On behalf of the Nigerian authorities, we appreciate the continued engagement with the Fund and the constructive discussions with staff during the 2019 Article IV Consultation. The authorities welcome staff’s analysis, assessment and advice but wish that some of the economic outcomes reported therein were better attributed to the policies of the government.
With the 2019 General Elections over, and the incumbent President re-elected, the authorities are now prioritizing the accelerated implementation of the country’s Economic Recovery and Growth Plan (ERGP), which underpinned the response to the 2016 recession, and engendered a relatively-quick recovery. Under the ERGP, reform priorities include intensifying non-oil revenue mobilization, completing power sector reforms, accelerating anti-corruption efforts, improving the business environment, and fast-tracking job-creation efforts to boost inclusive growth. The authorities are convinced that these reforms would provide the impetus needed to improve economic growth in the near- to medium-term.