NIGERIA DEVELOPMENT UPDATE | DECEMBER 2023Turning the corner: From reforms & renewed hope, to resultsPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedNigeria Development UpdateDecember 2023Turning the corner: From reforms and renewed hope, to results© 2023 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent.The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries.Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Any queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: pubrights@worldbank.org.Cover credits: "Feather Flakes" by Jimmy Nwanne.Illustrations: Design by Freepik.iiNIGERIA DEVELOPMENT UPDATE | DECEMBER 2023AcknowledgementsThe Nigeria Development Update (NDU) is a World Bank report series produced twice a year that assesses recent economic and social developments and prospects in Nigeria, and places these in a longer-term and global context. The NDU also provides an in-depth examination of selected policy issues and medium-term development challenges in Nigeria. It is intended for a wide audience, including policy makers, business leaders, financial market participants, and the community of analysts and professionals engaged in Nigeria’s evolving economy.The report was prepared by a World Bank team led by Nyda Mukhtar (Economist) and Matheus Bueno (Economist). The team included: Alex Sienaert, Samer Matta, Aleksandar Stojanov, Joseph Ogebe, Lilian Okpeku, Gloria Joseph-Raji, Mariano Cortes, Hadija Kamayo, Utz Johann Pape, Arthur Alik-Lagrange, Dominik Peschel, Bob Rijkers, Mohammed Isa Shuaibu, Guido Porto, and Guillermo Falcone.The team is grateful for valuable discussions with the Ministry of Finance and Economic Coordination and the Ministry of Budget and National Planning. The team would like to thank Miguel Angel Saldarriaga and Smriti Seth for their comments, as well as the Internat...
