Nigeria: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement, and Statement by the Executive Director for Nigeria

2021 Article IV Consultation-Press Release; Staff Report; Staff Statement, and Statement by the Executive Director for Nigeria

Volume/Issue: Volume 2022 Issue 033

Publication date: February 2022

ISBN: 9798400201691

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Topics covered in this book

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International - Economics , Exports and Imports , Inflation , Economics- Macroeconomics , Money and Monetary Policy , January-November data , staff appraisal , staff projection , oil sector , policy support , headline inflation , Exchange rates , COVID-19 , Inflation , Global , Sub-Saharan Africa

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Summary

The economy is recovering from a historic downturn thanks to policy support, rebounding oil prices and international financial assistance. Benefiting from the authorities’ pro-active approach, COVID-19 infection rates and fatalities have been contained. With higher oil prices and the country entering into the 2023 Presidential election cycle, there are risks of delays in much needed fiscal and exchange rate reforms. Macroeconomic and structural policies should build confidence and ensure a robust exit from the crisis.