The oil-rich Nigerian economy continues to be hobbled by political instability, corruption, and poor macroeconomic management. The government's resistance to initiating greater transparency and accountability in managing the country's multibillion dollar oil earnings continues to limit economic growth and prevent an agreement with the IMF and bilateral creditors on debt relief. The largely subsistence agricultural sector has failed to keep up with rapid population growth, and Nigeria, once a large net exporter of food, now must import food. Agricultural production in 1996 suffered from severe shortages of fertilizer, and production of fertilizer fell even further in 1997.
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