Nigeria : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria
Author/Editor:
International Monetary Fund. African Dept.
Publication Date:
March 7, 2018
Electronic Access:
Free Full Text (PDF file size is 2721 KB).Use the free Adobe Acrobat Reader to view this PDF file
Summary:
The Nigerian economy is slowly exiting recession but remains vulnerable. Rising oil prices, new foreign exchange (FX) measures, attractive yields on government securities, and a tighter monetary policy have contributed to better FX availability, increased reserves to a four-year high, and contained inflationary pressures. Economic growth in the third quarter of 2017 was positive for the second consecutive quarter, driven mainly by recovering oil production. However, these improvements have not yet boosted non-oil non-agricultural activity, brought inflation closer to the target range, contained banking sector vulnerabilities, or reduced unemployment. A higher fiscal deficit driven by weak revenue mobilization amidst still tight domestic financing conditions has raised bond yields, and crowded out private sector credit.
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