by the Executive Director for Nigeria
Author/Editor:
International Monetary Fund. African Dept.
Publication Date:
April 5, 2017
Electronic Access:
Free Full text (PDF file size is 2891 KB).Use the free Adobe Acrobat Reader to view this PDF file
Summary:
The slump in oil prices and production and an inadequate policy response are increasing unemployment and undermining efforts to reduce poverty. The authorities took some steps in 2016 to reduce vulnerabilities, mainly by deregulating fuel prices, increasing the monetary policy rate, and allowing currency depreciation to reduce the exchange rate misalignment. However, further actions are urgently needed to tackle the low revenue effort, large infrastructure deficit, rising debt service, double-digit inflation, and a foreign exchange market marred by restrictions. These actions need to be supported by continued efforts to counter militant activity in the Niger Delta and an insurgency-related humanitarian crisis in the North East.
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