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IMF says Nigeria facing worsening economic crisis

Written by on February 12, 2024

The International Monetary Fund is saying that stalled per-capital growth, poverty and high food insecurity have increased 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 made this known in a new report on Nigeria’s Post Financing Assessment.

According to the report, low revenue collection has hampered the provision of services and public investment.

As both nations attempt to improve their fortunes, The United Kingdom Minister for Business and Trade, Kemi Badenoch, has arrived in Nigeria for a three-day visit to deepen the UK-Nigeria partnership.

The UK Mission in Nigeria disclosed this in a statement issued yesterday.

This follows the former Foreign Secretary’s visit to Nigeria in August 2023, and last week’s UK-Nigeria Security and Defense Talks.

Minister Badenoch is expected to take forward ongoing efforts by both countries to boost the UK-Nigeria trade relationship and unlock new investment opportunities.

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