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 aims to deepen stakeholders understanding of the sources of funding and how money is allocated to and spent in the social sectors of health and education, which are critical for pro-poor growth and poverty alleviation.
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.