According to a United Nations report, the shortage of naira in recent times in Nigeria had crippled the Nigerian economy, with the informal sector feeling the brunt of the scarcity the most.
The UN made this disclosure via its ‘Trade and Development Report Update; Global Trends and Prospects (April 2023),’ report made by the United Nations Conference on Trade and Development.
Additionally, the report stated that the continuing decline of oil production, accompanied by large-scale oil theft was a very serious threat to finances in Africa’s most populous nation.
Also, It had been noted that several African economies were at risk of stagflation in 2023, with half of the African countries experiencing double-digit inflation in early 2023.
