Regulatory Alerts2004-04-14 | RD/01/2004Economic Report For The Month Of February 2004
The Nigerian economy's overall performance during February 2004 was positively influenced by the significant increase in oil production. However, total oil supply exceeded domestic consumption, leading to a decline in excess demand for oil compared with the previous month. It is also worth noting that there were several international economic developments relevant to Nigeria's economy throughout this period, such as a workshop to develop a harmonized Nigerian tariff schedule with ECOWAS and deliberations by the African Association of Central Banks about the progress of the African Monetary Cooperation Programme (AMCP). Furthermore, Nigeria extended financial support to the Democratic Republic of Sao Tome and Principe, signed Bilateral Air Services Agreements with 10 countries, and participated in the African Peer Review Mechanism summit, which aimed to encourage good governance practices among African nations. Lastly, the European Union temporarily suspended its Stability and Growth Pact due to France and Germany's fiscal deficits exceeding the agreed limit.