Nigeria: Second Review Under the Policy Support Instrument—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Nigeria

IMF Staff Country Reports, January 19, 2007

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Nigeria: Second Review Under the Policy Support Instrument—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Nigeria

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Bibliographic details

• Published: January 19, 2007
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781451954371.002

Key findings

• All assessment criteria through end-September were met except for one civil service-related measure.
• Remedial measures have prevented the civil service reform program from being compromised.
• Four structural benchmarks, including two privatizations, were delayed.
• Macroeconomic performance had improved and Nigeria possessed large oil wealth.
• Emphasis on achieving the Millennium Development Goals, including through increased infrastructure spending.
• Targeted spending in the Niger Delta could help restore stability and boost Nigeria’s economic growth.

Structural benchmarks and reforms

• Four structural benchmarks were delayed; among these were two privatizations.
• One unmet assessment criterion related to civil service reform; remedial measures were implemented to protect the reform program.

Macroeconomic context and priorities

• Improved macroeconomic performance and large oil wealth form the backdrop for policy focus.
• Priorities highlighted include achieving the Millennium Development Goals and increasing infrastructure spending.
• Targeted fiscal measures in the Niger Delta were identified as a potential way to restore stability and promote growth.

Policy implications and recommendations

• Continue implementing remedial measures to safeguard civil service reform.
• Complete delayed structural benchmarks, including privatizations, to sustain reform momentum.
• Increase infrastructure spending to support Millennium Development Goals and broader growth objectives.
• Use targeted spending in the Niger Delta to address stability concerns and enhance economic prospects.

International Monetary Fund. "Nigeria: Second Review Under the Policy Support Instrument—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Nigeria", January 19, 2007.

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• Cr0720
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