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INTRODUCTORY REMARKS

This special edition of the Economic Report on Nigeria aims at serving a dual purpose. First, it serves as an instrument for engaging the new Administration of the Federal Government on the policy imperatives for sustainably transforming the Nigerian economy. Hence, key focus areas for policy imperatives for the Administration are outlined. Second, it aims to review the current challenges facing the economy and provide a menu of policy options on possible way forward.

The Report is organized into six sections. Section one provides an overview of the report. Section two is a summary of recent macroeconomic developments with analysis of underlying issues behind the numbers. Section three focuses on domestic resource mobilization through tax compliance and broadening tax base. Section four dwells briefly on the issue of security and fragility challenges facing the country. Section five proposes options for national economic policy for the new Administration. Five issues are highlighted here: macroeconomic stabilization; governance and public sector management; jobs and security; infrastructure development; and social sector reform. Lastly, section six concludes the report.

Contributions to this report were made by Zerihun Gudeta Alemu, Chief Country economist and Eric Kehinde Ogunleye (Consultant Macroeconomist) under the overall guidance of the Country Director, Dr. Ousmane Dore and Barbara Barungi, Lead Economist. Most data used in this report were sourced from the Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS), Debt Management Office (DMO), Budget Office, and Federal Ministry of Finance.