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  "documentTitle": "2025 Nigeria Budget and Economic Outlook",
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  "authorName": "Strategy&",
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  "notes": "Dual-axis chart comparing Federal Funds, ECB, and BOE rates (LHS) against Nigeria's MPR (RHS).",
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      "kind": "callout",
      "text": "The ECB, BOE, and Federal Reserve have lowered interest rates as inflation in their respective economies approaches their target levels",
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      "text": "Nigeria may not benefit significantly from this because its negative real interest rates, resulting from inflation surpassing interest rates, may discourage investors.",
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      "kind": "chart",
      "text": "Federal Funds Rate vs ECB Interest Rate vs BOE Interest Rate vs MPR",
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      "text": "While advanced economies have reduced policy rates as inflation nears target levels, the CBN raised its policy rate five times in 2024 to combat inflation, which reached 34.6% in November 2024. Declining interest rates in advanced economies are likely to lead a reallocation of funds to more competitive markets offering higher real returns. However, Nigeria may not benefit significantly from this because its negative real interest rates, resulting from inflation surpassing interest rates, may discourage investors.\nIf inflation rises in advanced economies in 2025, their central banks may increase policy rates, leading a shift of funds towards these markets offering positive real returns. This may exacerbate capital outflows from economies like Nigeria, where negative real interest rates diminish the appeal of local assets to international investors.",
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      "text": "Monetary Policy Rate (MPR): 34.6%",
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      "kind": "source-note",
      "text": "Source: ECB, US Federal Reserve, CBN, PwC",
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      "kind": "title",
      "text": "Nigeria may unlikely attract significant foreign funds in 2025 if negative real returns persist",
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