Nigeria Faces Deepening Economic Crisis


Staff Report , Published: June 12, 2024, 8:06 am

Nigeria Faces Deepening Economic Crisis

Millions of Nigerians are grappling with severe difficulties in obtaining food, fuel, and medicine as the nation experiences its most severe economic crisis in a generation. Nigeria's rapid decline is stark: once Africa's largest economy just two years ago, it is projected to fall to fourth place this year.


The crisis is largely attributed to the removal of fuel subsidies and the devaluation of the currency, policies implemented by a president who took office 15 months ago. With inflation soaring, poverty rates are expected to climb even higher, exacerbating the hardship for the country's population.