Document Type

Annual Report

Publication Title

Central Bank of Nigeria Annual Report and Statement of Accounts


In 1981, Nigeria's economy experienced a 7.9% decline in industrial production, primarily due to a decline in mining production, particularly petroleum. Manufacturing output increased by 5.7%, while agricultural production showed some improvement. Inflation worsened, with the composite consumer price index rising by 20.8%. Monetary expansion slowed down, but a 5.6% increase was recorded at the end of the year. The aggregate banking system's credit to the economy increased by 5.8%, with the Federal Government budgeting for current services. The external sector experienced a large balance of payments deficit, resulting in a drawdown of the nation's reserves. The world economy slowed down due to monetary and fiscal policy measures, particularly high interest rates in the United States. The real Gross National Product of non-centrally planned industrial economies increased by 1.5%, while the GDP of oil exporting developing countries was estimated at 0.1%. The total world foreign exchange reserves amounted to SDR 371.8 billion at the end of October 1981, a 7.7% increase compared to the level of SDR 345.1 billion a year earlier. The main factors behind the increase in world reserve were the allocation of additional SDR 4.0 billion to the participating countries, exchange market interventions, and swap transactions between central banks in the industrialized countries. The International Cocoa Agreement (ICA) signed on November 5, 1980, came into force on August 1981,.

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