Nigeria: 2024 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Nigeria

Author: International Monetary Fund. African Dept.

Volume/Issue: Volume 2024 Issue 102

Publication date: May 2024

ISBN: 9798400275074

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Topics covered in this book

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Finance , Inflation , Money and Monetary Policy , Public Finance , International - Economics , March inflation , inflation projection , monetary policy committee meeting , March production , inflation print , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Inflation , Currency markets , Energy subsidies , Global , Africa

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Summary

Over the last decade, Nigeria’s growth has just about kept up with population dynamics. Poverty has increased, and food insecurity is rising. The government is constrained by low domestic revenue mobilization. Governance problems remain pervasive. The external environment—cost of financing—remains difficult, high oil and gas prices notwithstanding. The new administration has set out on an ambitious reform path to restore macroeconomic stability and develop a pro-growth reform agenda.