Nigeria Economic Report, No. 1, May 2013

The Nigeria economic report represents a new World Bank product intended to be produced on a biannual basis. Each report will provide an assessment of the current economic situation in the country and give special attention to selected topics of hi...

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Bibliographic Details
Main Author:	World Bank
Format:	Economic Updates and Modeling
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCOUNTANT ACCOUNTING ACCOUNTING STANDARDS AGRICULTURE APPROACH BAILOUTS BALANCE BALANCE OF PAYMENT BALANCE OF PAYMENTS BANKING CRISIS BANKING SECTOR BENCHMARK BOND ISSUES BOOM-BUST CYCLES BORROWING COSTS BORROWING REQUIREMENTS BUDGET CONSTRAINTS BUSINESS CLIMATE BUSINESS CLIMATES CAPITAL ACCOUNT CAPITAL GAINS CENTRAL BANK COLLUSION COMMERCIAL BORROWING COMMODITIES COMMON MARKET CONDUCT OF FISCAL POLICY CONNECTIVITY CONSTANT SHARE CONSUMER PRICE INFLATION CORPORATE INCOME TAXES COST OF COLLECTION CREATION OF JOBS CRITICAL MASS CURRENCY CURRENCY DEPRECIATION CURRENT ACCOUNT SURPLUS DEBT DEBT MANAGEMENT DEBT SERVICE DEBT SERVICING DEBTS DECENTRALIZATION DEMOCRACY DISCLOSURE OF INFORMATION DISSEMINATION OF INFORMATION DISTRIBUTION OF OIL DIVIDENDS DOLLAR PRICE DOLLAR VALUE DOMESTIC BOND DOMESTIC BORROWING DOMESTIC DEBT DOMESTIC MARKET ECONOMIC DEVELOPMENT ECONOMIC EXPANSION ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC SITUATION ECONOMIC STATISTICS ELECTRICITY ELECTRICITY TARIFFS EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EMPLOYMENT EXCHANGE RATE EXCHANGE RATE MOVEMENTS EXPENDITURE EXPORT GROWTH EXPORTERS EXTERNAL BORROWING EXTERNAL DEBT FEDERAL BUDGET FEDERAL RESERVES FINANCES FINANCIAL MANAGEMENT FINANCIAL MARKETS FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL FEDERALISM FISCAL POLICIES FISCAL POLICY FISCAL STABILITY FISCAL SUSTAINABILITY FOOD PRICE FOOD PRICES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN INFLOWS FRAUD FUEL GEOGRAPHIC DISTRIBUTION GINI COEFFICIENT GOVERNMENT ACCOUNT GOVERNMENT BOND GOVERNMENT BOND MARKET GOVERNMENT BUDGET GOVERNMENT BUDGETS GOVERNMENT DEBT GOVERNMENT DEFICIT GOVERNMENT DEFICITS GOVERNMENT EXPENDITURES GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT SECURITIES GROWTH IN TRADE GROWTH RATES HIGHER ENERGY PRICES HUMAN DEVELOPMENT IMPORTS OF PETROLEUM INCOME INEQUALITY INCOME TAX INCOME TAXES INCOMES INFLATION INFLATION RATE INFLATION RATES INFLATIONARY PRESSURES INFRASTRUCTURE INVESTMENTS INSTITUTIONAL BARRIERS INSTRUMENT INSURANCE INTEREST RATES INVESTMENT CLIMATE INVESTOR CONFIDENCE JOB CREATION JOINT VENTURE JOINT VENTURES JURISDICTION KEROSENE LEGAL FRAMEWORK LEVIES LEVY LOCAL BUSINESS LOCAL ECONOMY LOCAL GOVERNMENT LOCAL GOVERNMENTS LOCAL INFRASTRUCTURE LOCAL MARKETS LOTTERIES MACROECONOMIC CRISIS MACROECONOMIC MANAGEMENT MACROECONOMIC POLICY MACROECONOMIC STABILITY MARKET PRICE MARKET PRICES MEDIUM TERM EXPENDITURE FRAMEWORK MEDIUM TERM FISCAL FRAMEWORK MONETARY POLICY MONEY SUPPLY NATURAL GAS NATURAL RESOURCE NEGATIVE EXTERNALITIES NET OIL OIL OIL COMPANIES OIL EXPORTERS OIL EXPORTS OIL OUTPUT OIL PRICE OIL PRICE SCENARIO OIL PRICES OIL PRODUCING OIL PRODUCTION OIL RESERVES OPPORTUNITY COST PERSONAL INCOME PETROLEUM PETROLEUM IMPORTS PETROLEUM INDUSTRY PETROLEUM PRODUCTS PORTFOLIO PORTFOLIO INFLOWS PORTFOLIO INVESTMENT PORTFOLIOS POTENTIAL INVESTMENTS POVERTY RATE POWER PRICE FLUCTUATIONS PRICE INCREASES PRICE OF OIL PRICE RISK PRICE UNCERTAINTY PRICE VOLATILITY PRODUCTIVITY INCREASES PUBLIC FINANCE PUBLIC FINANCE MANAGEMENT PUBLIC INVESTMENTS RAPID ECONOMIC GROWTH RAPID EXPANSION RAPID GROWTH REAL ESTATE REAL GDP RESERVE RESERVE FUND RESERVES RETURNS REVENUE SHARING SCANDAL SOCIAL DEVELOPMENT SOFT BUDGET CONSTRAINT SOFT BUDGET CONSTRAINTS SOVEREIGN DEBT STATE BOND STATE GOVERNMENTS SUBNATIONAL SUBNATIONAL GOVERNMENTS SURPLUS OIL SUSTAINABILITY ANALYSIS TAX TAX RATES TAX REVENUE TAX REVENUES TAX SYSTEM TELECOMMUNICATIONS TRADING TURBULENCE UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES UTILITIES WEALTH WORLD ECONOMY WORLD MARKET ZERO REAL GROWTH
Online Access:	http://documents.worldbank.org/curated/en/2013/05/17708026/nigeria-economic-report http://hdl.handle.net/10986/16568

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Summary:	The Nigeria economic report represents a new World Bank product intended to be produced on a biannual basis. Each report will provide an assessment of the current economic situation in the country and give special attention to selected topics of high policy relevance for Nigeria. This first Nigeria economic report will give some attention to longer term trends in the country, including the puzzle of why a decade of rapid Gross Domestic Product (GDP) growth by official statistics, concentrated in the pro-poor areas of agriculture and trade, did not bring stronger welfare and employment benefits to the population. The second chapter of this Report turns to the question of Government oil revenues and related future budgetary challenges to the country. Due to relatively slow expected growth in oil production and the real appreciation of the naira, the share of Government oil revenues in GDP fell significantly in 2012, and will likely continue to fall in the medium term. The third chapter addresses a question that has been at the center of many recent controversies and initiatives in Nigeria: fiscal federalist relations. The chapter argues that the current basic model of fiscal federalism may actually suit Nigeria very well, and could be consistent with the rapid successful development of the country. But the success of this model will depend on developing mechanisms for better cooperation between the federal and state governments in three key areas: (a) effective macroeconomic management of the country's oil wealth, (b) the coordination of fiscal policies, particularly for the connectivity of markets and improvement of public services, and (c) the realization of national standards for accounting and disclosure of information.

Nigeria Economic Report, No. 1, May 2013

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