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.
This report examines the pattern of economic growth and employment generation in Nigeria based on quarterly data. It also analyzes the quality of job creation, dynamics of output and employment and establishes the link or absence thereof between economic growth and labor demand.
This brief examines global and domestic developments in Nigeria as well as the effect of slowdown in economic growth of key oil consuming nations on the Nigerian economy.