Document Type

Annual Report

Publication Title

Annual Report 1994


In 1994, Nigeria faced economic challenges such as declining GDP growth, inflation, and a weakened external sector due to expansionary fiscal and monetary policies, political unrest, and labor issues. Despite this, the global economy saw stronger recovery in industrialized countries and developing regions like Asia and Latin America. The Nigerian economy struggled with slow growth, manufacturing decline, rising inflation, large budget deficit, and weakened external sector performance. Efforts to stabilize the exchange rate were hindered by differences between official and unofficial market rates. Internationally, there were improvements in the world economy with higher growth rates in developed and developing countries. Institutional developments included the establishment of the World Trade Organization and initiatives to support low-income countries. The Central Bank of Nigeria focused on liquidity management, debt management, financial surveillance, and agricultural credit operations but faced challenges in foreign exchange management due to lower receipts and disbursements. Overall, the Central Bank recorded an operating surplus that was split between reserves and the Federal Government.

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