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Author: Ayo Teriba Publisher: ISBN: Category : Languages : en Pages : 8
Book Description
The economic events of 2016 taught us a lot of hard lessons about Nigeria's interface with the global economy, and the links with domestic growth, stability and policy responses. This paper attempts to distill some of the lessons and clarify the outlook.Weak commodity prices brought Nigeria's growth to a very abrupt end and inflicted heavy bouts of devaluation of the Naira. The downturn tested our counter-cyclical policy capability and revealed weaknesses in both fiscal and monetary responses.Falling revenue constrained counter-cyclical fiscal response, while the central bank pro-cyclically hiked rates twice in the year, and further amplified the downswing by obstructing legitimate foreign exchange transactions, while, it could easily have eased rates and sought increased capital inflows to counter the downswing, as the over-subscription of Nigeria's Euro-bond issue has now revealed to be an option.Nigeria needs to look beyond exports as a source of external financing, and boost foreign investment inflows. Nigeria is currently very closed to foreign investment as many large infrastructure sectors that could be major investment destinations remain under government monopoly.Nigeria needs to break government monopoly across all infrastructure sectors, including rail transportation, power transmission, gas pipelines, oil refining, education and health, among others, and take immediate practical steps to open them up to foreign investment now.Weaknesses in rail transportation and energy infrastructure makes agriculture, mining and manufacturing uncompetitive in Nigeria. Rebuilding rail transport and energy infrastructure by opening them up to foreign investment now will revive agricultural, mining and manufacturing production and exports in the medium term, and make the Nigerian economy more resilient to global shocks.Although the cyclical tide has turned upward to brighten the outlook in 2017, boosting foreign investment inflows and rebuilding nationwide rail transport and energy infrastructure immediately is still required to ensure stability in the future, release Nigeria's latent growth energies, and ensure brighter long term economic outlook.
Author: Ayo Teriba Publisher: ISBN: Category : Languages : en Pages : 8
Book Description
The economic events of 2016 taught us a lot of hard lessons about Nigeria's interface with the global economy, and the links with domestic growth, stability and policy responses. This paper attempts to distill some of the lessons and clarify the outlook.Weak commodity prices brought Nigeria's growth to a very abrupt end and inflicted heavy bouts of devaluation of the Naira. The downturn tested our counter-cyclical policy capability and revealed weaknesses in both fiscal and monetary responses.Falling revenue constrained counter-cyclical fiscal response, while the central bank pro-cyclically hiked rates twice in the year, and further amplified the downswing by obstructing legitimate foreign exchange transactions, while, it could easily have eased rates and sought increased capital inflows to counter the downswing, as the over-subscription of Nigeria's Euro-bond issue has now revealed to be an option.Nigeria needs to look beyond exports as a source of external financing, and boost foreign investment inflows. Nigeria is currently very closed to foreign investment as many large infrastructure sectors that could be major investment destinations remain under government monopoly.Nigeria needs to break government monopoly across all infrastructure sectors, including rail transportation, power transmission, gas pipelines, oil refining, education and health, among others, and take immediate practical steps to open them up to foreign investment now.Weaknesses in rail transportation and energy infrastructure makes agriculture, mining and manufacturing uncompetitive in Nigeria. Rebuilding rail transport and energy infrastructure by opening them up to foreign investment now will revive agricultural, mining and manufacturing production and exports in the medium term, and make the Nigerian economy more resilient to global shocks.Although the cyclical tide has turned upward to brighten the outlook in 2017, boosting foreign investment inflows and rebuilding nationwide rail transport and energy infrastructure immediately is still required to ensure stability in the future, release Nigeria's latent growth energies, and ensure brighter long term economic outlook.
Author: Weltbank Publisher: ISBN: Category : Languages : en Pages :
Book Description
This economic update provides an overview of recent developments in the Nigerian economy.Low oil revenues and the lack of major tax policy reforms to significantly increase non-oil revenues led to large revenue shortfalls at all levels of governmentin 2016. Monetary policy remained accommodative, with broad money growth at 18.5 percent, driven by increased lending from the Central Bank to the Government to finance the budget deficit. After a sharp depreciation of the exchange rate following the June 2016 liberalization of the Naira,the Central Bank of Nigeria (CBN) maintained theinterbank exchange rate at around N 305 per USD. The chapter second describes the World Bank's view on Nigeria's economic outlook for 2017. The chapter third summarizes the findings of a forthcoming Bank report Toward Sustainable Growth in Nigeria: Empirical Analysis and Policy options, which analyzes the patterns of economic growth in Nigeria; the underlying determinants of growth from both a macro and micro perspective; and policy priorities tosupport higher growth. In addition, analysis of constraints to doing business and the impact of current trade policies highlights the need to improve access to finance, improve the reliability of power supply, and adjust trade policies to promote productivity growth.
Author: World Bank Publisher: ISBN: Category : Languages : en Pages :
Book Description
This economic update provides an overview of recent developments in the Nigerian economy. Low oil revenues and the lack of major tax policy reforms to significantly increase non-oil revenues led to large revenue shortfalls at all levels of governmentin 2016. Monetary policy remained accommodative, with broad money growth at 18.5 percent, driven by increased lending from the Central Bank to the Government to finance the budget deficit. After a sharp depreciation of the exchange rate following the June 2016 liberalization of the Naira, the Central Bank of Nigeria (CBN) maintained theinterbank exchange rate at around N 305 per USD. The chapter second describes the World Bank's view on Nigeria's economic outlook for 2017. The chapter third summarizes the findings of a forthcoming Bank report Toward Sustainable Growth in Nigeria: Empirical Analysis and Policy options, which analyzes the patterns of economic growth in Nigeria; the underlying determinants of growth from both a macro and micro perspective; and policy priorities tosupport higher growth. In addition, analysis of constraints to doing business and the impact of current trade policies highlights the need to improve access to finance, improve the reliability of power supply, and adjust trade policies to promote productivity growth.
Author: International Monetary Fund. African Dept. Publisher: International Monetary Fund ISBN: 147559190X Category : Business & Economics Languages : en Pages : 90
Book Description
This 2017 Article IV Consultation highlights low oil prices’ and falling oil production’s blow to the Nigerian economy. The country entered a recession in 2016, with growth contracting by 1.5 percent. Annual inflation doubled to 18.6 percent, reflecting higher electricity costs and fuel tariffs, a weaker naira, and accommodating monetary conditions. Even with significantly lower capital spending, the consolidated fiscal deficit increased from 3.5 percent of GDP in 2015 to 4.7 percent of GDP in 2016. Under unchanged policies, the outlook remains challenging and growth would pick up only slightly to 0.8 percent in 2017, mostly reflecting some recovery in oil production and a continuing strong performance in agriculture.
Author: OECD Publisher: OECD Publishing ISBN: 9264286799 Category : Languages : en Pages : 326
Book Description
The OECD Economic Outlook is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years. The Outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances.
Author: African Development Bank Publisher: OECD Publishing ISBN: 926427426X Category : Languages : en Pages : 317
Book Description
The African Economic Outlook 2017 presents the continent’s current state of affairs and forecasts its situation for the coming two years.
Author: Mr.Benedict J. Clements Publisher: International Monetary Fund ISBN: 1513567756 Category : Business & Economics Languages : en Pages : 450
Book Description
The sizeable increase in income inequality experienced in advanced economies and many parts of the world since the 1990s and the severe consequences of the global economic and financial crisis have brought distributional issues to the top of the policy agenda. The challenge for many governments is to address concerns over rising inequality while simultaneously promoting economic efficiency and more robust economic growth. The book delves into this discussion by analyzing fiscal policy and its link with inequality. Fiscal policy is the government’s most powerful tool for addressing inequality. It affects households ‘consumption directly (through taxes and transfers) and indirectly (via incentives for work and production and the provision of public goods and individual services such as education and health). An important message of the book is that growth and equity are not necessarily at odds; with the appropriate mix of policy instruments and careful policy design, countries can in many cases achieve better distributional outcomes and improve economic efficiency. Country studies (on the Netherlands, China, India, Republic of Congo, and Brazil) demonstrate the diversity of challenges across countries and their differing capacity to use fiscal policy for redistribution. The analysis presented in the book builds on and extends work done at the IMF, and also includes contributions from leading academics.
Author: Céline Allard Publisher: International Monetary Fund ISBN: 1475574460 Category : Business & Economics Languages : en Pages : 122
Book Description
Growth momentum in sub-Saharan Africa remains fragile, marking a break from the rapid expansion witnessed since the turn of the millennium. 2016 was a difficult year for many countries, with regional growth dipping to 1.4 percent—the lowest level of growth in more than two decades. Most oil exporters were in recession, and conditions in other resource-intensive countries remained difficult. Other nonresource-intensive countries however, continued to grow robustly. A modest recovery in growth of about 2.6 percent is expected in 2017, but this falls short of past trends and is too low to put sub-Saharan Africa back on a path of rising living standards. While sub-Saharan Africa remains a region with tremendous growth potential, the deterioration in the overall outlook partly reflects insufficient policy adjustment. In that context, and to reap this potential, strong and sound domestic policy measures are needed to restart the growth engine.
Author: Ayo Teriba
Author: Ayo Teriba
Author: OECD
Author: Weltbank
Author: World Bank
Author: International Monetary Fund. African Dept.
Author: OECD
Author: B. U. Ekong
Author: African Development Bank
Author: Mr.Benedict J. Clements
Author: Céline Allard