From The Report: Nigeria 2023
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Nigeria has the potential to reduce its reliance on energy exports and promote growth in other sectors of the economy. The prominence of the non-oil private sector is expected to increase, offering opportunities for job creation and export diversification. Eliminating differences in the foreign exchange rate and improving security conditions are expected to benefit Nigerian businesses. However, in order to improve the government’s fiscal position and free up resources to reduce poverty, it has been suggested that the country reduce subsidies, increase energy revenue and limit debt growth. The implementation of key initiatives – such as the recent removal of fuel subsidies and the use of pension funds to close the deficit in infrastructure funding – is likely to help ease inflation rates and improve economic conditions.
This chapter contains interviews with Kalim Shah, Senior Country Manager, Nigeria, Liberia and Sierra Leone, International Finance Corporation; Hajja Wakil, Acting Executive Secretary and CEO, Nigerian Investment Promotion Commission; and Uche Orji, Former Managing Director and CEO, Nigeria Sovereign Investment Authority.