Nigeria : 2009 Article IV consultation : staff report, staff supplement, public information notice on the Executive Board discussion, statement by the IMF staff representative, and statement by the Executive Director for Nigeria
Cover; Contents; Executive Summary; I. Managing The Global Crisis From A Position of Strength; A. The Payoff from Earlier Reforms; B. Growth Slows and Fiscal and External Balances Move To Deficit; C. Moderate Growth Outlook and Evenly Balanced Risks; II. Setting the Policy Course Following the Global Financial Crisis; A. Fiscal Policy-Options in a Low Growth Environment; B. Setting Monetary Policy in the Face of Conflicting Goals; C. Financial Stability-Supporting Growth While Managing Risks; D. Promoting Economic Growth and Diversification-Vision 2020
E. Charting a Course for the Oil and Gas SectorIII. Staff Appraisal; Boxes; 1. Main Measures in Response to Crisis; 2. Public Financial Management Reforms in State and Local Governments; 3. The Monetary Policy Regime; 4. Experience with Fiscal Rules in Selected Commodity Producing Countries; Figures; 1. Economic Developments during the Current and Past Oil Cycles; 2. Real and External Sector Developments; 3. Fiscal Developments; 4. Impact of the Global Financial Crisis: Nigeria and Other Oil Producers; 5. Risks to the Outlook; 6. Inflation and Monetary Developments
7. Average Effective Tax Rates in Selected Oil Producing CountriesTables; 1. Selected Economic and Financial Indicators, 2006-14; 2a. Federal Government, 2006-10; 2b. Consolidated Government, 2006-10; 2c. Consolidated and Federal Government, 2006-10; 3a. Central Bank of Nigeria Analytical Balance Sheet, 2006-10; 3b. Monetary Survey, 2006-10; 4. Financial Soundness Indicators, 2006-09; 5. Balance of Payments, 2006-10; 6. Millennium Development Goals-Status at a Glance; Appendix; Assessment of the Exchange Rate Level of Nigeria; Contents; I. Relations with the Fund
Summary
Nigeria entered the crisis from a position of strength because of reforms initiated earlier this decade. The crisis has nonetheless had a significant impact on the economy. Lower oil prices have put pressure on the fiscal and external accounts. The banking system has been pressured by deteriorating asset quality
