This economic update provides anoverview of recent developments in the Nigerian economy.Lowoil revenues and the lack of major tax policy reforms tosignificantly increase non-oil revenues led to large revenueshortfalls at all levels of governmentin 2016. Monetarypolicy remained accommodative, with broad money growth at18.5 percent, driven by increased lending from the CentralBank to the Government to finance the budget deficit. Aftera sharp depreciation of the exchange rate following the June2016 liberalization of the Naira,the Central Bank of Nigeria(CBN) maintained theinterbank exchange rate at around N 305per USD. The chapter second describes the World Bank'sview on Nigeria's economic outlook for 2017. Thechapter third summarizes the findings of a forthcoming Bankreport Toward Sustainable Growth in Nigeria: EmpiricalAnalysis and Policy options, which analyzes the patterns ofeconomic growth in Nigeria; the underlying determinants ofgrowth from both a macro and micro perspective; and policypriorities tosupport higher growth. In addition, analysis ofconstraints to doing business and the impact of currenttrade policies highlights the need to improve access tofinance, improve the reliability of power supply, and adjusttrade policies to promote productivity growth.
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