4.2 Implementation of standards and codes 146 i. Summary of the CSAR 454. Compliance with EGM standards and codes assures transparency and predictability in government actions and policies. It also helps to create a stable macroeconomic environment. African heads of state and government have adopted about 16 standards and codes for EGM. 455. The CSAR assesses the extent to which Nigeria has adopted these international standards and codes. It also highlights other codes and standards that are applicable or being implemented in the context of Nigeria’s economic governance. They include those developed at the national level. 456. Nigeria has signed, ratified and implemented, directly and indirectly, the relevant standards and codes to promote EGM in the country. However, there was inadequate official information on the dates of signature, accession and ratification of the various standards and codes. Similarly, the extent of domestication is not clearly documented. Table 4.1 below gives an indication of the status, and dates of signature and ratification, of the EGM standards and codes. 457. The CSAR indicates further that, as part of the reforms of the Obasanjo administration under NEEDS I, Nigeria adopted most of the standards and codes relevant to its status as a member of the IMF and World Bank. This is also applicable to Nigeria’s efforts to promote economic cooperation and integration in the ECOWAS subregion and Africa. The Guidelines for Public Debt Management, the Code of Good Practices on Transparency in Monetary and Financial Policies, the Core Principles for Effective Banking Supervision, and the Code of Good Practices on Fiscal Transparency are among the standards and codes developed and monitored by the World Bank and the IMF. They have been signed by all member countries of the World Bank and the IMF. It is in this context that Nigeria’s adherence to the standards and codes is assessed.