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Nigeria: 2024 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Nigeria
Author:
International Monetary Fund. African Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2024: Issue 102
Language:
English
Publication Date:
09 May 2024
DOI:
https://doi.org/10.5089/9798400275074.002
ISBN:
9798400275074
ISSN:
1934-7685
Pages:
98
Keywords:
March inflation; inflation projection; monetary policy committee meeting; March production; inflation print; Anti-money laundering and combating the financing of terrorism (AML/CFT); Inflation; Currency markets; Energy subsidies; Global; Africa
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The 2024 Article IV Consultation discusses that Nigeria, under its new administration, has set out on an ambitious reform path to restore macroeconomic stability and support inclusive growth. The authorities reformed the fuel price subsidies, unified official foreign exchange windows, and are focused on revenue mobilization, governance, and enhancing the monetary and exchange rate policy frameworks, as well as strengthening social safety nets. Near-term risks are tilted to the downside, but determined and well-sequenced implementation of the authorities’ policy intentions would pave the way for faster, more inclusive and resilient growth. Further strengthening bank capitalization and tight supervision are needed to mitigate emerging financial sector stability risks. Improving the functioning of the domestic securities and foreign exchange markets should enhance the monetary transition mechanism and attract capital inflows. Structural reforms can ease near-term policy trade-offs. Nigeria should continue supporting agricultural productivity, sustain actions to reduce oil theft, remove burdensome border procedures, and accelerate climate adaptation measures.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund