Q: Does Nigeria have an effective balance of monetary and fiscal policies in place to deal with the challenges currently facing the country's economy?
A: After experiencing an average growth rate of 7% over the past decade, gross domestic product [GDP] growth in the second quarter of 2016 stood at -2.6%. The Nigerian economy is facing a number of challenges as a result of the oil price slump. These include low government revenue, low capital inflow, a high unemployment rate, large currency depreciation and low financial buffers.
