Document Type

Annual Report

Publication Title

Central Bank of Nigeria Annual Report and Statement of Accounts


CBN annual report and statement of accounts for 1984 covers economic performance including key economic indicators such as inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates for 1984. It also examines future economic outlook. In 1984, the index of industrial production fell by 10.2 per cent significantly due to the poor performance of the manufacturing sector whose index of production fell by 18.2 per cent. In respect of domestic prices, the supply-side factors were dominant in exerting upward pressures on prices. There were acute shortages in consumer goods and services markets. Monetary aggregates recorded increases in 1984. Money supply (M1) increased by N921.7 million to N12.2 billion. Although the federal government financial position remained weak, the trends observed showed some evidence of serious effort to reduce the wide gap between total expenditure and total revenue. Nigeria's total external transactions resulted in a net inflow of foreign exchange estimated at N362.1 million. The global economic performance showed significant improvements as there was expansion in aggregate output in both industrial and developing countries.

The economy experienced various challenges and some improvements across different sectors. While agriculture and mineral production increased significantly, manufacturing saw a sharp decline. The consumer price index rose by 39.6%, contributing to high inflation, particularly in urban areas. Unemployment worsened due to massive retrenchment in both private and public sectors. Despite pressure on the balance of payments, prudent foreign exchange management led to an overall surplus. Domestic production, especially in manufacturing, was hindered by shortages of imported raw materials. Agricultural production improved, except for fishing, which declined due to supply shortages. Construction activity remained low, with many planned projects canceled or suspended. Monetary aggregates increased, albeit at a slower rate than in the previous year, and there was a decline in bank credit expansion to both the government and private sectors. Government finances saw a reduction in expenditure, particularly in the capital component. Smuggling activities decreased due to stricter enforcement measures.

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