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Stagflation In Nigeria

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Editor’s Remarks:
This year, Africa’s largest economy has slipped into a recession, as inflation continued to rise for the 12th consecutive month to 18.3%. This 11-year high is compounded by the high unemployment rate and slowing global economy. Largely a consequence of the low prices, Nigeria’s greatest export, oil, has triggered a foreign exchange crisis. Driving up the cost for businesses to import raw materials also has seen a sharp decline in government revenues and inflation may not have reached its peak yet. Companies are expecting deep declines in sales. Domestic companies will hope to make a significant percentage of their annual revenues in the holiday season, but Nigerians will probably cut back on spending for Christmas to save for next year. Nigeria is looking to start 2017 with higher unemployment, more crime and fewer small businesses.

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