Document Type

Annual Report

Publication Title

Central Bank of Nigeria Annual Report and Statement of Accounts


The economic slowdown in 1981-1982 led to a decline in mineral and export crop production, with crude oil production falling from 1.440 million barrels in 1981 to 1.29 million barrels in 1982. The Central Bank of Nigeria business survey showed increased manufacturing sales and inventories of finished goods. Inflation decelerated to its lowest level since 1973, mainly due to reduced monetary expansion and increased production of staple food, livestock products, and fish. The money supply rose by 5.6% in 1980 and 3.1% in 1982, but the government sector's share in bank credit increased. The Gross National Product of all industrialized countries declined by 0.3%, and inflation rates remained high. International liquidity declined, and the African Groundnut Council (AGC) organized a symposium to address problems in African groundnut production and export.

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