(MENAFN) Nigeria relies on oil for 70 percent of government income and accounts for 90 percent of export revenue, which leaves very little room to adjust the country's budget, which means slower growth.
In accordance, the West African nation is anticipated to clock in progress of 2.3 percent, the lowest rate in almost 15 years, therefore it is fronting a shortfall of whopping USD11 billion in this year's budget.
Furthermore, the stressing war against Al-Qaeda linked terror group Boko Haram, which the government has promised to completely eradicate, is placing further strain and pressure on the country's finances.
To make matters worse, the nation is facing a fuel crisis, and despite being Africa's largest oil producer, it has never had enough refining capacity, and the scarcity of dollars is making it harder for importers to bring gas into the country.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.