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Nigeria Development Update, June 2021: Resilience through Reforms

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dc.contributor.authorWorld Bank
dc.date.accessioned2021-06-21T21:20:43Z
dc.date.available2021-06-21T21:20:43Z
dc.date.issued2021-06
dc.description.abstractIn 2020, Nigeria experienced its deepest recession in four decades, but growth resumed in the fourth quarter as pandemic restrictions were eased, oil prices recovered, and the authorities implemented policies to counter the economic shock. As a result, in 2020 the Nigerian economy experienced a smaller contraction (-1.8 percent) than had been projected when the pandemic began (-3.2 percent). As part of its response, the government carried out several long-delayed policy reforms, often against vocal opposition. Notably, the government (1) began to harmonize exchange rates; (2) began to eliminate gasoline subsidies; (3) started adjusting electricity tariffs to more cost-reflective levels; (4) cut nonessential spending and redirected resources to COVID-19 (coronavirus) responses at both the federal and the state levels; and (5) enhanced debt management and increased public-sector transparency, especially for oil and gas operations. By creating additional fiscal space and maximizing the impact of the government’s limited resources, these measures were critical in protecting the economy against a much deeper recession and in laying the foundation for earlier recovery. However, several critical reforms are as yet incomplete, which threatens Nigeria’s nascent recovery. In the baseline scenario, Nigeria’s economy is expected to grow by 1.8 percent in 2021. Despite the current favorable external environment, with oil prices recovering and growth in advanced economies, reform slippages would hinder the renewed economic expansion and undermine progress toward Nigeria’s development goals. In a risk scenario, in which the government fails to sustain recent macroeconomic and structural reforms, the pace of economic recovery would slow, and GDP growth couldbe just 1.1 percent in 2021.en
dc.identifierhttp://documents.worldbank.org/curated/en/389281623682704986/Resilience-through-Reforms
dc.identifier.doi10.1596/35786
dc.identifier.urihttps://hdl.handle.net/10986/35786
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC OUTLOOK
dc.subjectDEVELOPMENT AGENDA
dc.subjectOIL PRICES
dc.subjectEXTERNAL SECTOR
dc.subjectMONETARY POLICY
dc.subjectCREDIT
dc.subjectFISCAL TRENDS
dc.subjectCORONAVIRUS
dc.subjectCOVID-19
dc.subjectPANDEMIC IMPACT
dc.subjectPOVERTY
dc.titleNigeria Development Update, June 2021en
dc.title.subtitleResilience through Reformsen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleNigeria Development Update, June 2021
okr.date.disclosure2021-06-14
okr.date.doiregistration2025-05-07T09:03:19.232135Z
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.docurlhttp://documents.worldbank.org/curated/en/389281623682704986/Resilience-through-Reforms
okr.guid389281623682704986
okr.guid099062123032562354
okr.identifier.externaldocumentum090224b0886dda6b_1_0
okr.identifier.internaldocumentum33172891
okr.identifier.report160339
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/389281623682704986/pdf/Resilience-through-Reforms.pdfen
okr.region.administrativeAfrica
okr.region.administrativeAfrica Western and Central (AFW)
okr.region.countryNigeria
okr.topicHealth, Nutrition and Population::Disease Control & Prevention
okr.topicMacroeconomics and Economic Growth::Business Cycles and Stabilization Policies
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topicPoverty Reduction::Employment and Shared Growth
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