Gross Reserves
$49B
Feb 2026 — 8-year high
↑ from $32B (May 2023)Net Usable Reserves
~$38B
Was only ~$3B net in 2023
↑ Dramatically recoveredFX Premium
<2%
Parallel vs official rate
↓ from 30%+ premiumFiscal Deficit / GDP
3.0%
IMF-compatible threshold
↑ from 5.4%Debt Service Ratio
<40%
Revenue share servicing debt
↑ Was ~100% in 2023Federal Revenue 2025
₦27.8T
To August 2025
↑ 52% above target
Foreign Reserves & FX Premium Normalisation
Gross reserves (USD bn) and parallel rate premium (%)
Gross Reserves ($bn)FX Premium (%)
Inflation Trajectory (2023–2026)
Headline CPI and food inflation
Headline CPI (%)Food Inflation (%)
Tax Simplification Reform
Key reform milestones
Taxes consolidated (target: 60+ → fewer than 10)In progress
Zero income tax threshold (≤₦800,000 annual income)Enacted
SMEs (revenue <₦50M) tax exemptionEnacted
New hire & wage-increase 50% deduction incentiveEnacted
Ways & Means monetisation discontinuedComplete
FDI & Investment Commitments
Major foreign investment pledges (USD)
Sovereign Credit & Compliance
Rating upgrades and programme milestones
Fitch Rating (B to B+)Upgraded 2025
Moody's Outlook (Stable)Revised up
IMF programme complianceOn track
$50B+ FDI commitments (CAIA 2024)Secured
Eurobond market re-accessAchieved 2024
Infrastructure & Real Economy — Sector Overview
6,003 MW
Peak power generation (record)
1.6 mbpd
Crude oil production
206 TCF
Proven gas reserves
18%
ICT contribution to GDP
35,000 km
Federal road network
90M tonnes
Annual seaport cargo throughput
GDP Sector Composition
Share of GDP by sector (%)
Power Generation Energy Mix
Share of grid supply by fuel source (%)
Infrastructure Snapshot
Key national indicators
12,500 MW
Installed capacity
~60%
Electricity access rate
37B bbl
Proven oil reserves
650K bpd
Domestic refining capacity
Peak Generation (record)
6,003 MW
March 2025 all-time record
↑ from 4,200 MW baselineInstalled Generation Capacity
12,500 MW
Total installed grid capacity
↑ Electricity Act enabling moreTransmission Wheeling Capacity
7,500 MW
Design capacity of national grid
↑ Transmission investment ongoingStates with Active Markets
15
Following Electricity Act devolution
↑ Private investment unlockedPrivate Investment Mobilised
$7B
Into power sector; $122B target 2045
↑ Sector reform driving inflowsMini-Grids Installed
100+
Off-grid/rural energy systems
↑ Expanding rural access
Power Generation Growth
Average generation capacity (MW) — trend
Power Capacity Gap Analysis
Installed vs transmission vs peak generation (MW)
Crude Oil Production
1.6 mbpd
Above OPEC quota of 1.5 mbpd
↑ from ~1.0 mbpd at startProven Oil Reserves
37B bbl
Proven reserves, major global producer
↑ Ongoing explorationProven Gas Reserves
206 TCF
Trillion cubic feet — Africa's largest
↑ Major monetisation plannedDomestic Refining Capacity
650K bpd
Dangote Refinery now operational
↑ Import dependency slashedGas Production
~9 BCF/day
Billion cubic feet per day
↑ AKK pipeline expanding utilisationMajor Energy Investments
$40B+
Bonga North ~$20B; GRIP ~$20B
↑ FID secured for both
Crude Oil Production Recovery
Monthly barrels per day (million bpd) — 2023 to 2026
Agriculture & Food Systems
Agriculture Share of GDP
~23%
Single largest sector by workers
↑ Budget allocation +261%Cultivated Agricultural Land
34M ha
Million hectares under cultivation
↑ Conflict reduction restoring farmlandFertiliser Blending Plants
70+
Operational nationwide
↑ 225K MT fertiliser distributedRice Production
~7.5M t
Tonnes annually
↑ SAPZ driving agro-processingAgro-Processing Zones
8–10
Priority SAPZ zones (AfDB/IsDB/IFAD)
↑ $510M SAPZ investmentFederal Agriculture Budget
₦826B
Up from ₦228B — +261% increase
↑ 25.59% of GDP target
Agriculture Budget Growth
Federal agriculture allocation (₦bn)
Agricultural Productivity Gap
Yield per hectare vs world average (tonnes/ha)
Manufacturing, Digital Economy & Mining
Manufacturing Capacity Utilisation
% of installed capacity in use
55–60%
Capacity utilisation
Digital Economy Indicators
ICT sector performance metrics
Mining & Solid Minerals
Sector contribution metrics
~7%
Total mining & quarrying
Federal Road Network
35,000 km
Total federal highway network
↑ 13,000 km under rehabRail Network
3,900 km
Operational rail; 1,200 km standard gauge
↑ Kano–Maradi at 67%Seaport Cargo Throughput
90M t
Tonnes per year across all seaports
↑ Lekki deep sea port operationalAir Passenger Traffic
17M/yr
Annual passengers, 30 federal airports
↑ Aviation sector recoveryContainer Throughput
1.8M TEU
Twenty-foot equivalent units annually
↑ Lekki adding capacityLogistics Performance Index
~Rank 88
Global LPI ranking
↑ Ports reform ongoing
Roads Under Construction / Rehabilitation
Key corridors — progress (%)
Kano–Maradi Rail67% (was 5%)
Nasarawa–Toto–Abaji Road92.5%
Lafia–Obi–Awe–Tunga Road98.2%
Suleja–Minna Highway Phase I74%
Enugu–Onitsha Dual Carriageway~80%
Lagos–Calabar Coastal HighwayPhase 1 active
Strategic Infrastructure Investment
Major projects by committed capital (USD Billion)
Jobs & Enterprise — Economic Opportunity
1.6M
Jobs supported by enterprise programmes
957,400
MSME grant beneficiaries
₦636B
BOI financing — all-time record (2025)
₦184B
NELFUND student loans disbursed
7,000+
Enterprises directly financed
48%
MSME contribution to GDP
Labour Force Size
~101M
Million-strong workforce
↑ Growing at ~2.5M per yearLabour Force Participation
~56%
Of working-age Nigerians
↑ Enterprise expansion driving thisUnemployment Rate
~4.7%
National unemployment rate
↑ Improving with BOI financingYouth Unemployment
~8.5%
Ages 15–35 unemployment rate
↑ Youth enterprise schemes activeMSME Share of Employment
84%
Of all Nigerians who work
↑ Small business backboneEstimated MSMEs
~40M
Micro, small and medium enterprises
↑ CAC registrations at 165K/yr
Employment by Enterprise Type
Share of national workforce (%)
MSME Contribution to GDP
MSME share vs rest of economy (%)
Labour Market Indicators
Key rates (%)
BOI Financing 2025
₦636B
All-time record annual disbursement
↑ from ₦403B (2023)MSME Intervention Fund
₦200B
Presidential MSME support programme
↑ 827K SMEs servedYouth Enterprise Financing
₦12B
Targeted at young entrepreneurs
↑ 570 startups supportedWomen Enterprise Loans
₦10B
Women-focused business loans
↑ 5M+ women farmers supportedRural Enterprise Financing
₦6.5B
Agricultural and rural enterprise
↑ Supporting food systemSingle-Digit MSME Loans
₦75B
Below-market-rate SME lending
↑ 10 MSME hubs nationwide
BOI Financing Growth (₦ Billion)
Annual Bank of Industry disbursements — 2015 to 2025
Enterprise Programme Reach
Beneficiaries across key government enterprise schemes
MSME Support & Youth Employment
Enterprise Financing Breakdown
Allocation by target group (₦ Billion)
Youth Employment Programme Reach
Key initiatives and progress
3MTT — Total enrolled (3M target)1.8M enrolled
3MTT — Currently in active training300K active
3MTT — Graduates placed in jobs15K+ placed
YOUWIN Enterprise Education (NYSC)500K reached
Renewed Hope Ward Dev. Programme1K jobs/ward target
NDE Vocational Training (nationwide)Active
Economic Transformation Indicators
Jobs Story — Structural Transformation Radar
2023 baseline vs 2025 current (indexed)
Social Protection & Health — Human Capital
₦70,000
New national minimum wage
8.5M HHs
Cash transfer households
₦184B
NELFUND student loans disbursed
20M
Nigerians with health insurance (NHIA)
30,000
Primary health centres nationwide
8,800
PHCs targeted for revitalisation
Social Protection Structure
Social Protection Programme Mix
Distribution by programme type
Health Insurance Coverage
Covered vs uncovered population (million)
Human Capital Indicators
Key welfare and development metrics
~70%
School enrolment rate
Income Protection & Cash Transfers
National Minimum Wage
₦70,000
More than doubled from ₦30,000
↑ +133% increase effective 2024Cash Transfer Coverage
8.5M HHs
Households receiving ₦25K/month
↑ 4× previous administrationTotal CCT Disbursed
₦330B
Conditional cash transfers 2023–2025
↑ Record disbursementZero Income Tax Threshold
₦800K/yr
Workers earning ≤₦800K pay no income tax
↑ Take-home pay boost for millionsSocial Protection Coverage
~19%
Of population reached by safety nets
↑ Expanding with NSRP scale-upConsumer Credit Scheme
₦75B
BNPL scheme — 510K+ beneficiaries
↑ EFCC recovery funds reinvested
Cash Transfer Reach (Households, Millions)
Households receiving ₦25,000 transfers — growth
Minimum Wage & Tax Threshold
Wage floor levels (₦/month)
NELFUND Disbursed
₦184B
Interest-free student loans
↑ Income-contingent repaymentStudents Benefiting
1M+
Across 265 institutions
↑ Largest student loan scheme in historyEnterprise Education (NYSC)
500K+
YOUWIN programme — corps members
↑ 350K+ tertiary students additionally
NELFUND Student Loan Disbursement Growth
Cumulative disbursement to students across 265 institutions (₦ Billion)
Health Infrastructure & Outcomes
Annual Health Visits
45M
Up from 10M in 2023 — 4.5× increase
↑ PHC revitalisation impactPrimary Health Centres
30,000
Nationwide PHC network
↑ 8,800 targeted for upgradeHealth Insurance Coverage
~20M
Nigerians covered by NHIA
↑ Mandatory coverage expandingSkilled Birth Attendance
90%+
National coverage rate achieved
↑ Significant improvementVaccination Coverage
~72%
Child vaccination rate
↑ Improving routine immunisationTeaching Hospitals
60+
Federal tertiary health institutions
↑ Funding releases increased
Life Expectancy Trend
Average years at birth
Key Health Outcome Indicators
Current national rates vs benchmarks
Enterprise & Gender Inclusion
Women and rural enterprise financing breakdown (₦B)
