Publication:
Nigeria Development Update, December 2023 - Turning the Corner: From Reforms and Renewed Hope, to Results

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dc.contributor.authorWorld Bank
dc.date.accessioned2024-01-09T18:38:03Z
dc.date.available2024-01-09T18:38:03Z
dc.date.issued2024-01-09
dc.description.abstractImportant reform decisions have been taken for Nigeria to avoid a fiscal cliff, and temporary compensation is being provided to help the poorest and most vulnerable households. In May and June 2023, the incoming administration undertook two critical policy decisions, which have resulted in price and exchange rate adjustments in the second half of the year. Targeted cash transfers are helping to cushion the adjustment to higher gasoline prices. On fiscal policy, budget planning for the next several years is consistent with sustaining the fiscal savings from the subsidy reform and mobilizing more revenues. However, the reforms are yet to be completed to fully realize the economic benefits. The FX market has remained volatile and is still in a period of continuing adjustment to the new policy approach. Revenue gains from the FX reform are visible, but more clarity is needed on oil revenues, including the fiscal benefits from the PMS subsidy reform. The economic outlook for Nigeria in the short to medium term hinges on the continuation and effectiveness of its macroeconomic stabilization agenda. Successful implementation of the initiated reforms will be the first step toward improving Nigeria’s growth prospect. Moving decisively onto a higher long-term growth and poverty reduction path requires not only a stable macroeconomic environment but also concerted structural reforms.en
dc.identifierhttp://documents.worldbank.org/curated/en/099121223114542074/P5029890fb199e0180a1730ee81c4687c3d
dc.identifier.doi10.1596/40863
dc.identifier.urihttps://openknowledge.worldbank.org/handle/10986/40863
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY-NC 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by-nc/3.0/igo
dc.subjectFDI
dc.subjectFX
dc.subjectINFLATION
dc.subjectOIL FLOWS
dc.subjectPRIVATE SECTOR CREDIT
dc.subjectIMPORT BANS
dc.subjectIMPROVED WELFARE
dc.titleNigeria Development Update, December 2023 - Turning the Corneren
dc.title.subtitleFrom Reforms and Renewed Hope, to Resultsen
dc.typeReport
dspace.entity.typePublication
okr.crossref.titleNigeria Development Update, December 2023 - Turning the Corner: From Reforms and Renewed Hope, to Results
okr.date.disclosure2024-01-09
okr.date.lastmodified2023-12-12T00:00:00Zen
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.docurlhttp://documents.worldbank.org/curated/en/099121223114542074/P5029890fb199e0180a1730ee81c4687c3d
okr.guid099121223114542074
okr.identifier.docmidP502989-fb199e78-39f0-4a18-a173-ee81c4687c3d
okr.identifier.doihttp://dx.doi.org/10.1596/40863
okr.identifier.externaldocumentum34213470
okr.identifier.internaldocumentum34213470
okr.identifier.report186416
okr.import.id2793
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099121223114542074/pdf/P5029890fb199e0180a1730ee81c4687c3d.pdfen
okr.region.administrativeAfrica Western and Central (AFW)
okr.region.countryNigeria
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Economic Forecasting
okr.topicMacroeconomics and Economic Growth::Inflation
okr.topicInternational Economics and Trade::Foreign Direct Investment
okr.unitEFI-AFR2-MTI-MacroFiscal-2 (EAWM2)
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