Tiger Spices

Tiger Spices


Monday, 21 November 2016

Nigeria's Economic Crisis deepens, as GDP contracts by more than 2%

Nigeria’s latest quarterly GDP figures has fallen more, showing that the country’s worst economic crisis in more than two decades is deepening. The growth in the economy has contracted by more than 2% in the third quarter compared to a year ago. 

The economy has been hard hit by the dramatic slump in global crude prices, while the dollar shortage is causing severe problems.

Businesses, for example, aren’t able to import machine parts leading to a loss of production or even closure. 

Critics say the government initially exacerbated the crisis by refusing to devalue the country’s currency although it relented over the summer.  

Millions of Nigerians are now struggling with double–digit inflation – the highest rate in more than a decade, BBC reports.

The government will also fear that growing unemployment could trigger social unrest.

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