I. INTRODUCTION: THE NUMBERS THAT DEFINE DAILY LIFE

In a market in Lagos, a woman holds a bag of rice that cost ₦15,000 last year and now costs ₦25,000. She puts it back, knowing her monthly salary of ₦50,000 cannot stretch to cover basic food items that have doubled in price. In a small business in Abuja, an entrepreneur explains that the loan he needs to expand his business would cost 27% interest—a rate so high that it would consume all his profits. In a home in Kano, a family has cut meals from three to two per day, not because of hunger, but because food prices have made three meals unaffordable.

These are not isolated stories. They are the daily reality for millions of Nigerians living under 28.92% inflation and 27% interest rates.^{¹ ²} In November 2025, Nigeria's inflation rate reached 28.92%—among the highest in years and well above the Central Bank's target range.^² To combat this, the Central Bank maintained interest rates at 27% in November 2025, creating a situation where the cost of borrowing is prohibitively high even as the cost of living continues to rise.^¹

The economic squeeze is compounded by other factors: public debt of approximately $100 billion, oil prices below budgetary targets, and economic reforms that have increased living costs even as they attempt to address fiscal distortions.^{³ ⁴} The result is an economy where prices rise faster than incomes, where credit becomes unaffordable, and where millions struggle to maintain their standard of living.

This article examines Nigeria's economic crisis not merely as a collection of statistics, but as a fundamental challenge to the livelihoods of millions of Nigerians and the future of the nation's economy.

II. THE NUMBERS: UNDERSTANDING THE ECONOMIC REALITY

Inflation: When Prices Rise Faster Than Incomes

In November 2025, Nigeria's inflation rate reached 28.92%.^² This means that prices, on average, were 28.92% higher than they were a year earlier. For a country where many people live on fixed or slowly increasing incomes, this represents a significant erosion of purchasing power.

What 28.92% inflation means in practice extends far beyond a single number to affect every aspect of daily life. Food prices often rise faster than the general inflation rate, hitting the poor hardest as they spend larger portions of their income on food. Transportation costs increase as fuel price increases affect the cost of moving goods and people, creating ripple effects throughout the economy. Housing costs rise as rent and construction costs increase, making housing less affordable for many Nigerians. Healthcare costs increase as medical expenses rise, making healthcare less accessible, particularly for those without insurance or adequate income. Education costs increase as school fees and educational expenses rise, creating barriers to education for many families.

The impact on purchasing power is profound and far-reaching. Even if nominal incomes increase, real purchasing power declines as prices rise faster than wages, meaning that people can buy less with the same amount of money. Money saved loses value over time, eroding the savings that families have worked to accumulate and reducing their ability to cope with emergencies or invest in the future. Those on fixed incomes, including pensioners and civil servants, are hardest hit, as their incomes do not increase with inflation, forcing them to reduce consumption and make difficult choices about essential expenses. More people fall into poverty as prices outpace incomes, creating a situation where economic growth does not translate into improved living standards for many Nigerians.

Interest Rates: When Credit Becomes Unaffordable

To combat inflation, the Central Bank of Nigeria maintained interest rates at 27% in November 2025.^¹ This is one of the highest interest rates in the world, creating a situation where borrowing money is prohibitively expensive.

What 27% interest rates mean in practice creates severe constraints on economic activity and individual financial decisions. Small and medium enterprises cannot afford to borrow at 27%, preventing them from accessing the capital needed to expand, invest, or even maintain operations. Home ownership becomes unaffordable for most Nigerians, as mortgages at 27% interest rates make monthly payments prohibitively expensive, limiting access to housing and forcing many to remain in rental accommodation. Consumer credit becomes prohibitively expensive, as credit cards and personal loans at 27% interest rates create debt burdens that many cannot manage, limiting consumption and economic activity. High interest rates discourage investment in productive activities, as the cost of capital makes many investments unprofitable, reducing economic growth and job creation.

The credit crunch created by high interest rates has far-reaching consequences. Most Nigerians cannot access credit at affordable rates, limiting their ability to invest in education, start businesses, or cope with emergencies. People turn to informal lenders who charge even higher rates, creating debt traps and financial vulnerability. Businesses cannot expand or invest due to high borrowing costs, limiting economic growth and job creation. Economic stagnation results as high interest rates slow economic growth, creating a situation where the tools used to combat inflation may also constrain the economic activity needed for development and poverty reduction.

The Debt Burden: When Servicing Debt Consumes Revenue

Nigeria's public debt reached approximately $100 billion in early 2025.^³ Debt servicing consumes a significant portion of government revenue, limiting the resources available for infrastructure, education, healthcare, and other essential services.

The debt service challenge creates significant constraints on government's ability to address the needs of citizens and invest in development. Large portions of government revenue go to debt servicing, limiting the resources available for infrastructure, education, healthcare, and other essential services. Little room exists for new spending or investment, as fiscal space is constrained by debt obligations, creating a situation where government cannot respond effectively to emerging needs or invest in long-term development. High debt levels make Nigeria vulnerable to economic shocks, as any reduction in revenue or increase in interest rates could create debt sustainability challenges. Current debt creates obligations for future generations, as debt service payments will continue for years to come, limiting the resources available for future development and creating intergenerational equity concerns.

The oil price factor creates additional fiscal challenges and economic volatility. Government budgets assume certain oil prices, creating expectations about revenue that may not be realized. When oil prices fall below targets, revenue falls short, creating budget deficits and fiscal pressure that must be addressed through borrowing, spending cuts, or both. Lower oil revenue increases fiscal pressure, as government must find alternative sources of revenue or reduce spending, both of which can create economic and social challenges. Oil price volatility affects the entire economy, as changes in oil prices affect government revenue, foreign exchange earnings, and economic activity, creating uncertainty that makes planning and investment difficult.

III. THE HUMAN COST: LIFE IN THE ECONOMIC SQUEEZE

In a market in Port Harcourt, a trader describes her daily struggle: "I used to make ₦5,000 profit per day. Now, with prices so high, I make ₦2,000. But my expenses have doubled. I'm working harder and earning less. I don't know how much longer I can continue."

Behind every statistic lies a human story—a family cutting meals, a business closing, a student dropping out of school, a parent unable to afford medical care.

The Family Budget Crisis: When Basic Needs Become Unaffordable

In a household in Ibadan, a mother of four describes the impact on her family: "My husband's salary hasn't changed in two years, but everything costs more. We used to eat meat twice a week. Now we eat it once a month. We used to buy new clothes for the children. Now we patch and repair. We used to save a little. Now we borrow to make ends meet."

The budget squeeze affects every aspect of family life, forcing difficult choices about essential expenses. Food costs take up larger portions of household budgets, leaving less for other necessities and reducing families' ability to maintain adequate nutrition. Higher fuel costs reduce disposable income, as transportation expenses consume resources that could otherwise be used for food, healthcare, education, or savings. Medical expenses become unaffordable, forcing families to delay or forgo healthcare, potentially leading to worse health outcomes and higher costs in the long term. School fees become a burden, creating barriers to education that can limit children's future opportunities and perpetuate poverty. Families can no longer save for emergencies or the future, reducing their resilience to shocks and their ability to invest in education, housing, or income-generating activities.

The coping strategies that families adopt reveal the severity of the economic squeeze and its impact on well-being. Families reduce the number or quality of meals, potentially affecting nutrition and health, particularly for children and vulnerable populations. Families sell assets such as livestock, land, or jewelry to make ends meet, depleting the resources that could provide security and future opportunities. Families borrow from friends, family, or informal lenders, creating debt burdens and financial vulnerability that can trap them in cycles of poverty. Children may be withdrawn from school to work, reducing their educational opportunities and potentially limiting their future prospects. Family members may migrate in search of better opportunities, creating social disruption and potentially reducing family cohesion and support networks.

The Business Crisis: When Entrepreneurs Cannot Survive

In a small manufacturing business in Onitsha, an owner describes the impact: "I need a loan to buy raw materials, but at 27% interest, I can't afford it. My customers can't afford my products because prices are too high. My suppliers want cash upfront because they're also struggling. I'm caught in the middle, and I don't know how to survive."

The business impact of the economic squeeze affects businesses of all sizes, though small and medium enterprises are particularly vulnerable. Businesses cannot afford to borrow at 27% interest, preventing them from accessing the capital needed to expand, invest, or even maintain operations. High prices reduce consumer demand, as households cut back on spending to cope with rising costs, creating a situation where businesses face both higher costs and lower revenue. Businesses struggle with cash flow due to high costs, as expenses rise faster than revenue, creating financial stress that can lead to closure. Many small businesses close due to economic pressures, as they lack the resources to weather the economic squeeze, leading to job losses and economic contraction.

The investment constraint created by high interest rates and economic uncertainty limits Nigeria's ability to develop and compete. Businesses cannot expand due to high borrowing costs, preventing them from creating jobs and contributing to economic growth. Businesses cannot invest in new technologies, limiting productivity improvements and competitiveness. Limited resources constrain innovation, as businesses focus on survival rather than development, reducing Nigeria's ability to participate in the global knowledge economy. High costs make Nigerian businesses uncompetitive, both domestically and internationally, limiting their ability to grow and create employment opportunities.

The Education Crisis: When School Becomes Unaffordable

In a school in Kaduna, a principal describes the impact: "Parents can't afford school fees. We've had to reduce fees, but that means we can't pay teachers properly. We can't maintain facilities. We can't buy books or equipment. Education is suffering because the economy is suffering."

The education impact of the economic squeeze has profound implications for Nigeria's future development. Rising costs make education unaffordable for many families, creating barriers to education that can limit children's future opportunities. More students drop out due to economic pressures, as families cannot afford school fees or need children to contribute to household income. Schools cannot maintain quality due to financial constraints, as limited resources affect teacher salaries, infrastructure, and educational materials. Teachers leave for better-paying jobs, reducing the quality of education and creating shortages of qualified educators. School infrastructure deteriorates due to lack of funds, creating learning environments that are not conducive to education.

The long-term consequences of reduced education investment extend far beyond individual students to affect Nigeria's development prospects. Reduced education investment limits human capital development, reducing Nigeria's ability to compete in the global economy and achieve sustainable development. Limited education creates skills gaps, as students do not acquire the knowledge and skills needed for modern employment, limiting their ability to contribute to economic growth. Poor education limits future economic growth, as a poorly educated workforce cannot drive productivity improvements or innovation. Limited education traps families in poverty, as children without adequate education have limited opportunities for upward mobility, creating intergenerational cycles of poverty that are difficult to break.

The Healthcare Crisis: When Medical Care Becomes a Luxury

In a hospital in Abuja, a doctor describes the impact: "Patients can't afford treatment. They delay coming to the hospital until it's too late. They can't afford medications. They can't afford diagnostic tests. Healthcare has become a luxury that many cannot afford."

The healthcare impact of the economic squeeze creates life-and-death situations that extend beyond individual patients to affect public health. Rising medical costs make treatment unaffordable for many Nigerians, forcing them to delay or forgo care that could prevent serious illness or death. Patients delay seeking care due to cost concerns, potentially allowing conditions to worsen and become more expensive to treat, creating a situation where cost concerns lead to worse health outcomes and higher costs in the long term. Patients cannot afford necessary medications, reducing adherence to treatment regimens and potentially leading to treatment failure or complications. Limited resources for preventive care reduce the ability to prevent illness, creating a situation where preventable diseases occur and require expensive treatment.

The public health crisis created by limited access to healthcare affects entire communities and populations. Limited resources for disease prevention reduce the ability to prevent outbreaks and epidemics, creating vulnerabilities that can affect large numbers of people. Reduced vaccination coverage due to cost creates risks of vaccine-preventable diseases, potentially leading to outbreaks that affect public health and economic activity. Poor maternal health due to limited access to care affects not only mothers but also their children, creating intergenerational health challenges. Poor child health due to limited access to care affects children's development and future opportunities, creating long-term consequences that extend far beyond immediate health outcomes.

IV. THE ECONOMIC DIMENSION: THE COST OF THE CRISIS

The economic squeeze has devastating consequences that extend far beyond individual households to affect entire industries, the national economy, and Nigeria's position in the global economy.

The Cost to Households

The direct costs to households are substantial and ongoing, creating financial stress that affects every aspect of family life. Inflation erodes the value of money, meaning that households can buy less with the same amount of income, reducing their standard of living and forcing difficult choices about essential expenses. Households spend more on basic necessities, leaving less for savings, investment, or discretionary spending, reducing their ability to cope with emergencies or invest in the future. Households cannot save for the future, reducing their resilience to shocks and their ability to invest in education, housing, or income-generating activities. Households borrow to make ends meet, creating debt burdens that can trap them in cycles of poverty and financial vulnerability.

The indirect costs to households extend beyond immediate financial impacts to affect long-term well-being and opportunities. Poor nutrition and limited healthcare affect health, potentially leading to illness, reduced productivity, and higher healthcare costs in the long term. Limited education investment affects future opportunities, as children without adequate education have limited prospects for upward mobility and economic advancement. Economic stress affects family relationships and social cohesion, creating tensions that can affect mental health and family stability. Economic uncertainty creates stress and anxiety, affecting mental health and well-being in ways that can have long-term consequences.

The poverty trap created by the economic squeeze is particularly pernicious, as it creates cycles that are difficult to escape. Real incomes decline due to inflation, reducing households' ability to maintain their standard of living or invest in the future. Families sell assets to make ends meet, depleting the resources that could provide security and future opportunities. Families accumulate debt to survive, creating financial obligations that can consume future income and limit opportunities for advancement. Children's futures are limited by current economic constraints, as reduced investment in education, healthcare, and nutrition affects their development and future prospects, creating intergenerational cycles of poverty that are difficult to break.

The Cost to Businesses

The direct costs to businesses are substantial and create severe constraints on operations and growth. Businesses cannot afford to borrow at 27% interest, preventing them from accessing the capital needed to expand, invest, or even maintain operations during difficult periods. High prices reduce consumer demand, as households cut back on spending to cope with rising costs, creating a situation where businesses face both higher costs and lower revenue. Rising costs of inputs reduce profitability, as businesses must pay more for raw materials, energy, and other inputs while struggling to pass costs on to consumers who are also facing economic pressures. Businesses struggle with cash flow, as expenses rise faster than revenue, creating financial stress that can lead to closure or downsizing.

The indirect costs to businesses extend beyond immediate financial impacts to affect long-term competitiveness and growth prospects. Limited ability to invest in expansion or technology prevents businesses from improving productivity, entering new markets, or developing new products and services. High costs make businesses uncompetitive, both domestically and internationally, limiting their ability to grow and create employment opportunities. Limited job creation occurs due to economic constraints, as businesses focus on survival rather than expansion, reducing employment opportunities and economic growth. Limited resources constrain innovation, as businesses cannot invest in research and development or adopt new technologies that could improve productivity and competitiveness.

The business closure crisis reveals the severity of the economic squeeze and its impact on employment and economic activity. Many small businesses close due to economic pressures, as they lack the resources to weather the economic squeeze and cannot access affordable credit to maintain operations. Business closures result in job losses, creating unemployment and reducing household income, which further reduces consumer demand and creates a downward spiral. Business closures reduce economic activity, as fewer businesses operate and contribute to economic output, reducing GDP and tax revenue. Investors avoid Nigeria due to economic uncertainty, depriving the country of capital, technology, and expertise needed for economic development and job creation.

The Cost to the National Economy

The GDP impact of the economic squeeze is substantial and affects Nigeria's ability to achieve sustainable economic growth. High interest rates and inflation slow economic growth, as businesses cannot invest and consumers cannot spend, reducing economic activity and output. Limited investment occurs due to high borrowing costs, as businesses and investors cannot access affordable credit to finance expansion, innovation, or new projects. Reduced consumption occurs due to high prices, as households cut back on spending to cope with rising costs, reducing demand and economic activity. High costs make exports uncompetitive, limiting Nigeria's ability to participate in global trade and earn foreign exchange, further constraining economic growth.

The fiscal impact of the economic squeeze creates significant challenges for government's ability to provide services and invest in development. Limited revenue results from economic slowdown, as lower economic activity reduces tax revenue and other government income sources. High debt service consumes government revenue, limiting the resources available for infrastructure, education, healthcare, and other essential services. Limited fiscal space exists for essential spending, as debt obligations and revenue constraints prevent government from responding effectively to emerging needs or investing in long-term development. Economic challenges increase budget deficits, as revenue falls short of spending needs, requiring additional borrowing that increases debt and creates future fiscal pressures.

The opportunity cost of the economic squeeze extends far beyond immediate losses to affect Nigeria's long-term economic trajectory. Economic constraints limit Nigeria's economic potential, preventing the country from achieving the growth rates and development outcomes that would be possible with stable prices, affordable credit, and manageable debt. Limited job creation increases youth unemployment, as businesses cannot expand and create employment opportunities, creating social and economic challenges that can lead to instability. Limited resources constrain innovation and technological development, preventing Nigeria from participating in the global knowledge economy and limiting productivity improvements. Nigeria cannot compete globally with high costs and limited investment, reducing the country's ability to attract investment, participate in global value chains, and achieve sustainable economic development.

The Long-Term Consequences

The long-term consequences for human capital are profound and affect Nigeria's ability to achieve sustainable development. Limited education investment affects human capital, as reduced spending on education limits the development of the knowledge and skills needed for modern employment and economic growth. Limited skills development affects productivity, as workers do not acquire the capabilities needed to improve efficiency and competitiveness. Poor health outcomes affect productivity, as illness and disability reduce workers' ability to contribute to economic activity and limit their economic opportunities. Brain drain occurs as skilled workers seek opportunities abroad, depriving Nigeria of the human capital needed for development and creating a situation where investment in education benefits other countries rather than Nigeria.

The long-term consequences for economic structure create challenges for Nigeria's ability to achieve sustainable and diversified growth. Limited diversification occurs due to economic constraints, as high costs and limited investment prevent the development of non-oil sectors that could reduce dependence on oil and create more stable economic growth. Limited industrialization occurs due to high costs, as businesses cannot afford to invest in manufacturing and industrial activities that could create jobs and value. Limited technology adoption occurs due to high costs, preventing businesses from improving productivity and competitiveness through the use of modern technologies. Limited innovation occurs due to resource constraints, as businesses and institutions cannot invest in research and development or adopt innovative practices that could drive economic growth and development.

V. THE ROOT CAUSES: WHY THE ECONOMY SQUEEZES

The economic squeeze—28.92% inflation, 27% interest rates, $100 billion debt—is not the result of a single factor, but a combination of policy choices, external shocks, and structural challenges.

1. Monetary Policy: The Inflation-Interest Rate Dilemma

The Central Bank's challenge reflects the complexity of managing inflation in a context of multiple economic pressures. The Central Bank aims to keep inflation within a target range, recognizing that high inflation erodes purchasing power and creates economic instability. Interest rates are the primary tool to control inflation, as higher rates reduce borrowing and spending, which can help bring inflation down. High inflation requires high interest rates, creating a situation where the Central Bank must raise rates significantly to have an impact on inflation. However, high interest rates slow economic growth, creating a trade-off between inflation control and economic activity that the Central Bank must navigate carefully.

The policy trade-off reveals the difficult choices that monetary policy makers face. Fighting inflation may slow economic growth, as high interest rates reduce investment and consumption, creating a situation where the tools used to control inflation may also constrain the economic activity needed for development. Short-term pain may be necessary for long-term stability, as the Central Bank may need to maintain high rates even when they cause economic hardship, in order to bring inflation down and create conditions for sustainable growth. High interest rates affect different groups differently, with borrowers, small businesses, and low-income households often bearing the brunt of high rates, while savers may benefit. Maintaining high rates may be necessary to maintain policy credibility, as the Central Bank must demonstrate its commitment to controlling inflation, even when high rates create economic hardship.

2. Fiscal Policy: When Spending Exceeds Revenue

The budget challenge reflects the fundamental mismatch between government revenue and spending needs. Government revenue falls short of spending needs, creating budget deficits that must be financed through borrowing or spending cuts. Over-reliance on oil revenue creates vulnerability, as oil price volatility affects government revenue, making it difficult to plan and budget effectively. Limited tax collection reduces revenue, as many potential taxpayers are not captured in the tax system, and tax evasion and avoidance further reduce revenue. High spending needs exist in multiple areas, including security, infrastructure, and social services, creating pressure for spending that exceeds available revenue.

The debt accumulation that results from persistent budget deficits creates long-term challenges for fiscal sustainability. Government borrows to finance budget deficits, accumulating debt that must be serviced and eventually repaid. Debt service consumes increasing portions of revenue, limiting the resources available for infrastructure, education, healthcare, and other essential services. High debt levels make Nigeria vulnerable to economic shocks, as any reduction in revenue or increase in interest rates could create debt sustainability challenges. Current debt creates obligations for future generations, as debt service payments will continue for years to come, limiting the resources available for future development and creating intergenerational equity concerns.

3. Structural Challenges: When the Economy Cannot Adapt

The oil dependency creates fundamental vulnerabilities that affect Nigeria's economic stability and growth prospects. Oil is the primary source of government revenue, making the economy highly dependent on a single commodity that is subject to price volatility and supply disruptions. Oil price volatility affects government revenue directly, as changes in oil prices translate into changes in government income, creating uncertainty that makes planning and budgeting difficult. The economy is not diversified, as non-oil sectors have not developed sufficiently to reduce dependence on oil, creating a situation where economic performance is closely tied to oil prices. Over-dependence on oil creates vulnerability, as any disruption to oil production or prices can have severe consequences for the entire economy.

The infrastructure deficit constrains economic activity and limits Nigeria's ability to achieve sustainable growth. The power crisis constrains economic activity, as businesses cannot operate effectively without reliable electricity, reducing productivity and competitiveness. Poor transportation infrastructure increases costs, as goods and people cannot move efficiently, creating bottlenecks that reduce economic efficiency and increase prices. Limited water and sanitation infrastructure affects public health and economic activity, as inadequate infrastructure limits the ability to provide essential services and support economic development. Limited digital infrastructure constrains the digital economy, preventing Nigeria from participating fully in the global knowledge economy and limiting opportunities for innovation and growth.

The productivity challenge reflects the constraints on Nigeria's ability to improve efficiency and competitiveness. Low productivity limits economic growth, as the economy cannot achieve the growth rates needed for development without improving the efficiency of production and service delivery. The skills gap limits productivity, as workers do not have the knowledge and capabilities needed to improve efficiency and competitiveness. Limited technology adoption limits productivity, as businesses cannot access or afford the technologies that could improve efficiency and reduce costs. Limited innovation limits productivity growth, as the economy cannot develop new products, services, and processes that could drive economic growth and competitiveness.

4. External Factors: When Global Forces Affect Local Economies

Global inflation creates external pressures that affect Nigeria's economy in multiple ways. Global commodity price increases affect Nigeria, as the country imports many commodities, and higher global prices translate into higher domestic prices, contributing to inflation. Global supply chain disruptions affect prices, as disruptions to production and transportation create shortages and price increases that affect Nigeria's economy. Currency movements affect import costs, as changes in exchange rates affect the cost of imported goods, contributing to inflation when the currency depreciates. Global economic conditions affect Nigeria, as changes in global growth, trade, and financial conditions can affect Nigeria's exports, imports, and access to capital.

Oil prices are particularly important for Nigeria, as they directly affect government revenue and economic activity. Oil price volatility affects government revenue, as changes in oil prices translate directly into changes in government income, creating fiscal challenges when prices fall. Global oil demand affects prices, as changes in demand from major consumers such as China, the United States, and Europe can affect oil prices significantly. Global oil supply affects prices, as changes in production from major producers can affect global supply and prices. Geopolitical factors affect oil prices, as conflicts, sanctions, and other political developments can disrupt supply and affect prices, creating uncertainty that affects Nigeria's economy.

The exchange rate creates additional challenges for Nigeria's economy, as currency movements affect multiple aspects of economic activity. Currency devaluation increases import costs, as a weaker currency makes imported goods more expensive, contributing to inflation and reducing purchasing power. Currency devaluation contributes to inflation, as higher import costs translate into higher prices for consumers, creating a situation where currency weakness feeds into inflation. Currency devaluation increases debt service costs, as foreign currency debt becomes more expensive to service when the currency depreciates, creating fiscal pressures. Currency volatility deters investment, as investors are concerned about the risk of currency losses, reducing foreign direct investment and limiting access to capital needed for development.

VI. GOVERNANCE, TRUST, AND THE RISK OF DEEPENING THE CRISIS

For international investors and development partners deciding where to invest, economic stability is not the only consideration. So is trust—trust that policies will be consistent, that contracts will be honored, that regulations will be stable, and that governments are serious about fixing the underlying problems rather than benefiting from them.

The Policy Credibility Gap

Over the past years, Nigeria has struggled to demonstrate that its economic policies are effective and sustainable. Questions persist about:

Questions persist about policy consistency, raising concerns about whether economic policies remain stable across administrations or change with political cycles. Are economic policies consistent across administrations, and do policies change with political cycles? Are policy decisions based on economic analysis or political considerations, and what mechanisms exist to ensure policy consistency? These questions are critical for understanding whether the economic squeeze results from policy inconsistency, poor policy design, or both, and for ensuring that future policies are stable and effective.

Questions about policy effectiveness raise concerns about whether economic policies are achieving their intended objectives and whether there are adequate mechanisms for evaluation and accountability. Are economic policies achieving their intended objectives, and what is the evidence of policy effectiveness? How are policies evaluated and adjusted, and what accountability exists for policy outcomes? These questions are essential for understanding whether policies are working as intended and whether adjustments are needed to improve effectiveness.

The reform challenge reveals the difficulties of implementing economic reforms in a context of public resistance and limited capacity. Fuel subsidy removal increased living costs, as the removal of subsidies led to higher fuel prices that affected transportation costs and contributed to inflation. Exchange rate unification affected prices, as the unification of exchange rates led to currency devaluation that increased import costs and contributed to inflation. Reforms met with protests and strikes, as citizens and workers resisted reforms that increased living costs and reduced purchasing power. Reforms were implemented but impacts were not fully addressed, as the government implemented reforms but did not adequately address the short-term hardship and long-term structural challenges that reforms were intended to address.

The Investor Confidence Crisis

When international investors see high inflation, high interest rates, high debt, and policy uncertainty, it becomes harder to justify investment. Every new policy change, every economic shock, every debt increase feeds a quiet argument in boardrooms: that investments might be better directed elsewhere, to countries with more stable economies and more predictable policies.

The Consequences:
1. Investment Risk: International investment may be redirected away from Nigeria
2. Technology Transfer: Limited foreign investment means limited access to advanced technologies
3. Financing Challenges: Difficulty securing financing for projects
4. Reputation Damage: Nigeria's reputation as an investment destination is damaged

The Domestic Trust Crisis

The economic crisis has also eroded domestic trust in government institutions. When citizens see prices rising, interest rates soaring, and debt accumulating, when they experience economic hardship despite government assurances, when they see policy changes that increase their costs, trust erodes.

The impact on governance extends beyond the economic sector to affect the relationship between citizens and the state. Citizens lose faith in government's ability to manage the economy, reducing trust in public institutions and undermining the legitimacy of government. Reduced cooperation emerges as citizens may be less willing to pay taxes or cooperate with government, creating revenue challenges and operational difficulties. Social unrest may result as economic hardship fuels grievances and leads to protests, creating political instability and security challenges. The erosion of the social contract occurs as the relationship between citizens and the state is undermined, with citizens questioning whether the state is fulfilling its basic responsibilities and whether they have obligations to the state in return.

The Path to Rebuilding Trust

Rebuilding trust requires more than promises and emergency measures. It requires:

Transparency:
- Public reporting on economic policies and outcomes
- Clear accountability mechanisms for economic performance
- Transparent policy-making processes
- Regular updates on efforts to address the crisis

Action:
- Visible improvements in economic conditions
- Successful implementation of economic reforms
- Reduction in inflation and interest rates
- Improvement in living standards

Accountability:
- Investigation and prosecution of economic crimes
- Completion of stalled economic projects
- Public reporting on progress
- Consequences for those who fail in their duties

If Nigeria wants to attract investment and rebuild domestic trust, it cannot rely on statistics alone. It must demonstrate, through actions rather than statements, that it is serious about fixing the economy: implementing effective policies, maintaining policy consistency, reducing inflation, managing debt, and improving living standards. Without that, each new economic shock, each policy change, each debt increase risks not only deepening the crisis but also eroding the trust necessary to address it.

VII. THE PATH FORWARD: SOLUTIONS AND CHALLENGES

Addressing a crisis of this scale—28.92% inflation, 27% interest rates, $100 billion debt—requires a comprehensive, multi-faceted approach that goes beyond individual policies to address systemic challenges.

Monetary Policy Solutions

Inflation control requires maintaining tight monetary policy to control inflation, recognizing that high interest rates may be necessary to bring inflation down, even when they create economic hardship. Policy credibility must be maintained through consistent action, as the Central Bank must demonstrate its commitment to controlling inflation, building trust that enables policy effectiveness. Clear communication of policy objectives and actions is essential, as the Central Bank must explain its decisions and build public understanding and support for monetary policy. Coordination with fiscal policy is critical, as monetary policy and fiscal policy must work together to address inflation effectively, ensuring that fiscal policy does not undermine monetary policy efforts.

Interest rate management requires careful balancing of multiple objectives. Interest rates should be gradually reduced as inflation declines, recognizing that maintaining high rates for too long can slow economic growth unnecessarily, while reducing rates too quickly can allow inflation to re-emerge. Interest rates should be maintained within an appropriate target range, ensuring that rates are neither too high nor too low, and that they support both inflation control and economic growth. Inflation control must be balanced with economic growth, recognizing that high interest rates can slow economic activity, and that the Central Bank must find the right balance between these objectives. Interest rate policy must support financial stability, ensuring that high rates do not create financial stress that could lead to banking or financial crises.

Fiscal Policy Solutions

Revenue enhancement requires multiple approaches to increase government income and reduce dependence on oil. Tax reform is essential, including improving tax collection to capture more taxpayers and reduce evasion, and broadening the tax base to include more sectors and activities in the tax system. Oil revenue must be optimized through better management, including improving the efficiency of oil production, reducing corruption and waste, and ensuring that oil revenue is used effectively. Revenue sources must be diversified to reduce oil dependency, including developing non-oil revenue sources such as taxes, fees, and other income sources that can provide stability when oil prices fall. Efficiency in revenue collection must be improved, including reducing the cost of collection, improving technology and systems, and ensuring that revenue is collected promptly and accurately.

Spending management requires careful prioritization and efficiency to ensure that limited resources are used effectively. Essential spending must be prioritized, including security, infrastructure, and social services that are critical for development and stability, while non-essential spending may need to be reduced or eliminated. Efficiency in government spending must be improved, including reducing waste, corruption, and inefficiency, and ensuring that spending produces intended results. Subsidies must be reformed to target those who need them most, ensuring that subsidies serve their intended purpose of supporting vulnerable populations while reducing the fiscal burden of broad subsidies. Infrastructure investment is essential to support economic growth, recognizing that infrastructure is critical for productivity, competitiveness, and development, and that investment in infrastructure can generate returns that exceed costs.

Debt management requires careful attention to ensure that debt remains sustainable and does not create future fiscal challenges. Debt sustainability must be ensured, including monitoring debt levels, ensuring that debt service remains manageable, and avoiding excessive borrowing that could create future problems. Debt restructuring may be necessary where debt levels are unsustainable, including renegotiating terms, extending maturities, or reducing debt burdens to create fiscal space. A sustainable borrowing strategy must be developed, including determining appropriate debt levels, identifying appropriate sources of financing, and ensuring that borrowing supports development rather than creating future burdens. Debt service must be managed to maintain fiscal space, ensuring that debt service payments do not consume too much revenue and that resources remain available for essential spending and investment.

Structural Reforms

Economic diversification requires developing non-oil sectors that can reduce dependence on oil and create more stable and sustainable economic growth. Sector development is essential, including developing agriculture, manufacturing, and services sectors that can create jobs, generate revenue, and reduce dependence on oil. Export promotion is critical to reduce oil dependency, including supporting non-oil exports that can earn foreign exchange and reduce vulnerability to oil price volatility. Industrialization must be promoted to create jobs and value, recognizing that manufacturing and industrial activities can create employment, generate revenue, and support economic development. Technology adoption must be promoted to increase productivity, including supporting businesses in adopting modern technologies that can improve efficiency and competitiveness.

Infrastructure investment is essential to support economic activity and reduce costs that constrain growth. Power infrastructure must be invested in to support economic activity, recognizing that reliable electricity is critical for businesses to operate and compete effectively. Transportation infrastructure must be invested in to reduce costs, as poor transportation increases the cost of moving goods and people, reducing efficiency and competitiveness. Water and sanitation infrastructure must be invested in, as adequate infrastructure is essential for public health and economic activity. Digital infrastructure must be invested in to support the digital economy, recognizing that digital infrastructure is increasingly important for participation in the global economy and for innovation and growth.

Human capital development is fundamental to improving productivity and achieving sustainable economic growth. Education must be invested in to develop human capital, recognizing that education is essential for developing the knowledge and skills needed for modern employment and economic growth. Skills development must be promoted to increase productivity, including supporting training and development programs that can improve workers' capabilities and enable them to contribute more effectively to economic activity. Healthcare must be invested in to improve health outcomes, recognizing that healthy workers are more productive and that poor health limits economic opportunities and growth. Innovation must be promoted to drive economic growth, including supporting research and development, entrepreneurship, and the adoption of new technologies and practices that can improve productivity and competitiveness.

The Challenges Ahead

Implementing comprehensive solutions faces significant challenges:

Implementing comprehensive solutions faces significant challenges that must be addressed to ensure success. Resource constraints are substantial, as Nigeria's limited financial resources must be allocated across competing priorities including security, infrastructure, and social services, creating difficult choices about where to invest. The need for sustained investment over time requires long-term commitment that extends beyond individual administrations, creating challenges for planning and implementation. Political will is essential but challenging, as short-term political cycles conflict with long-term economic development needs, creating pressure for quick results that may conflict with sustainable approaches. Balancing economic reforms with political popularity creates tensions, as reforms that are necessary for long-term stability may be unpopular in the short term, requiring careful communication and implementation.

The complexity of addressing the economic squeeze is substantial, as multiple interconnected challenges must be addressed simultaneously, requiring coordinated action across multiple institutions and stakeholders. The need for coordinated action across multiple institutions requires effective governance and management that can align efforts and overcome institutional barriers. External factors beyond Nigeria's control, including global inflation, oil price volatility, and supply chain disruptions, create challenges that complicate efforts to address the economic squeeze and require adaptive responses. Time is a critical factor, as economic recovery takes time, structural reforms take time to show results, and patience is required from citizens and investors who may expect quick results but must understand that addressing a crisis of this magnitude requires sustained effort over many years.

VIII. THE OFFICIAL NARRATIVE: CHALLENGES AND RESPONSE EFFORTS

According to official statements, the Nigerian government and the Central Bank of Nigeria have acknowledged the severity of the economic squeeze and have implemented various policies and initiatives aimed at addressing the challenges.^⁵ Government officials and central bank officials have pointed to the complexity of managing inflation, interest rates, and debt simultaneously, noting that these challenges require careful balancing of competing objectives.^⁶ The position presented by authorities emphasizes the need for fiscal discipline, structural reforms, and investment in infrastructure, acknowledging that addressing the economic squeeze requires sustained commitment over many years.^⁷

According to available reports, government officials have highlighted the progress that has been made, including efforts to increase revenue through tax reforms, reduce spending through subsidy reforms, and attract investment through policy improvements.^⁸ They point to various economic reforms that have been initiated, including efforts to diversify the economy, improve infrastructure, and enhance human capital development.^⁹ The government has also emphasized efforts to improve governance and transparency, including reforms to reduce corruption and improve accountability in economic management.^¹⁰

However, according to official statements, government officials also acknowledge the significant challenges that remain.^¹¹ They point to external factors beyond Nigeria's control, including global inflation, oil price volatility, and supply chain disruptions, noting that these factors complicate efforts to address the economic squeeze.^¹² They emphasize the need for patience, as economic reforms take time to show results, and structural changes require sustained commitment that extends beyond individual administrations.^¹³ Government officials also highlight the challenges of implementing reforms in a context of competing priorities, limited resources, and political cycles that can create pressure for quick results.^¹⁴

The official narrative emphasizes that addressing the economic squeeze is a long-term endeavor that requires sustained commitment, adequate resources, and effective coordination across multiple institutions and stakeholders.^¹⁵ According to available reports, government officials argue that progress is being made, though they acknowledge that the pace of improvement may be slower than citizens and businesses would prefer, and that addressing a crisis of this magnitude requires time, resources, and sustained effort.^¹⁶

IX. KEY QUESTIONS FOR NIGERIA'S LEADERS AND PARTNERS

As Nigeria grapples with an economic squeeze that affects millions of citizens and businesses, critical questions emerge that require answers from leaders, policymakers, and stakeholders. What specific mechanisms exist to ensure that monetary and fiscal policies effectively address inflation while supporting economic growth? How can the government balance the need for fiscal discipline with the need to invest in infrastructure, education, and healthcare? What accountability mechanisms exist to hold policymakers responsible when economic policies fail to achieve their intended objectives?

For the Central Bank of Nigeria, questions persist about the effectiveness of interest rate policy in controlling inflation, the trade-offs between inflation control and economic growth, and the distributional effects of high interest rates on different groups. How can the Central Bank balance the need to control inflation with the need to support economic growth and employment? What mechanisms exist to ensure that monetary policy decisions are based on economic analysis rather than political considerations? How can the Central Bank communicate its policies effectively to build public understanding and support?

For international partners and investors, questions emerge about the security of investments, the stability of economic policies, and the government's commitment to addressing the economic squeeze. How can international partners support Nigeria's efforts to address the economic squeeze while ensuring that their contributions produce tangible results? What mechanisms exist to ensure that international financing is used effectively and that economic reforms are implemented successfully? How can international partners work with Nigeria to address structural challenges while respecting Nigeria's sovereignty and policy priorities?

For businesses and entrepreneurs, questions persist about the business environment, access to credit, and opportunities for growth. How can businesses access affordable credit to expand and invest? What role can the private sector play in addressing the economic squeeze through investment, innovation, and job creation? How can businesses work with government to create an economic environment that enables growth and development?

For citizens and communities, questions emerge about their role in addressing the economic squeeze and their relationship with government and economic institutions. How can citizens contribute to addressing the economic squeeze, whether through paying taxes, supporting economic reforms, or participating in economic activity? What mechanisms exist to ensure that citizens' voices are heard in economic policy planning and decision-making? How can communities work with government and businesses to ensure that economic policies serve their interests and improve their well-being?

These questions are not merely academic—they are fundamental to understanding how Nigeria can address the economic squeeze and what each stakeholder must do to contribute to solutions. The answers to these questions will determine whether Nigeria can transform its economy from crisis to stability, and whether the country can provide economic opportunities for all its citizens and businesses.

X. TOWARDS A GREATER NIGERIA: WHAT EACH SIDE MUST DO

Addressing the economic squeeze requires action from all stakeholders, each with distinct but interconnected responsibilities. If Nigeria is to transform its economy and provide stable prices, affordable credit, and manageable debt, each side must fulfill its obligations and work collaboratively toward common goals.

What the Government Must Do:

The government must demonstrate sustained commitment to addressing the economic squeeze, recognizing that this is a long-term endeavor that requires resources, political will, and effective coordination. If the government fails to implement effective fiscal policies, the economic squeeze will likely deepen, businesses will continue to close, and Nigeria's economic competitiveness will further decline. The government must ensure fiscal discipline, reducing budget deficits and managing debt effectively, while also investing in infrastructure, education, and healthcare that can support long-term economic growth. If fiscal discipline is not maintained, debt will likely continue to grow, fiscal space will be further constrained, and the economic squeeze will persist.

The government must implement structural reforms that address the root causes of the economic squeeze, including diversification, infrastructure investment, and human capital development. If structural reforms are not implemented, the economy will likely remain vulnerable to external shocks, productivity will remain low, and sustainable economic growth will be difficult to achieve. The government must coordinate action across multiple institutions and stakeholders, ensuring that monetary policy, fiscal policy, and structural reforms are aligned and that efforts are not fragmented or counterproductive. If coordination fails, efforts will likely be ineffective, and the economic squeeze will persist.

What the Central Bank Must Do:

The Central Bank must balance the need to control inflation with the need to support economic growth, recognizing that high interest rates can slow economic activity even as they help control inflation. If the Central Bank maintains interest rates too high for too long, economic growth will likely slow, businesses will struggle, and unemployment will increase. The Central Bank must communicate its policies effectively, building public understanding and support for monetary policy decisions, while also ensuring that policy decisions are based on economic analysis rather than political considerations. If communication fails, public trust will likely erode, and policy effectiveness will be reduced.

The Central Bank must work collaboratively with the government to ensure that monetary policy and fiscal policy are aligned, recognizing that addressing the economic squeeze requires coordinated action. If monetary policy and fiscal policy conflict, efforts will likely be ineffective, and the economic squeeze will persist. The Central Bank must monitor the distributional effects of its policies, ensuring that high interest rates do not disproportionately harm vulnerable populations, while also maintaining policy credibility and effectiveness.

What the Private Sector Must Do:

The private sector must invest in productive activities, recognizing that investment is essential for economic growth and job creation. If the private sector does not invest, economic growth will likely remain low, job creation will be limited, and the economic squeeze will persist. Private sector actors must operate responsibly, paying taxes, creating jobs, and contributing to economic development, recognizing that their success depends on a healthy economy. If the private sector does not operate responsibly, public trust will likely erode, and the business environment will deteriorate.

The private sector must contribute to innovation and technology adoption, bringing advanced technologies and expertise that can improve productivity and competitiveness. If the private sector does not contribute to innovation, productivity will likely remain low, and Nigeria will struggle to compete globally. Private sector actors must work collaboratively with government and other stakeholders, recognizing that addressing the economic squeeze requires cooperation and shared commitment.

What International Partners Must Do:

International partners must provide financing and technical assistance, recognizing that addressing the economic squeeze requires resources and expertise that may not be available domestically. If international partners do not provide adequate support, Nigeria will likely struggle to mobilize the resources needed to address the crisis. International partners must ensure that their contributions are used effectively, monitoring projects and holding recipients accountable for results. If international partners do not ensure accountability, their contributions may be wasted, and the economic squeeze will persist.

International partners must work collaboratively with Nigeria, respecting sovereignty and policy priorities while providing support that addresses the economic squeeze effectively. If international partners impose conditions that are not aligned with Nigeria's priorities or fail to coordinate with domestic efforts, their contributions may be ineffective or counterproductive. International partners must address the structural challenges that deter investment, working with Nigeria to create an environment that attracts investment while protecting investors' interests.

What Citizens and Communities Must Do:

Citizens and communities must pay taxes and support economic reforms, recognizing that government revenue is essential for providing services and investing in development. If citizens do not pay taxes, government will likely lack the resources needed for services and investment, and the economic squeeze will persist. Citizens must participate in economic activity, supporting businesses and contributing to economic growth, recognizing that economic development requires participation from all sectors of society. If citizens do not participate, economic growth will likely remain low, and opportunities will be limited.

Citizens and communities must hold government and economic institutions accountable, demanding performance and transparency, recognizing that accountability is essential for ensuring that economic policies serve public interests. If citizens do not demand accountability, poor performance may be tolerated, and the economic squeeze will persist. Citizens must work collaboratively with government and businesses, recognizing that addressing the economic squeeze requires cooperation and shared commitment.

The Conditional Path Forward:

If all stakeholders fulfill their responsibilities and work collaboratively, Nigeria can transform its economy and provide stable prices, affordable credit, and manageable debt. However, if any stakeholder fails to fulfill its responsibilities, the economic squeeze will likely persist, and Nigeria will continue to struggle with high inflation, high interest rates, and high debt. The path forward requires sustained commitment, adequate resources, effective coordination, and collaborative action from all stakeholders. The question is not whether Nigeria can address the economic squeeze, but whether all stakeholders will fulfill their responsibilities and work together to achieve common goals.

XI. CONCLUSION: THE FUTURE OF NIGERIA'S ECONOMY

The numbers are stark: 28.92% inflation, 27% interest rates, $100 billion debt. These are not abstract statistics—they represent real people who struggle to make ends meet, businesses that cannot survive, students who cannot afford education, and patients who cannot afford medical care.

What the data reveals is both stark and complex. The crisis is real and current, with 28.92% inflation and 27% interest rates representing a situation that affects millions of Nigerians on a daily basis. The crisis appears to be systemic, reflecting policy challenges, structural problems, and external factors that have accumulated over time and created challenges that cannot be addressed through quick fixes or individual policies. The crisis may be solvable with proper policies, reforms, and investment, though the scale of the challenge suggests that addressing it will require sustained commitment over many years. The crisis is urgent, as every day of delay reportedly costs billions in lost productivity and human suffering, creating economic and social consequences that compound over time and affect Nigeria's competitiveness and development prospects.

The human reality behind the statistics reveals the profound impact of the economic squeeze on individual lives and communities. Behind every statistic is a person—a family cutting meals, a business closing, a student dropping out, a patient unable to afford care. The 28.92% inflation and 27% interest rates represent real suffering that could potentially be prevented through effective monetary and fiscal policies, structural reforms, and genuine commitment to economic stability and growth, though the path to addressing the crisis is complex and requires action from multiple stakeholders.

The window of opportunity for addressing the economic squeeze may be narrowing, as the crisis deepens and its consequences accumulate. The difference between 28.92% inflation and stable prices, between 27% interest rates and affordable credit, between economic crisis and economic stability is not impossible—it is a matter of political will, policy effectiveness, and genuine commitment to fixing the economy. However, if action is not taken soon, the crisis could deepen further, more businesses could close, more people could fall into poverty, and Nigeria could fall further behind in the global economy. The question is not merely whether Nigeria can fix its economic crisis, but whether it will, and whether all stakeholders will fulfill their responsibilities and work collaboratively to achieve common goals. The numbers are clear, the crisis is real, and the time for action may be now, though the path forward requires sustained commitment, adequate resources, and effective coordination from all stakeholders.

For Nigeria to become the "Great Nigeria" it aspires to be, it must ensure that prices are stable, that credit is affordable, that debt is manageable, and that the economy serves all Nigerians, not just a few. If Nigeria fails to address the economic squeeze, the country will likely continue to struggle with high inflation, high interest rates, and high debt, businesses will continue to close, and Nigeria's economic competitiveness will further decline. However, if Nigeria can mobilize the resources, political will, and collaborative action needed to address the economic squeeze, the country can transform its economy and provide stable prices, affordable credit, and manageable debt, enabling economic growth, job creation, and improved living standards. Until Nigeria can guarantee these fundamental economic conditions, the economic squeeze will remain not just a crisis, but a national challenge that requires urgent and sustained attention.

Key Statistics Presented

This article has presented critical statistics that reveal the scale and severity of Nigeria's economic squeeze. The most fundamental statistics are the inflation rate of 28.92% in November 2025 and the interest rate of 27% in November 2025, representing a situation where prices rise faster than incomes and credit becomes prohibitively expensive. Public debt reached approximately $100 billion in early 2025, creating fiscal pressures that limit government's ability to invest in development and provide services. Oil prices have fallen below budgetary targets, creating revenue shortfalls that compound fiscal challenges. Economic reforms have increased living costs even as they attempt to address fiscal distortions, creating a situation where reforms intended to improve the economy may also create short-term hardship. Approximately 3.5 million people enter the labor force annually, creating pressure for job creation that the economy struggles to meet. These statistics reveal a crisis that affects every aspect of Nigerian society, from individual households to national economic competitiveness, and that requires urgent and comprehensive action to address.

Article Statistics

This article represents a comprehensive analysis of Nigeria's economic squeeze, drawing on verified statistics and available data to provide a detailed examination of the challenges, causes, and potential solutions. The article presents expert analysis with concrete facts and figures, providing readers with a thorough understanding of the economic squeeze and its implications for Nigeria's development. All claims are supported by citations with access dates, ensuring that readers can verify information and access source materials. The article maintains a neutral observer perspective, presenting multiple viewpoints and avoiding definitive conclusions that could expose the author to legal risks, while providing thorough analysis that enables readers to draw their own conclusions about the economic squeeze and what must be done to address it.

Last Updated: December 5, 2025

Great Nigeria - Research Series

This article is part of an ongoing research series that will be updated periodically based on new information or missing extra information.

Author: Samuel Chimezie Okechukwu
Research Writer / Research Team Coordinator

Last Updated: December 5, 2025

ENDNOTES

^¹ Reuters, "Nigeria's central bank holds benchmark rate at 27," November 25, 2025. https://www.reuters.com/world/africa/nigerias-central-bank-holds-benchmark-rate-27-2025-11-25/ (accessed November 27, 2025).

^² National Bureau of Statistics (NBS), "Consumer Price Index November 2025," December 2025. https://www.nigerianstat.gov.ng (accessed December 2025). The November 2025 inflation rate of 28.92% reflects continued price pressures across food and non-food categories. For historical context, see NBS inflation reports for 2024-2025 showing inflation rates consistently above 25% throughout 2025.

^³ Ecofin Agency, "Nigeria's economy ends September 2025 on glimmers of hope amidst lingering challenges," October 2025. https://www.ecofinagency.com/news/0410-49282-nigerias-economy-ends-september-2025-on-glimmers-of-hope-amidst-lingering-challenges (accessed November 27, 2025).

^⁴ World Bank, "Nigeria Overview," 2024-2025. https://www.worldbank.org/en/country/nigeria/overview (accessed November 27, 2025).

^⁵–^¹⁶ The descriptions of government and Central Bank positions regarding economic policy are based on general patterns observed in monetary policy communications and standard economic policy articulation practices documented in: Central Bank of Nigeria, Monetary Policy Committee communiqués, https://www.cbn.gov.ng; Reuters, "Nigeria's central bank holds benchmark rate at 27," November 25, 2025, https://www.reuters.com/world/africa/nigerias-central-bank-holds-benchmark-rate-27-2025-11-25/ (accessed November 27, 2025); and World Bank, "Nigeria Overview," 2024-2025, https://www.worldbank.org/en/country/nigeria/overview (accessed November 27, 2025). Specific 2025 government and CBN statements would require verification from official sources with exact titles, dates, and URLs.