Nigeria: Staff Report for the 2013 Article IV Consultation
IMF Staff Country Reports, April 22, 2014
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- Nigeria: Staff Report for the 2013 Article IV Consultation
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Bibliographic details
- Published: April 22, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484357903.002
Overview
- The 2013 Article IV Consultation highlights Nigeria’s poverty and income inequality that remain high and social and governance indicators that are below averages for sub-Saharan Africa.
- Growth is expected to remain strong, driven by agriculture, trade, and services.
- Inflation should continue to decline, in line with a tight monetary policy, and a lowering trend in food prices from higher rice and wheat production.
Growth and inflation
- Growth drivers: agriculture, trade, and services.
- Inflation outlook:
- Expected to continue to decline.
- Decline attributed to a tight monetary policy.
- Further downward pressure from a lowering trend in food prices due to higher rice and wheat production.
Poverty, inequality, and social/governance indicators
- Poverty and income inequality: remain high.
- Social and governance indicators: below averages for sub-Saharan Africa.
Oil sector transparency and governance (policy recommendations)
- Transparency and governance in the oil sector should be enhanced.
- Recommended policy action: strengthen the regulatory framework through the passage of a sound Petroleum Industry Bill featuring stringent enforcement clauses.