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Nigeria’s economy has had a mixed recovery from the global shocks caused by the COVID-19 pandemic in 2020 and the Russia-Ukraine conflict in 2022. The Central Bank of Nigeria (CBN) has an explicit inflation target band of 12-13%. The Federal Government of Nigeria has followed procyclical fiscal policy by reducing government spending during economic downturn and increasing public spending during economic recovery. Nigeria’s external sector has recovered from the global shock caused by the COVID-19 pandemic in 2020 and benefited from the higher commodity prices in the aftermath of the Russia-Ukraine conflict. Nigeria held its most recent national elections in February 2023. Nigeria is navigating a complex political landscape marked by ongoing security challenges, economic concerns, and growing social unrest. Read more accurate and balanced analysis of the political economy in Nigeria here: https://politicaleconomy.org.za/2023/12/pesa-editorial-on-nigeria-1h2023-24/.
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