Nigeria Faces Economic Crisis as Inflation Nears 30% and Naira Plummets

Nigeria's Economic Crisis

Inflation and Currency Decline

Nigeria grapples with a severe economic crisis as annual inflation nears 30% and the currency experiences a drastic decline. Efforts to stabilize the naira include plans to raise $10 billion.

Nationwide Protests and Government Challenges

Inflation and economic hardships prompt protests nationwide. The government faces challenges such as high debt, unemployment, and declining oil production. Inflation may peak at nearly 33% in the second quarter of 2024. The policy rate could be raised to address rising inflation.