Nigeria is experiencing one of the biggest crises in its history. Inflation in Africa’s largest economy reached 29.9 percent in January data Office for National Statistics. This is the highest figure since 1996.
The sharpest price increases were recorded in the food products sector. Their values have increased by an average of 35.41 percent since the beginning of the year. The most expensive increases occurred in bread and cereal products, potatoes, fish, meat, fruit, coffee, tea and cocoa.
The national exchange rate against the dollar has fallen from 900 to 1,600 Nigerian naira since the beginning of 2024.
Nigeria’s other problems include record public debt (38% of GDP by 2022), declining oil production, power outages and high unemployment.
Before reported It is about the mass exodus of international business from Nigeria amid the country’s currency crisis.
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