How Nigeria Can Unleash its Economic Potential

July 7, 2025--Increasing revenues, establishing an effective budget framework, and scaling up the cash transfer system can all support Nigeria's progress
Over the past two years, Nigeria-Africa's most populous country-has implemented difficult reforms to tackle long-standing obstacles weighing on the economy. While the reforms are starting to show results, poverty and food insecurity remain high, and the uncertain global environment presents additional challenges.

As discussed in our latest annual economic health check of the West African nation, the right policies can help Nigeria realize its potential as an African and global economic powerhouse.

A difficult starting point

Upon taking office in 2023, the new government faced low growth and rising poverty. Between 2014 and 2023, real per capita GDP declined on average by 0.7 percent annually.

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Source: imf.org