Tinubu’s Economic Reforms: Nigeria’s Key Indicators from 2023 to 2025 Shown

Bola Ahmed Tinubu promised to fix Nigeria’s broken economy and restore a sense of security. Now, as we reach the midway point of his term, millions of Nigerians are weighing those promises against a new reality one marked by rising prices, policy shocks, and an uncertain future. 

Here’s a comparative overview of Nigeria’s key economic indicators from 2023 to 2025 under President Bola Tinubu’s administration, showing the impacts of major reforms such as fuel subsidy removal and naira devaluation.

 Key Economic Indicators: 2023 vs. 2025Indicator20232025 (Projected)Real GDP Growth2.9%4.17%Inflation Rate24.5%23.71% (April 2025)Exchange Rate (₦/USD)₦671 (Dec 2023)₦1,555 (Jan 2025)Fiscal Deficit (% GDP)5.1%3.0%Oil Production (bpd)~1.5 millionProjected 2.3 millionUnemployment Rate33.3%22.6% (Q1 2025 est.)AnalysisEconomic Growth:

Nigeria’s GDP growth slowed to 2.9% in 2023 due to high inflation and global economic challenges. However, projections for 2025 indicate a rebound to 4.17%, driven by ongoing reforms and increased investment.

Inflation: 

Inflation surged to 24.5% in 2023, primarily due to fuel subsidy removal and naira devaluation. By April 2025, it slightly decreased to 23.71%, reflecting gradual stabilization 

Exchange Rate: 

The naira depreciated from ₦671/USD in December 2023 to ₦1,555/USD by January 2025, following the unification of exchange rates and market liberalization.

Fiscal Deficit: 

The fiscal deficit narrowed from 5.1% of GDP in 2023 to 3.0% in 2024, attributed to subsidy removals and improved revenue collection.

Oil Production: 

Oil output increased from approximately 1.5 million barrels per day in 2023 to a projected 2.3 million by mid-2025, due to enhanced security and infrastructure.

Unemployment: 

The unemployment rate was 33.3% in 2023. Estimates for Q1 2025 suggest a decrease to 22.6%, indicating potential improvements in job creation.

Between 2023 and 2025, Nigeria’s economy experienced reforms leading to short-term challenges like high inflation and currency depreciation. However, these measures have set the stage for potential economic stabilization and growth, with improvements in GDP growth, fiscal balance, and employment indicators projected for 2025.