This report represents an effort toidentify policy options for long-run growth and povertyreduction that are compatible with the high degree ofmacroeconomic volatility and challenging institutionalrealities faced by Nigerian policy makers.The reportincludes the following key messages: a) The Nigerian economyis not merely volatile; it is one of the most volatileeconomies in the world. b) There is evidence that thisvolatility has adversely affected not only Nigeria'shistorical growth record but also the performance of WorldBank projects in Nigeria. c) Sustained future growth andpoverty reduction are unlikely without a significantreduction in volatility. c) Oil price fluctuations driveonly part of Nigeria's volatility, policy choices havealso contributed to the problem. d) Policy choices areavailable that can help accelerate growth and thus helpreduce the percentage of people living in poverty.Toconclude, the report identifies several policy options thatmay help Nigerian make the transition to a high growth, lowpoverty economy despite the current challenges.More workwill be required to further test and deepen the ideas putforth here, but the effort will bring its own rewards.
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