Nigeria’s Recovery Since 2023: What Has Improved and What Still Needs Fixing

Nigeria came close to a severe foreign-exchange crisis in 2023, with net reserves reportedly falling to $859 million. The article examines how shortages of dollars, high inflation, debt-service pressure and a wide gap between official and parallel exchange rates affected businesses and households. It reviews claims that reforms have helped rebuild reserves, stabilise the naira, improve credit ratings and raise government revenue. It also highlights support measures including student loans, household cash transfers, tax relief and loans for small businesses. The key debate is the proposed $21.7 billion financing plan. Supporters say it could fund transport, power and other productive projects, while critics will judge it by whether the borrowing produces real economic returns. The article argues that inflation, food prices, debt servicing and completed infrastructure should be the measures of success by 2028. The review draws on a presentation by Taiwo Oyedele and publicly available economic data.

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