Investor Presentaiton

HOWEVER, THE REMOVAL OF THE SUBSIDY WILL TEMPORARILY INCREASE INFLATION Inflation will increase in H2 2023, before decreasing below 20 percent in 2024... ...as the financing gap, and hence reliance on inflationary CBN financing, decreases Percent of estimated revenues 35 Percent 30 30 25 25 20 20 15 10 5 120 Ways and Means 100 financing if subsidy had continued Inflation forecast 80 Jan-23 Feb-23 Mar-23 Apr-23 May-23 NIGERIA THE WORLD BANK IBRD ⚫IDA | WORLD BANK GROUP Sources: NBS and World Bank estimates Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 CBN inflation target (6-9 percent) Apr-24 Mar-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 60 Financing gap 40 20 0 2023 2024 Sources: World Bank and CBN. 2025 29 29

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