Nigeria: Staff Report for the 2004 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 239

Publication date: August 2004

ISBN: 9781451828917

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Taxation - General , ISCR , CR , government , revenue , Nigeria , net , price , debt service , articulation of the National Economic Empowerment , fiscal policy , fuel price liberalization , broad money , capital expenditure , debt management , exchange rate , improved dialogue , authorities' articulation , oil revenue , central bank , foreign exchange , government operation , monetary policy , private sector , federal budget , revenue collection , net credit to the government , credit to the government , price baseline , market price , authorities to service , Oil , gas and mining taxes , Currencies , Africa , West Africa , Global

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Summary

This 2004 Article IV Consultation highlights that real GDP growth in Nigeria accelerated in 2003 on account of sharply higher oil and gas production and continued robust growth in the non-oil economy. Owing to favorable terms-of-trade developments, the external current account deficit narrowed sharply. This, however, masks rising non-oil import pressures and a widening non-oil external current account deficit. Macroeconomic conditions have improved considerably since late 2003, owing largely to fiscal prudence. The fiscal restraint that began in the last quarter of 2003 continued in the first half of 2004.