Document Type

Annual Report

Publication Title

Central Bank of Nigeria Annual Report and Statement of Account 1983


In 1983, Nigeria's economy experienced severe stagflation, with GDP falling by 4.4%, more than the 3.4% decline recorded in 1982. Domestic inflation was 23.2%, more than three times the 7.7% recorded in 1982. The external sector also suffered from the general malaise, with the recorded value of external trade falling from N21.3 billion in 1982 to N17.3 billion in 1983. Agricultural production fell sharply due to severe droughts, bush fires, and diseases/pest infestations in livestock and crops. The volume of primary commercial energy consumed increased, with the index going up by 4.4% in 1983. Inflationary pressures intensified due to the general scarcity of consumer goods, hoarding, and the sharp increase in money supply. The private sector received only 8.6% of the total bank credit, leading to a liquidity ratio of 52.2% at the end of 1983. The Nigerian government's projected fiscal deficit was N10.9 billion due to declining oil export prospects and low expectations for government revenue. Unrecorded underground economic activities in the modern sector, such as smuggling, foreign exchange, and trade, contributed to the decline in Nigeria's economy. The world economic situation took a turn during the year, with world output recovering slightly after a series of recessions and inflation. The Sixth Session of the United Nations Conference on Trade and Development in June-July 1983 addressed various North-South issues relating to trade, structural adjustment, protectionism, money and finance, and various issues affecting developing countries.

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