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  "documentTitle": "2025 Nigeria Budget and Economic Outlook",
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  "notes": "The chart illustrates a significant recovery and growth trend in the Nigerian stock market (ASI) leading into 2025.",
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      "text": "Growth trajectory in 2024 was largely driven by the impact of increase in MPR",
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      "text": "Change in Annual Average ASI (%)",
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      "kind": "disclaimer",
      "text": "Sources: World Bank, NBS, PwC Analysis; * Data is as of October 2024; 2025 Nigeria Budget and Economic Outlook; January 2025 138",
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      "text": "ASI grew by 61% to 98,400 in 2024 from 61,313 in 2023. Market capitalisation also increased by 55.6% from ₦38 trillion in October 2023 to ₦59.2 trillion in October 2024. The increase was driven by the positive sectoral index performance of oil and gas (147%), insurance (60.6%), banking (38.1%), and consumer goods (35%) sectors. Market performance is projected to continue on an upward trend in 2025.",
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