Rising costs of food and other key commodities have had an effect on Nigerians as the economy collapses into recession. Measures to deal with the new coronavirus have paralyzed economic activity. Moreover, a decline in global oil costs has affected Nigeria. which is based on oil revenues. The country has been in recession for the time being since 2016 and is experiencing the worst economic decline in nearly 4 decades.
The country’s economy has declined due to a collapse in oil costs because the overall consequences of the Covid-19 have affected production, and due to the slowdown in economic activity through a lockdownArray.
Government coffers were greatly affected by the fall of crude oil as a result of the new coronavirus pandemic. The government said the country had toArray. . Read more “
Nigeria’s inflation rate rose to a 30-month high of 14. 23% in October, according to the most recent figures from the National Bureau of Statistics. Country inflation fix . . More information “
Market scene in Abuja, Nigeria (file photo).
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