Nigeria: Staff Report for the 2004 Article IV Consultation

International Monetary Fund

No 2004/239, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: 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 (search for similar items in EconPapers)
Pages: 111
Date: 2004-08-06
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Citations: View citations in EconPapers (34)

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