The Nigeria Development Update (NDU) is a World Bank report series produced twice a year that assesses recent economic and social developments and prospects in Nigeria, and places these in a longer-term and global context. The NDU also provides an in-depth examination of selected policy issues and medium-term development challenges in Nigeria. It is intended for a wide audience, including policy makers, business leaders, financial market participants, and the community of analysts and professionals engaged in Nigeria's evolving economy
Authors
- Disclosure Date
- 2024/10/17
- Disclosure Status
- Disclosed
- Doc Name
- Nigeria Development Update - Staying the Course: Progress Amid Pressing Challenges
- Pages
- 66
- Product Line
- Advisory Services & Analytics
- Published in
- United States of America
- Rel Proj ID
- NG-Nigeria Development Updates 2024 -- P502989
- Unit Owning
- EFI-AFR2-MTI-MacroFiscal-2 (EAWM2)
- Version Type
- Final
- Volume No
- 1
Table of Contents
- Nigeria Development Update 3
- Staying the course Progress amid pressing challenges 3
- Acknowledgements 5
- Abbreviations and Acronyms 6
- Table of Contents 7
- List of Figures 8
- List of Tables 9
- List of Boxes 9
- PART 1 17
- Recent economic developments and the outlook for Nigeria 17
- 1.1. Economic growth has been resilient albeit only moderate 18
- 1.2. Monetary policy has improved markedly and inflation has begun to fall 22
- Contribution to headline inflation pp 25
- Oil M2 Parallel rate CPI -1 Residual 25
- 1.3. Reforms have successfully achieved a unified market- reflective exchange rate and the external position is improving 25
- 1.4. The financial sector remains resilient despite the impacts of recent shocks 28
- 1.5. A revenue-driven fiscal consolidation is accompanying the monetary policy tightening 31
- 1.6. Economic Outlook The global economy is stabilizing and the prospects for Nigeria have improved albeit still fragile 35
- 1.7. Policy priorities Staying the course on macro stabilization reforms while intensifying support for the poorest households and expanding opportunities 38
- PART 2 - Spotlight Fostering productive jobs is vital to help Nigerians find pathways out of poverty 41
- 2.1.Sustainable poverty reduction relies on creating productive jobs 42
- 2.2. Employment alone is not enough to lift Nigerians out of poverty 44
- 2.3. Very few jobs allow workers to exit poverty 45
- 2.4 Nigerias labor market is changing as work shifts from agriculture to services but this is not raising productivity and earnings 49
- 2.5. Accessing productive jobs is even harder for Nigerias women and young people 49
- 2.6. Short- and long-run strategies can help Nigerias labor market to drive poverty reduction 54
