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Nigeria experiencing deepening economic crisis

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The International Monetary Fund (IMF) has said stalled per-capita growth, poverty and high food insecurity have exacerbated the ongoing cost-of-living crisis in Nigeria.
The report came amid rising inflation, exchange crisis, weak economic growth and business shutdowns.
The global lender said this in a new report titled ‘IMF Executive Board Concludes Post Financing Assessment with Nigeria.’
According to the report, low revenue collection has hampered the provision of services and public investment.
It noted that headline inflation reached 27 percent year-on-year in October (food inflation 32 per cent), reflecting the effects of fuel subsidy removal, exchange rate depreciation, and poor agricultural production in the country.

Written by: bossgmsi

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