IDEAS home Printed from https://ideas.repec.org/p/imf/imfscr/2024-102.html
   My bibliography  Save this paper

Nigeria: 2024 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Nigeria

Author

Listed:
  • International Monetary Fund

Abstract

The 2024 Article IV Consultation discusses that Nigeria, under its new administration, has set out on an ambitious reform path to restore macroeconomic stability and support inclusive growth. The authorities reformed the fuel price subsidies, unified official foreign exchange windows, and are focused on revenue mobilization, governance, and enhancing the monetary and exchange rate policy frameworks, as well as strengthening social safety nets. Near-term risks are tilted to the downside, but determined and well-sequenced implementation of the authorities’ policy intentions would pave the way for faster, more inclusive and resilient growth. Further strengthening bank capitalization and tight supervision are needed to mitigate emerging financial sector stability risks. Improving the functioning of the domestic securities and foreign exchange markets should enhance the monetary transition mechanism and attract capital inflows. Structural reforms can ease near-term policy trade-offs. Nigeria should continue supporting agricultural productivity, sustain actions to reduce oil theft, remove burdensome border procedures, and accelerate climate adaptation measures.

Suggested Citation

  • International Monetary Fund, 2024. "Nigeria: 2024 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Nigeria," IMF Staff Country Reports 2024/102, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2024/102
    as

    Download full text from publisher

    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=548726
    Download Restriction: no
    ---><---

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:imf:imfscr:2024/102. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Akshay Modi (email available below). General contact details of provider: https://edirc.repec.org/data/imfffus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.