IMF Executive Board Concludes 2012 Article IV Consultation with Nigeria

IMF Executive Board Concludes 2012 Article IV Consultation with Nigeria

Executive Board Assessment
Executive Directors commended the authorities for prudent macroeconomic policies that have underpinned a strong economic performance in recent years. Looking ahead, Directors agreed that widespread unemployment and poverty remain key challenges for policymakers, and called for renewed efforts to make economic growth more broad-based and inclusive.
Directors supported the authorities’ strategy of consolidating the fiscal position while opening up policy space for needed investment in infrastructure and human capital. To this end, they underscored the need to improve tax administration, better prioritize public expenditure, strengthen public financial management, and improve the fiscal framework. In particular, they encouraged the authorities to reduce poorly-targeted fuel subsidies, adopt a rule to set the reference oil price in the budget, and fully operationalize the Sovereign Wealth Fund as soon as possible. Efforts to mobilize public support for these reforms should be intensified.
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