Nigeria’s economy has experienced negative growth, falling below projections, as indicated by the National Bureau of Statistics (NBS). The Gross Domestic Product (GDP) for 2023 grew negatively, with a 2.74% annual increase compared to the 3.10% recorded in 2022. The challenging economic scenario is attributed to factors such as the management of the economy under former President Muhammadu Buhari, rising inflation, disruptions in the supply chain due to insecurity, and nationwide hardships following fuel subsidy removal by the current administration under President Bola Tinubu. The actual GDP growth is lower than projections by the World Bank, the International Monetary Fund (IMF), and the federal government. The IMF and World Bank had forecasted a decline in Nigeria’s economic growth rate from 3.3% in 2022 to 2.9% in 2023. Despite the government’s projection of 3.5% growth in 2023, the real growth in the fourth quarter of 2023 was 3.46% year-on-year.