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· Nigeria is facing severe foreign-currency shortage, resulting in banks dishonoring card payments
· The foreign investors are facing problems to take the money out of Nigeria.
· Manufacturers are unable to import vital raw materials, affecting the capacities and their supply chains.
Nigeria is facing severe foreign-currency shortage, resulting in banks dishonoring card payments. The foreign investors are facing problems to take the money out of Nigeria. The problem does not stop there. Manufacturers are unable to import vital raw materials, affecting the capacities and their supply chains.
Oil price shrinkage is causing untoward miseries to the Nigerian economy. Experts feel that the sagging Nigerian economy oil prices of US$70 per barrel and production of 2 million barrels a day to balance its budget. But prices are hovering around US$40. The OPEC restrictions have forced the country to peg the output at 1.4 million barrels a day.
The predictions about the Nigerian economy are not rosy. The International Monetary Fund forecasts about a dip to the extent of 5.4% this year, highest drop in four decades. Unemployment in the second-quarter is estimated at 27.1%, the highest in the last 10 years. It is compounded by inflation accelerating to 12.8% in the year through July, from 12.6% the previous month, The import bill also surged.
