1997

1998

1999

2000

2001

Est. 1/

Proj. 2/

Real Economy

Real GDP (change in percent)

2.7

1.8

1.0

3.8

3.0

Non-oil real GDP (change in percent)

3.4

3.8

3.5

2.2

6.2

GDP per capita (in U.S. dollars)

304

271

278

319

294

Production of crude oil (million barrels per day)

2.27

2.23

2.11

2.26

2.16

Consumer price index (change in percent, end of period)

10.2

11.9

0.2

14.5

9.0

Gross domestic investment (percent of GDP)

20.1

24.1

23.4

22.7

26.8

Gross national savings (percent of GDP)

26.8

14.4

13.5

27.6

24.5

Consolidated government operations (in percent of GDP)

Total revenues and grants

20.8

29.9

30.7

46.1

47.8

Of which: petroleum revenue

11.5

23.4

22.5

37.9

38.0

Total expenditure and net lending

19.5

43.8

38.0

43.9

49.7

Overall balance (commitment basis)

1.2

-14.0

-7.4

2.2

-1.9

Domestic primary balance

3.8

-5.9

0.8

9.7

5.7

Gross domestic debt

12.1

14.0

28.1

28.0

21.5

Money and Credit

Net domestic assets 3/

-1.3

20.0

39.5

-41.7

11.7

Net credit to consolidated government 3/

-22.9

17.7

43.1

-35.4

2.1

Credit to the rest of the economy 3/

22.0

11.0

22.3

19.3

10.3

Broad money (change in percent)

19.7

38.5

35.0

45.3

14.4

Discount rate (percent; end of period)

13.5

13.5

18.0

14.0

...

External Sector

Current account (in percent of GDP)

6.7

-9.7

-9.9

4.9

-1.2

Export of crude oil (million barrels per day)

2.00

1.96

1.84

1.95

1.79

Price of Nigerian oil (U.S. dollars per barrel)

19.8

12.9

17.0

28.0

25.5

Gross international reserves (in millions of U.S. dollars)

7,222

7,107

5,441

9,400

9,879

(in months of imports of goods and services)

6.6

6.8

4.5

6.7

6.2

External debt service paid (in percent of exports)

11.8

12.3

14.9

8.1

12.7

Real effective exchange rate (change in percent) 4/

Fund Position (as at May 31, 2001)

Quota (in millions of SDRs)

1,753.2

Outstanding purchases and loans (in millions of SDRs)

0.0

Exchange Rate (as at May 31, 2001)

Exchange rate regime

Managed float with no preannounced target

IFEM-rate (official interbank market, naira per U.S. dollar)

113.2

NIFEX-rate (open interbank market, naira per U.S. dollar)

113.5

Parallel market rate (naira per U.S. dollar)

135.5

Sources: Nigerian authorities; and IMF staff estimates and projections.

1/ Staff estimates.

2/ Staff projections.

3/ Increase as a percent of broad money at the beginning of the period.

4/ End of period, '-' indicates depreciation.