The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
This Background Paper and Statistical Appendix examines economic development in Nigeria in the first half of the 1990s. Economic growth slowed for the fourth consecutive year in 1994, to 1.3 percent from 2.3 percent in 1993. The slowdown was widespread, affecting every sector except agriculture. Output in the petroleum sector is estimated to have declined by 6 percent, mainly as a result of industrial actions by oil workers during July and August 1994. In the non-oil sectors, negative growth was recorded in both fishing and manufacturing activities.