Nigeria: Staff Report for the 2004 Article IV Consultation

IMF Staff Country Reports, August 6, 2004

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Real GDP growth in Nigeria accelerated in 2003 on account of sharply higher oil and gas production and continued robust growth in the non-oil economy.
Owing to favorable terms-of-trade developments, the external current account deficit narrowed sharply.
The aggregate improvement masks rising non-oil import pressures and a widening non-oil external current account deficit.
Macroeconomic conditions improved considerably since late 2003, owing largely to fiscal prudence.
The fiscal restraint that began in the last quarter of 2003 continued in the first half of 2004.

Subject: Commodities, Currencies, Expenditure, Fiscal policy, Money, Oil, Oil, gas and mining taxes, Taxes
Keywords: Africa, articulation of the National Economic Empowerment, authorities to service, authorities' articulation, broad money, capital expenditure, central bank, CR, credit to the government, Currencies, debt management, debt service, exchange rate, federal budget, fiscal policy, foreign exchange, fuel price liberalization, gas and mining taxes, Global, government, government operation, improved dialogue, ISCR, market price, monetary policy, net, net credit to the government, Nigeria, Oil, oil revenue, price, price baseline, private sector, revenue, revenue collection, West Africa