Turning the Corner: A New Compact between Nigeria's People and State

IN 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

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