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Please use this identifier to cite or link to this item: http://ngfrepository.org.ng:8080/jspui/handle/123456789/3321
Title: RESILIENCE THROUGH REFORMS
Other Titles: NIGERIA DEVELOPMENT UPDATE
Authors: The World Bank
Keywords: RESILIENCE
REFORMS
ECONOMIC
RECESSION
GROWTH
ECONOMIC OUTLOOK
ECONOMIC GROWTH
GDP - NIGERIA
Issue Date: 16-Jun-2021
Publisher: The World Bank
Citation: The World Bank (2021) Resilience Through Reforms
Abstract: In 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 tarifs to more cost-reflective levels; (4) cut nonessential spending and redirected resources to COVID-19 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.
URI: http://ngfrepository.org.ng:8080/jspui/handle/123456789/3321
Appears in Collections:PRESENTATIONS - 8TH NGF TELECONFERENCING MEETING JUNE 2021

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