Nigeria Nears Economic Collapse PremiumTimesng: Nigeria
As Nigeria prepares for general elections next year that promise to be one of the most keenly contested in its history, evidence is emerging that the economy faces a double whammy: an empty treasury and rapid decline.
Financial analysts claim this would not have mattered much but for recent difficulties in different sectors of the economy, especially the export constraints that have seen the nation's petroleum monopoly unable to add to the reserves in the last six months., despite elevated crude oil prices, is seen as one reason why the naira has nose-dived recently in the parallel market.
The elected official is believed to have briefed President Muhammadu Buhari on the gravity of the economic crisis. The presidency did not respond to a request for comment. While continued export of crude oil by the NNPC may enable the continued import of refined fuel, experts do not expect this to stem the economic collapse caused by the end of the import of consumer and capital goods.
Nigeria's Minister of Finance, Budget and National Planning, Zainab Ahmed, warned that urgent action is needed to address the nation's revenue challenge and expenditure efficiency at both the national and sub-national levels.
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