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Home > Country Profiles > Nigeria

Country Profiles

Financial Outlook

The IMF’s most recent country report on Nigeria was published in March 2014. The 2014 budget, which was to have been presented in November, was postponed twice for various reasons. Nigeria is currently growing at an average of 6% a year, but this is being offset by inflation, which strayed into double digits at times through 2013. However, according to the IMF’s March 2014 report, inflation in Nigeria declined by the year end to 7.9%. The poverty rate continues to be a real challenge. In 2012 the government initiated a comprehensive program that targets macroeconomic stability and reforms to boost productivity and competitiveness. Nigeria’s politicians are still divided over key fiscal reforms and the country is vulnerable to a drop in the price of oil. The IMF wanted to see Nigeria move rapidly from its practice of holding surplus oil revenues in the Excess Crude Account to holding surpluses in its sovereign wealth fund, which the IMF feels offers a stronger legal basis. This suggestion has since been implemented with replacement of the Excess Crude Account by three sovereign wealth funds to be managed by the Nigeria Sovereign Investment Authority. Unemployment rose steadily from 15% in 2003 to 24% in 2011.

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Further reading on Nigeria

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