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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