Nigeria: 2004 Semi-Annual Staff Report Under Intensified Surveillance

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 037

Publication date: February 2005

ISBN: 9781451828955

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Taxation - General , ISCR , CR , government , broad money , central bank , program target , balance sheet , exchange rate , government operation , debt service , capital budget , program projection , cash basis , equity share , private sector , Oil , gas and mining taxes , Fiscal stance , Oil prices , Global

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Summary

This paper reviews the 2004 Semiannual IMF Staff Report Under Intensified Surveillance for Nigeria. Overall economic performance in the first half of 2004 was commendable. The implementation of sound macroeconomic policies, underpinned by a conservative reference oil price and savings of the oil revenue windfall, has helped stabilize the economy. Fiscal prudence along with a tight monetary policy has contributed to a buildup of international reserves. Although the outlook for the remainder of 2004 is promising, the government faces the immediate challenge of persuading all states to continue to save the oil revenue windfall.