Nigeria Bi-Annual Economic Update, April 2017 : Fragile Recovery
This economic update provides an overview of recent developments in the Nigerian economy.Low oil revenues and the lack of major tax policy reforms to significantly increase non-oil revenues led to large revenue shortfalls at all levels of governmen...
| Main Author: | |
|---|---|
| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/349511494584937819/Nigeria-Bi-annual-economic-update-2017-fragile-recovery http://hdl.handle.net/10986/26658 |
| Summary: | This economic update provides an
overview of recent developments in the Nigerian economy.Low
oil revenues and the lack of major tax policy reforms to
significantly increase non-oil revenues led to large revenue
shortfalls at all levels of governmentin 2016. Monetary
policy remained accommodative, with broad money growth at
18.5 percent, driven by increased lending from the Central
Bank to the Government to finance the budget deficit. After
a sharp depreciation of the exchange rate following the June
2016 liberalization of the Naira,the Central Bank of Nigeria
(CBN) maintained theinterbank exchange rate at around N 305
per USD. The chapter second describes the World Bank's
view on Nigeria's economic outlook for 2017. The
chapter third summarizes the findings of a forthcoming Bank
report Toward Sustainable Growth in Nigeria: Empirical
Analysis and Policy options, which analyzes the patterns of
economic growth in Nigeria; the underlying determinants of
growth from both a macro and micro perspective; and policy
priorities tosupport higher growth. In addition, analysis of
constraints to doing business and the impact of current
trade policies highlights the need to improve access to
finance, improve the reliability of power supply, and adjust
trade policies to promote productivity growth. |
|---|