Nigeria : 2010 Article IV consultation : staff report, debt sustainability analysis, informational annex, public information notice on the Executive Board discussion, and statement by the Executive Director for Nigeria /

Nigeria : 2010 Article IV consultation : staff report, debt sustainability analysis, informational annex, public information notice on the Executive Board discussion, and statement by the Executive Director for Nigeria /

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Bibliographic Details
Imprint:Washington, D.C. : International Monetary Fund, ©2011.
Description:1 online resource (73 pages)
Language:English
Series:IMF country report ; no. 11/57
IMF country report ; no. 11/57.
Subject:
International Monetary Fund -- Nigeria.
International Monetary Fund.
Economic indicators -- Nigeria.
Debts, External -- Nigeria.
Debts, Public -- Nigeria.
Debts, External.
Debts, Public.
Economic history.
Economic indicators.
Economic policy.
Nigeria -- Economic conditions.
Nigeria -- Economic policy.
Nigeria.
Electronic books.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12499123
Hidden Bibliographic Details
Varying Form of Title:Nigeria, 2010 Article IV consultation
Other authors / contributors:International Monetary Fund, issuing body.
ISBN:1283569876
9781283569873
9781455238088
1455238082
9781455274413
1455274410
9781455219988
1455219983
Notes:Online resource; title from PDF title page (IMF Web site, viewed June 24, 2011).
Summary:1. The Nigerian economy has weathered both the global economic recession and its own domestic banking crisis reasonably well. The economy expanded more rapidly than expected in 2009 and continued to gain strength in 2010.1 The amnesty extended to rebels in the oil producing region led to a sharp recovery in oil production while non-oil GDP growth has remained high. Real GDP grew by 7.5 percent in the first half of 2010 (H1/H1) and is projected to have risen to 8 1/2 percent for the year as a whole. Growth in the non-oil sector has been moderating since 2007, but remained robust at 8.3 percent in the first half of 2010, with many sectors growing at double digit rates (Figure 1 and Table 1). Strong growth and targeted public expenditures have helped Nigeria make some progress towards achieving the Millennium Development Goals (Table 6). Nonetheless, policy slippages emerged during the last year: commitment to the oil revenue rule weakened, leading to a pro-cyclical fiscal stance; inflation remained high (Figure 1); and foreign reserves fell even as oil prices have rebounded (Table 2).
Other form:Print version: International Monetary Fund. Nigeria : 2010 Article IV consultation : staff report, debt sustainability analysis, informational annex, public information notice on the Executive Board discussion, and statement by the Executive Director for Nigeria. Washington, District of Columbia : International Monetary Fund, ©2011 39 pages 9781455219988
Table of Contents:
  • Cover; Executive Summary; Contents; I. Context: Rapid Growth, High Inflation, Low Interest Rates, and Declining Reserves; Boxes; 1. Assessment of the Real Exchange Rate Level for Nigeria; II. Positive Growth Outlook and Balanced Risks; III. Policy Discussions: Rebuilding Buffers and Restoring Financial Stability; A. Using Fiscal Policy to Rebuild Safety Buffers and Support Monetary Policy; B. Nigerian Sovereign Investment Authority; C. Clarifying the Objectives of Monetary and Exchange Rate Policy; 2. CBN Development Finance Initiatives.
  • D. Completing Bank Resolution and Preserving Financial StabilityE. The Longer-Term Development Strategy; IV. Staff Appraisal; Figures; 1. Comparative Growth and Inflation Performance; 2. Fiscal Developments; 3. Monetary and Financial Developments; 4. BOP and Exchange Rate Developments; 5. Credit Bubble and Implications for the Real Economy; Tables; 1. Selected Economic and Financial Indicators, 2007-13; 2. Balance of Payments, 2007-13; 3a. Federal Government, 2007-13; 3b. Federal Government, 2007-13; 3c. Consolidated Government, 2007-13; 3d. Consolidated Government, 2007-13.
  • 3e. Consolidated and Federal Government, 2007-134a. Central Bank of Nigeria Analytical Balance Sheet, 2007-13; 4b. Monetary Survey, 2007-13; 5. Financial Soundness Indicators, 2007-10; 6. Millennium Development Goals-Status at a Glance; Appendices; 1. Current Oil Stabilization Mechanism and Key Features of the Proposed NSIA; 2. Nigerian Monetary Policy Regime; 3. An Analysis of Long-Term Fiscal Sustainability in Nigeria; Contents; I. Relations with the Fund; II. Joint Bank-Fund Work Program, 2010-11; III. Statistical Issues.

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