#1Nigeria Development Update Turning the corner: from reforms and renewed hope, to results NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP December 13, 2023 - Ciwat Phighhe s SELFO ||દાંડી#2NIGERIA DEVELOPMENT UPDATES Bi-annual assessment of recent economic and social developments in Nigeria and prospects WORLD BANK GROUP NIGERIA DEVELOPMENT UPDATE | NOVEMBER 2021 Time for Business Unusual BO NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP WORLD BANK GROUP NIGERIA DEVELOPMENT UPDATE | JUNE 2022 The Continuing Urgency of Business Unusual WORLD BANK GROUP NIGERIA DEVELOPMENT UPDATE | DECEMBER 2022 Nigeria's Choice WORLD BANK GROUP NIGERIA DEVELOPMENT UPDATE | JUNE 2023 Seizing the opportunity A 1#3NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP WORLD BANK GROUP NIGERIA DEVELOPMENT UPDATE | JUNE 2023 Turning the corner: From reforms & renewed hope, to results 2#4THE BOLD REFORMS STOPPED THE SLIDE TOWARDS A CRISIS AND PROVIDED RENEWED HOPE NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP#5IN EARLY 2023, NIGERIA'S ECONOMY WAS SLIDING TOWARDS A CRISIS The main macroeconomic indicators for Nigeria were all deteriorating, in some cases rapidly Percent Real GDP growth 5 Percent 25 Inflation 3.6 4 3.3 22 22 3 2.2 2.9 2.9 3.0 19 2 23.0 18.8 21.5 21.0 17.0 1 16 0 13.2 13 11.4 -1 -1.8 -2 10 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Percent of GDP Fiscal Deficit Public Debt Service Percent of revenue 7 200 6.4 6.1 6.0 175 6.6 182.5 6 171.9 175.9 150 125 101. 5 5.1 4.6 4 100 5.0 80.0 80.0 75 60.0 50 3 2019 2020 2021 2022 2023 2024 25 2025 2019 2020 2021 2022 2023 2024 2025 NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP Sources: NBS, OAGF, DMO, CBN, and WB 4#6FACED WITH A FRAGILE ECONOMIC SITUATION, THE ADMINISTRATION INITIATED CRITICAL MACRO REFORMS PETROL SUBSIDY REMOVED FX MANAGEMENT REFORMED U. FGN removed the petrol subsidy, which was costly (2.2% of GDP in 2022), opaque, and regressive The subsidy reduced the oil revenues transferred to the Federation Account Due in large part to the subsidy, since 2021, the Nigerian economy was effectively unable to benefit from rising global oil prices N $ To unwind FX distortions, CBN unified the multiple official FX windows and committed to a willing-buyer-willing-seller principle in the newly unified NAFEM CBN began to clear the backlog of FX obligations To improve the FX market and lower prices, CBN also lifted FX restrictions on 43 imported product categories NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 5#7THESE REFORMS, IF SUSTAINED AND FULLY IMPLEMENTED, HELP NIGERIA TO AVOID A FISCAL CLIFF Real GDP growth Percent Percent 25 5 3.6 3.7 4 3.3 3.3 2.9 22 3 2.2 2 2.9 2.9 3.0 19 Inflation 24.5 21.7 23.0 18.8 21.5 21.0 17.0 19.6 1 16 0 13.2 13 11.4 -1 -1.8 -2 10 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 -Initial reform ---No reforms Initial reform -No reforms Percent of GDP 7 6 5 5.1 4.6 4 6.6 Fiscal Deficit Public Debt Service Percent of revenue 225 6.4 6.1 6.0 172 176 182 175 125 102 5.1 5.0 80.0 0 8 80.0 75 60.0 66 61 51 4.1 3.7 25 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Initial reform --No reforms 3 2019 2020 2021 2022 Initial reform NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP ---No reforms Sources: NBS, OAGF, DMO, CBN, and WB 60#8PAINFUL ADJUSTMENTS ARE ONGOING, AS WELL AS STEPS TO EASE THE PAIN AND SPEED THE RECOVERY NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP#9NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 0 100 Jan-15 Apr-15 200 Jul-15 Oct-15 300 400 500 Naira per liter 700 600 WHILE NEEDED, THE REFORMS ALSO ENTAIL LARGE, PAINFUL ADJUSTMENTS, SUCH AS TO PETROL PRICES... PMS price (national average) Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Sources: NBS Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 8 Oct-23#10NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 1,400 ...AND TO THE EXCHANGE RATE... Naira per US dollar 1,200 1,000 800 600 400 200 0 1/4/2023 1/19/2023 2/3/2023 2/18/2023 3/5/2023 3/20/2023 4/4/2023 4/19/2023 5/4/2023 5/19/2023 6/3/2023 6/18/2023 7/3/2023 7/18/2023 Sources: FMDQ, abokiFX 8/2/2023 8/17/2023 9/1/2023 Parallel market rate mm NAFEM closing rate 9/16/2023 10/1/2023 10/16/2023 10/31/2023 11/15/2023 11/30/2023 6#1130 Percent OF EASING INFLATION SINCE MID-YEAR ...CONTRIBUTING TO NIGERIA DIVERGING FROM THE GLOBAL TREND CPI inflation (yoy) 0 25 20 15 10 5 Jan 2018 Mar 2018 May 2018 Jul 2018 Sep 2018 Nov 2018 Jan 2019 Mar 2019 May 2019 Jul 2019 Sep 2019 Nov 2019 Jan 2020 Mar 2020 May 2020 Jul 2020 Sep 2020 Nov 2020 Jan 2021 Mar 2021 May 2021 Jul 2021 Sep 2021 Nov 2021 Jan 2022 Mar 2022 May 2022 Jul 2022 NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP Kenya 000 - Nigeria South Africa Source: CBN, IMF and WB United States Sep 2022 Nov 2022 Jan 2023 Mar 2023 May 2023 Jul 2023 Sep 2023 10#12THE INTENSE COST OF LIVING PRESSURES HAVE INCREASED POVERTY Number of poor people in Nigeria Naira/ KG 1000 Naira/Litre Million 2021 #435 700 106 2022 #324 higher higher 104 104 900 600 2023 800 102 700 500 100 100 600 #238 higher 400 98 500 96 400 300 95 94 300 200 200 92 100 100 Petrol- 90 Maize Rice 2021 2022 2023 rhs NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP Source: NBS Source: World Bank's projections based on NLSS 2018-19 11 11#13TO HELP HOUSEHOLDS COPE, THE GOVERNMENT IS ROLLING OUT A LARGE-SCALE PROGRAM OF CASH TRANSFERS... WHAT ARE CASH TRANSFERS? WHEN DID THE CASH TRANSFER PROGRAM START? WHO ARE THE BENEFICIARIES? HOW IS THE VERIFICATION DONE? HOW IS THE PAYMENT MADE? HOW MANY HOUSEHOLDS HAVE RECEIVED MANY TO DATE? Cash transfers are payments made to low-income households of N25000 per month by the Government for 3 months Conditional Cash Transfer Program was launched on October 17, 2023 The Program aims to cover 15 million poor, near-poor, and vulnerable households living on less than N75000 per month across Nigeria Following the launch, the State Social Registers is going through a robust verification process led by the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, in conjunction with the State governments. Beneficiaries will be supported to enroll for the NIN during the verification process to expand the coverage and use of the national identity number. Cash transfers are being delivered through electronic means, directly into verified beneficiary owned accounts or wallets, facilitating financial inclusion for these households. Currently 1.5 million households have received money, and the program is expected to reach 5 million households by the end of December NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 12#14NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 20 To mop-up excess liquidity, 18 restarted Open Market 16 Operations (OMOs) 14 . To improve monetary 12 policy transmission, 10 removed the N2 billion cap on the Standing Deposit 8 Facility (SDF) and 6 narrowed its rate corridor 4 2 ...AND CBN HAS STARTED TIGHTENING MONETARY POLICY TO BRING INFLATION UNDER CONTROL T-bill and OMO yields, as well as prime lending rates, have started to move closer to the MPR Percent 0 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 OMO (1yr) TBs (1yr) Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Source: CBN MPR Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 13#15CBN ALSO LIFTED FX ACCESS RESTRICTIONS FOR IMPORTING 43 ITEMS, LIKELY IMPROVING THE OVERALL WELFARE OF NIGERIANS Import restrictions had adverse effects on the economy Removing import restrictions could lift 1.3 million people (around 0.6 percent of the population) out of poverty $ R FX MARKET SEGEMENTATION: Traders bypassed import and FX restrictions, persistently importing restricted products into Nigeria. They often tapped into the parallel market for FX, pushing demand into the parallel market and fragmenting the FX market HIGHER PRICES: Eliminating both FX restrictions on imports and import bans would lead to an estimated 4.7 percent decrease in prices of the goods affected TRADE EVASION: FX restrictions on imports had directly resulted in an 18.1 percent increase in trade evasion LOWER FISCAL REVENUES: The revenue impact of import restrictions amounted to about US$1.4 billion, or about US$275 million annually, between 2015 and 2019 Sources: World Bank Country Economic Memorandum (2022) NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP State level change in poverty headcount rates (percentage points) -1.24 to -1.54 -0.45 to -0.85 0.00 to -0.06 -0.85 to -1.24 -0.06 to -0.45 No data Sources: 2018/19 NLSS (for consumption data), NBS (for price data), Humanitarian Data Exchange (for map shape files), and World Bank staff estimates. 14#16DESPITE THE ADJUSTMENT COSTS OF THE REFORMS, OUTPUT GROWTH THROUGH Q3 2023 HAS BEEN RESILIENT Non-oil GDP growth has been consistently positive, while the oil sector has been constantly a drag on growth Percentage points 7 6 Sectoral Contribution to GDP GDP growth could be 0.7 percentage points in 2023 higher if budgeted oil production targets had been achieved GDP Growth: actual vs counterfactual Percent 5 4.6 5 4 3.6 3.6 3.4 3 2.4 3.1 2.6 2.4 3 2 1 0 fi 2 4 3.6 3.6 3.3 -1 1 -2 -3 0 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 2021 Oil Non-oil Net indirect taxes on products Real GDP growth GDP 2022 Counterfactual NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP Source: NBS and World Bank 2.9 3.6 2023f Source: NBS and World Bank. Note: The counterfactual is estimated as the GDP growth had oil production reached its budgeted target 15#171,300 1,200 1,100 1,000 900 Basis points 800 700 600 500 400 8-Dec-21 NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP THE NARRATIVE IN FINANCIAL MARKETS ABOUT NIGERIA HAS STARTED TO SHIFT IN A MORE POSITIVE DIRECTION 8-Feb-22 8-Apr-22 8-Jun-22 8-Aug-22 8-Oct-22 Source: JP Morgan 8-Dec-22 Nigeria Eurobond Spread (EMBIG) 8-Feb-23 8-Apr-23 8-Jun-23 8-Aug-23 8-Oct-23 8-Dec-23 REUTERS V World Business Markets Sustainability v Legal v More v Africa Moody's upgrades outlook on Nigeria to positive Reuters December 8, 2023 11:47 PM GMT+1 Updated 2 days ago Σ Aa "Aug 4 (Reuters) - S&P Global Ratings on Friday revised its outlook on Nigeria to stable from negative, citing the government's recent reforms" 16 80#18BUT, NIGERIA IS YET TO FULLY TURN THE CORNER AND CHALLENGES REMAIN NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP#19FAAC REVENUES REMAIN FLAT AS A SHARE OF GDP... FX unification has created a windfall for Federation revenues.... yet, large deductions, as well as lower than expected gains from subsidy removal, have kept FAAC revenues constant in percent of GDP terms FAAC Revenues Percent of GDP 3.5 3.0 2.5 1.7 2.0 2.5 0.8 1.7 2.5 1.0 0.7 0.8 0.5 0.6 1.5 0.8 0.8 0.4 0.5 0.5 1.0 0.6 0.4 0.3 0.2 0.4 0.2 0.3 0.1 0.5 0.1 0.9 1.0 0.5 0.4 0.5 0.5 0.0 -0.2 -0.2 -0.2 -0.4 -0.5 -0.7 -0.5 -1.0 Jan-Jun Jul-Aug 2022 ■CIT Customs ■ VAT Total Jan-Jun Jul-Aug Total 2023 ■Net Oil ■Deductions Total Source: OAGF and WB NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 18#20...KEEPING FINANCING NEEDS ELEVATED, RAISING RISKS OF CONTINUED FINANCING FROM WAYS AND MEANS • In recent years, Nigeria has filled financing gaps through contracting Ways and Means financing from CBN. Fiscal deficit and CBN W&M 8,000 6,000 This large-scale use of W&M contravened the CBN Act. Such deficit monetization is distortionary and inflationary. 4,000 2,000 Naira billions 0 -2,000 Up until May 2023, Nigeria had accumulated N26.9 trillion (or 11.6 percent of GDP) in Ways and Means financing. In June 2023, N22.7 billion of the stock was securitized allowing it to be considered official debt, reducing the interest rate, and increasing the tenor. Nigeria's return to macroeconomic stability hinges in part on decisively ending the reliance on W&M from CBN. -4,000 -6,000 -8,000 -10,000 -12,000 -14,000 2016 2017 2018 2019 2020 2021 2022 2023P 2024P Estimated federal fiscal balance outturn ■Budgeted federal fiscal balance NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP ■Change in Ways and Means financing Source: OAGF, DMO, WB 19#21NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 2011 2012 Percent of GDP (%) 12 10 10 8 60 2013 16 14 18 20 6.9 6.4 6.0 5.1 2014 2015 2016 INCREASING REVENUES REMAINS CRITICAL TO STABILIZE NIGERIA'S FISCAL SITUATION - BOTH OIL AND NON-OIL General government revenue 4 6.4 5.8 5.8 5.2 2 3.2 3.6 3.5 3.6 3.0 2.3 1.6 2.0 2.0 1.8 2.0 0 2017 2018 6.0 4.6 5.3 4.2 4.4 5.6 4.3 4.5 4.6| 4.9 4.3 ■ Oil Non-oil Source: OAGF, NBS, WDI, WB -Revenue 2019 2020 2021 2022 2023p ---SSA average in 2022 2024p 20 20 2025p#22THE FX MARKET CONTINUES TO BE VOLATILE AND PARALLEL PREMIUM PERSISTS... After nearly closing immediately after the FX reforms in end June, the parallel market premium has widened again to a 20-40% range Naira per US dollar 1,500 1,300 1,100 900 Parallel market rate 700 500 300 Pre-reform FX premium = 60% NAFEM closing rate 1/4/2023 1/19/2023 2/3/2023 2/18/2023 3/5/2023 3/20/2023 4/4/2023 4/19/2023 NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 5/4/2023 FX reform 0-5 % Post FX premium 20-40% 5/19/2023 6/3/2023 6/18/2023 7/3/2023 7/18/2023 8/2/2023 8/17/2023 9/1/2023 9/16/2023 10/1/2023 10/16/2023 10/31/2023 11/15/2023 11/30/2023 Source: CBN, AbokiFX, FMDQ, WB 21 24#23NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP Naira per liter 1,100 1,000 900 800 700 600 500 400 1-Jun-23 11-Jun-23 Average monthly pump price 21-Jun-23 1-Jul-23 11-Jul-23 PETROL PRICES ARE NOT FULLY ADJUSTING TO MARKET CONDITIONS, HINTING AT THE PARTIAL RETURN OF THE SUBSIDY 1,200 PMS price -Estimated cost reflective pump prices at official exchange rate 21-Jul-23 31-Jul-23 10-Aug-23 20-Aug-23 Source: World Bank estimates based on NBS, CBN and global oil price data 30-Aug-23 9-Sep-23 19-Sep-23 29-Sep-23 9-Oct-23 19-Oct-23 Estimated cost reflective pump prices at parallel market exchange rate 29-Oct-23 22 22 At the official rate, estimates indicate that the pump price with full cost recovery would have been around N751/liter by end October#24FULLY TURNING THE CORNER: WHAT WILL IT TAKE? NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP#25SECURING THE BENEFITS OF CRITICAL REFORM #1: THE NEW FX POLICY POLICY RECOMMENDATIONS TO FULLY TURN THE CORNER • Tighten monetary policy further KEY BENEFITS: corrects overvalued FX rate and external imbalance, resolves FX access problems by allowing price to adjust based on FX supply and demand KEY RISKS: inflation keeps increasing. Then naira will again become overvalued, generating pressure to depreciate, raising inflation...risk of a spiral • · • . Communicate the plan to swiftly phase out monetization of the fiscal deficit via Ways and Means Communicate the plan to phase out CBN development finance schemes Continue to build market confidence around free FX pricing and evaluate and implement policies to channel more FX supply into the NAFEM Publish full information on progress towards clearing the forwards backlog and on net reserves to build market confidence NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 24 4#26SECURING THE BENEFITS OF CRITICAL REFORM #2: COST- REFLECTIVE PMS PRICING KEY RISKS: The Federation's fiscal position does not strengthen despite higher PMS prices, because the price is still too low (below cost) or savings do not flow to the Federation KEY BENEFITS: stabilizes the fiscal situation by increasing net oil revenues POLICY RECOMMENDATIONS TO FULLY TURN THE CORNER (A) OIL REVENUES . Clarify how prices at the pump are fixed as opposed to market conditions. Ensure revenue gains from removal of fuel subsidy materializes. • Improve transparency of NNPC with regards to profits and oil revenues to be remitted to the Federation Account. Even with oil revenue benefits secured, non-oil revenues also need to be increased (B) NON-OIL REVENUES Increase the VAT rate while allowing for input tax credit; remove exemptions for petrol products • Introduce green and pro-health taxes • Rationalize tax expenditures . Improve tax administration Adopt a data-driven approach to tax auditing NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 25#27ADD THE MAGIC INGREDIENT FOR REFORM SUCCESS, JOBS, AND POVERTY REDUCTION: FASTER ECONOMIC GROWTH Address structural barriers to investment and growth Formulate and implement plans to improve power and transport infrastructure, public service delivery, security, and business environment. These are decisive factors to raise growth prospects. • Reduce trade restrictions: - - Review the import bans list and align the tariffs to the ECOWAS common external tariff Review tariffs to reduce costs of key inputs for producers Simplify and harmonize import and export procedures Address bottlenecks such as port logistics and congestion NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP 26#28KEY MACRO-FISCAL POLICY RECOMMENDATIONS FOR THE NEXT SIX MONTHS TO FULLY TURN THE CORNER Curbing inflation and stabilizing FX market Tighten monetary policy further Communicate a plan to swiftly phase out monetization of the fiscal deficit • Communicate the plan to phase out current CBN development finance schemes • Continue to build market confidence around free FX pricing and evaluate and implement policies to channel FX supply into the NAFEM Publish full information on net reserves to build market confidence Creating more fiscal space Regularly publish information which explains prices at the pump to ensure the subsidy is not reinstated Improve transparency of NNPC with regards to profits and oil revenues to be remitted to the Federation Account Raise non-oil revenues: Increase VAT rate while allowing for input tax credit; remove exemptions for petrol products Improve tax administration Adopt a data driven approach to tax auditing Introduce a simple turnover tax on SMEs at state level instead of various existing fees and levies Addressing structural barriers to growth • Detail plans to improve power and transport infrastructure, public service delivery, security, and business environment. These are decisive factors to raise growth prospects. • Reduce trade restrictions: • Review the import bans list and align the tariffs to the ECOWAS common external tariff Review tariffs to reduce costs of key inputs for producers Simplify and harmonize import and export procedures • Address bottlenecks such as port logistics and congestion NIGERIA THE WORLD BANK IBRD ⚫ IDA WORLD BANK GROUP 27 27#29From reforms, to renewed hope, to results $ The measures taken already to help the poorest and most vulnerable households cope with shocks through targeted cash transfers are a good start in redirecting the previous wasteful spending on the subsidy NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP With continued reform implementation that stabilizes the macroeconomic and fiscal situation and begins to generate more growth, jobs, and revenues, Nigeria will have more choices to make This could include a formulating and implementing a renewed compact to deliver social assistance, primary healthcare, basic education and economic opportunities 28#30Turning the corner: a new compact between Nigeria's people and state? Transparen cy & trust NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP Growth, jobs, poverty reduction COMPACT Public revenues Public services 29 29#31Thank You my manne 15 Almost there By Jimmy Nwanne#32WORLD BANK GROUP WORLD BANK GROUP WORLD BANK GROUP NIGERIA ECONOMIC UPDATE | FALL 2019 Jumpstarting Inclusive Growth: Unlocking the Productive Potential of Nigeria's People and Resource Endowments NIGERIA DEVELOPMENT UPDATE JUNE 2020 Nigeria in Times of COVID-19: Laying Foundations for a Strong Recovery NIGERIA DEVELOPMENT UPDATE | DECEMBER 2020 Rising to the Challenge: Nigeria's COVID Response WORLD BANK GROUP This and previous editions of the NDU are available at: NIGERIA DEVELOPMENT UPDATE | JUNE 2022 The Continuing Urgency of Business Unusual WORLD BANK GROUP WORLD BANK GROUP NIGERIA DEVELOPMENT UPDATE | JUNE 2021 Resilience through Reforms ODEYEME WORLD BANK GROUP WORLD BANK GROUP NIGERIA DEVELOPMENT UPDATE | NOVEMBER 2021 Time for Business Unusual WORLD BANK GROUP BO NIGERIA DEVELOPMENT UPDATE | DECEMBER 2022 Nigeria's Choice NIGERIA DEVELOPMENT UPDATE | JUNE 2023 Seizing the opportunity NIGERIA DEVELOPMENT UPDATE | JUNE 2023 Turning the corner: From reforms & renewed hope, to results NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP worldbank.org/en/country/nigeria 31