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Nigeria - Country economic memorandum (Inglês)

This memorandum focuses on recent fiscal and macroeconomic developments in Nigeria and on short-term prospects for the Nigerian economy. Recent development has been affected by a transfer of power from a military to an elected civilian government and by the easing of financial problems resulting from the surge in oil prices. Although the major issues affecting the economy are of a medium- and long-term nature, a series of measures are needed for the short-term, which are aimed at making more effective use of available resources. Prudent management of public spending also calls for savings during oil boom years to ease possible financial difficulties in the future. Management of the budget needs strengthening, and economic analysis of the budget should be undertaken regularly. The present budgeting system is not well suited to assist economic decision making. It is also essential that the data base be improved. In the future, more attention should be given to the directly productive sectors, agriculture and manufacturing.




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