Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS AND OUTLOOK -- PROMOTING INCLUSIVE GROWTH AND REDUCING VULNERABILITIES -- KEY STRUCTURAL REFORMS FOR PROMOTING INCLUSIVE GROWTH -- STAFF APPRAISAL -- BOXES -- 1. External Sector Stability -- 2. The Budget Reference Oil Price - Has it Been an Effective Tool for Fiscal Policy Management? -- FIGURES -- 1. Comparative Inflation and Growth Performance, 2003-2012 -- 2. External and Exchange Rate Developments, 2007-2012 -- 3. Fiscal Developments, 2004-2012 -- 4. Monetary and Financial Developments, 2007-2012 -- 5. Key Indicators of the Oil Sector, 2005-2012 -- 6. Oil Price Shock Scenario, 2012-17 -- 7. Fiscal Expansion Scenario, 2012-17 -- 8. Comparison between Staff and Authorities' Medium-Term Fiscal Projections, 2012-15 -- TABLES -- 1. Millennium Development Goals -- 2. Selected Economic and Financial Indicators, 2009-2016 -- 3. Balance of Payments, 2010-16 -- 4a. Federal Government Operations, 2010-16 -- 4b. Consolidated Government, 2010-16 -- 4c. Government Operations, 2010-16 -- 4d. State and Local Governments, 2011-16 -- 4e. Extrabudgetary Funds (including ECA/SWF), 2011-15 -- 5a. Central Bank of Nigeria (CBN) Analytical Balance sheet, 2010-15 -- 5b. Monetary Survey, 2010-15 -- 6. Financial Soundness Indicators -- 7. Risk Assessment Matrix -- APPENDIXES -- 1. Nexus Between Growth, Unemployment and Poverty and Quality of Public Spending -- 2. Spillovers to Sub-Saharan Africa -- 3. Nigeria-Staff Assessment of Real Exchange Rate -- 4. Nigeria-Staff Assessment of Reserve Adequacy -- 5. The Optimal Size of Stabilization Buffer in Nigeria -- 6. Public Finances of States and Local Governments in Nigeria -- 7. Oil-Price Based Fiscal Rules and the Budget Oil Price -- 8. Key FSSA Findings and Recommendations -- 9. Power Sector Reforms -- 10. The Petroleum Industry Bill -- CONTENTS.

RELATIONS WITH THE FUND -- JOINT WORLD BANK-IMF WORK PROGRAM, 2012-13 -- STATISTICAL ISSUES.