Nigeria’s Economic Crisis: Currency falls to a record low as inflation surges | Oneindia News - video Dailymotion

Oneindia

Join us as we delve into the factors contributing to Nigeria's currency plummeting to a record low amidst surging inflation. From economic policies to external pressures, discover the root causes and the impact on Nigeria's economy and its people.    #Nigeria #NigeriaNews #NigeriaEconomy #NigeriaEconomyCrisis #EconomicCrisisinNigeria #NairatoDollar #NigeriaCureency #Oneindia                 ~PR.274~ED.194~

Transcript

00:00 Today, we focus on Nigeria's economic turmoil, which has gripped the nation with soaring

00:08 inflation and a plummeting currency value against the dollar, sparking widespread anger

00:13 and protests.

00:14 Hello and welcome, you're watching 1India News and stay with us as we delve into the

00:19 latest developments.

00:20 Nigeria, with over 210 million people, boasts Africa's largest economy, but it faces significant

00:29 challenges.

00:30 Its GDP, driven by services, manufacturing and agriculture, struggles to meet the demand

00:37 of its booming population.

00:39 Heavy reliance on imports makes the economy vulnerable to external shocks, while dependence

00:45 on crude oil exacerbates challenges during plummeting oil prices.

00:50 In May last year, President Bola Tenobo initiated bold economic reforms, ending gas subsidies

00:56 and unifying exchange rates.

00:58 However, analysts criticise insufficient measures to mitigate shocks from these changes, leading

01:04 to a 200 per cent gas price hike.

01:08 Tight control over the Naira-to-dollar rate under previous leadership posed reliance on

01:13 the black market, exacerbating economic woes.

01:17 Efforts to tackle Nigeria's economic crisis are underway.

01:21 Olayemi Cardoso revealed progress in clearing a $7 billion forex backlog, with $2.5 billion

01:27 resolved.

01:28 President Tenobo directed the release of food reserves and plans to regulate prices through

01:34 a commodity boat.

01:36 However, reports of hoarding and unfair pricing prompt crackdowns.

01:41 Amidst economic turmoil, conflict-ridden northern Nigeria grapples with food insecurity as farming

01:47 communities struggle amidst violence.

01:50 Pockets of protest face suppression, while urban centres witness transportation challenges

01:55 and price hikes.

01:57 As Nigerian situation intensifies, many grapple with uncertainty and hardship.

02:03 Stay tuned for further updates on Nigeria's economic landscape.

02:14 [BLANK_AUDIO]

Nigeria’s Economic Crisis: Currency falls to a record low as inflation surges | Oneindia News

Category

Transcript

Recommended