Nigeria:2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria

Author: International Monetary Fund. African Dept.

Nigeria: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria

Volume/Issue: Volume 2023 Issue 093

Publication date: February 2023

ISBN: 9798400232053

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Topics covered in this book

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Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , Industries - Energy , month-on-month CPI inflation , inflation risk , branch offices , staff appraisal , analytical balance balance sheet , Energy subsidies , Inflation , Global , West Africa , Africa

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Summary

Economic recovery continued to broaden in 2022. Higher oil prices are yet to deliver tangible benefits amid contraction of oil production and costly fuel subsidies. Elevated inflation and lingering external sector pressures, if left unaddressed, may exacerbate macroeconomic instability. This could impact growth, food security and ultimately social cohesion given extreme inequality and high poverty. The upcoming elections provide an opportunity for the new administration to advance structural reforms and offer a more prosperous future.