Browsing: Oil imports in Nigeria

Inflation, high cost of living, food insecurity clouds Buhari's administration.

Nigeria, Africa’s largest economy, has not been spared either. Food staples are scarcer in Nigeria than ever before as the government tries to deal with a record inflation rate, indicating that the country may be in danger of experiencing a food crisis. Staple food costs have risen for a third year as Africa’s most populous nation succumbs to the onslaught of causes that are pushing an estimated 200 million people into poverty.

Because it relies on oil imports, Nigeria, a major petroleum producer, has a very fragile economy. Nigeria has been left vulnerable as oil prices have surged to a historic high. Increased political instability, the consequences of climate change, and the COVID-19 aftermath have all harmed Nigeria’s economy, sending the value of its currency down even more against the dollar.

As a result, the poverty rate in the country has remained at around 50%. According to the UN’s food …