Nigeria confronts a prolonged period of adjustment. For more than a generation, the oil sector generated large volumes of foreign exchange. However, with the recent bust in global oil prices and the resumed restiveness in the oil rich Niger-Delta region since 2014, Nigeria was thrust into macroeconomic crisis. Nearly four years on, we argue that policymakers effectively responded to the dual shocks mainly through import compression. However, the scope for continued import compression is now distinctly limited. For Nigeria to grow and prosper, the long-discussed diversification of the export base must occur via rapid expansion of non-oil exports.
Policy Brief & Alerts
This brief examines Nigerias Budget 2013, entitled Budget of Fiscal Consolidation with Inclusive Growth and highlights key sectoral allocations of the budget and their targets.
In the second quarter of 2016, the Nigerian economy witnessed its first recession in twenty years due to the interplay of several external and internal factors. The recession has continued until date and has given rise to relentless unemployment rate and job losses, double digit and soaring inflation, currency depreciation and widening gap between parallel market and official exchange rates, amongst other adverse effect on individuals and firms in the country. Thus, there is a need to take a deeper look into the nature of the present recession as well as the impact of monetary and fiscal policy responses thus far, in order to shed light on the way forward towards tackling the recession and ensuring sustainable economic growth. This paper analyses the ongoing recession in the Nigerian economy to provide insights into the interplay of events and recommendations for policy.
This brief examines the challenges in the discharge of statutory transparency roles by strategic regulatory institutions in the oil sector and also identifies policy interventions to improve access to information on key oil sector processes and transactions.
Infrastructural development is a key step in providing a competitive business environment for African economies. It provides the backbone for poverty reduction strategies and programmes designed to improve the livelihood of the poor. Africa is in dire need of infrastructural development. The absence of quality infrastructure in the continent holds back per capita economic growth by 2 percentage points each year and depresses firm productivity by as much as 40 percent (Escribano et al., 2008 and Kelly, 2012). Estimates suggest that around USD 90 billion is required to close Africas infrastructure gap annually until 2020 (AICD, 2010).