尼日利亚发展更新，2025年10月：从政策到人民将改革成果带回家（英）2025

From Policy to People: Bringingthe Reform Gains Home © 2025 International Bank for Reconstruction and Development / The World Bank1818 H Street NWWashington DC 20433Telephone: 202-473-1000Internet: www.worldbank.org This work is a product of the staff of the World Bank with external contributions. The findings, interpreta-tions, and conclusions expressed in this work do not necessarily reflect the views of the World Bank, its Boardof 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 thepart of the World Bank concerning the legal status of any territory or the endorsement or acceptance of suchboundaries. Rights and Permissions The material in this work is subject to copyright. Because the World Bank encourages dissemination of itsknowledge, this work may be reproduced, in whole or in part, for noncommercial purposes, as long as fullattribution to this work is given. Any queries on rights and licenses, including subsidiary rights, shouldbe addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC20433, USA; fax: 202-522-2625; e-mail: pubrights@worldbank.org. Acknowledgements The Nigeria Development Update (NDU) is a World Bank report series produced twice a year that assessesrecent economic and social developments and prospects in Nigeria, and places these in a longer-term andglobal context. The NDU also provides an in-depth examination of selected policy issues and medium-termdevelopment challenges in Nigeria. It is intended for a wide audience, including policy makers, businessleaders, financial market participants, and the community of analysts and professionals engaged in Nigeria’sevolving economy. The report was prepared by a World Bank team led by Matheus Bueno (Economist) and Gloria Joseph-Raji(Senior Economist). The team included: Olawunmi Adelusi, Oya Alper, Toluwase Adesina, Lire Ersado,Deborah Isser, Hadija Kamayo, Bertine Kamphuis, Priscilla Kandoole, Samer Matta, Lilian Okpeku,Olumide Omoyele, Edoardo Palombo, Utz Pape, Elizabeth Saint-Wonder, Maheshwor Shrestha, HardwickTchale, Sering Touray, Carlos Vincente, Vinay Vutukuru, and Lewis Webber. The team is grateful for the ongoing collaboration with the Central Bank of Nigeria, the Federal Ministryof Finance, the Federal Ministry of Budget and Economic Planning, and the National Bureau of Statistics.The report was strengthened by review comments from Benedicte Baduel, Daniel Reyes, and from staff ofthe International Monetary Fund. The team also acknowledges Chinelo Akunyili, Pinar Baydar, and Irene Sitienei for their administrative andoperational support in the preparation of the report. External and media relations are managed by MansirNasir and Maryam Laushi. Chuka J. Agu worked on the design. The report was prepared under the overall supervision of Stefano Curto (Acting Practice Manager), MathewVerghis (Country Director for Nigeria), and Abebe Adugna (Regional Director for Prosperity). The findings, interpretations, and conclusions expressed in this report do not necessarily reflect the viewsof the Executive Directors of the World Bank or the governments they represent. The World Bank does notguarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and otherinformation shown on any map in this work do not imply any judgment on the part of the World Bankconcerning the legal status of any territory or the endorsement or acceptance of such boundaries. The analyses presented in this report are based on available data as of September 30, 2025. For questionsabout the report, please email mbueno@worldbank.org, and gjosephraji@worldbank.org For information about the World Bank and its activities in Nigeria, please visit: www.worldbank.org/ng. Cover photo is a painting by Alex Nwokolo titled "Isale-Eko". Abbreviations and Acronyms BDCBureau De ChangeBHCPFBasic Healthcare Provision FundBIRsBudget Implementation ReportsbpsBasis PointsCABCurrent Account BalanceCAPEXCapital ExpenditureCARCapital Adequacy RatioCBNCentral Bank of NigeriaCETCommon External TariffCPIConsumer Price IndexCRFConsolidated Revenue FundCRRCash Reserve RatioECAExcess Crude AccountECOWASEconomic Community of West African StatesEFEMSElectronic Foreign Exchange Matching SystemEMDEsEmerging Market and Developing EconomiesFAACFederation Account Allocation CommitteeFCTFederal Capital TerritoryFDIForeign Direct InvestmentFGNFederal Government of NigeriaFIRSFederal Inland Revenue ServiceFPIForeign Portfolio InvestmentFXForeign ExchangeGDPGross Domestic ProductGOEsGovernment Owned EnterprisesICTInformation and Communication TechnologyLMICLow and Middle Income CountriesmbpdMillion barrels per dayMDAsMinistries, Departments, and AgenciesMPRMonetary Policy RateMSMEsMicro, Small and Medium EnterprisesMTE