The International Monetary Fund has said stalled per-capita growth, poverty and high food insecurity have exacerbated the ongoing cost-of-living crisis in Nigeria. The report came amid rising inflation, exchange crisis, weak economic growth and business shutdowns. The report read in part, “Nigeria faces a difficult external environment and wide-ranging domestic challenges. “Per-capita growth in Nigeria has stalled, poverty and food insecurity are high, exacerbating the cost-of-living crisis. “With a high debt servicing to revenue ratio, the government aims to increase domestic debt in 2024 to meet its deficit funding requirements,” the report read in part.

Source: Punch February 12, 2024 11:50 UTC