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Nigeria’s macroeconomic crisis explained

Channing Arndt (), Chuku Chuku, Adedeji Adeniran, Morakinyo Adetutu (), Victor Ajayl, George Mavrotas and Chukwuka Onyekwena

No 52, NSSP working papers from International Food Policy Research Institute (IFPRI)

Abstract: Nigeria confronts a prolonged period of adjustment. For more than a generation, the oil sector generated large volumes of foreign exchange. However, with the recent bust in global oil prices and the resumed restiveness in the oil rich Niger-Delta region since 2014, Nigeria was thrust into macroeconomic crisis. Four years on, we argue that policymakers effectively responded to the dual shocks mainly through import compression. However, the scope for continued import compression is now distinctly limited. For Nigeria to grow and prosper, the long-discussed diversification of the export base must occur via rapid expansion of non-oil exports.

Keywords: NIGERIA; WEST AFRICA; AFRICA SOUTH OF SAHARA; AFRICA; exchange rate; oil industry; export policies; economic development; macroeconomics; international trade; oil prices (search for similar items in EconPapers)
Date: 2018
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Handle: RePEc:fpr:nsspwp:52