"Nigeria's Urgent Battle Against Currency Crisis and Food Insecurity"

Nigeria is grappling with a severe currency crisis and soaring inflation, with almost 10% of the population facing food insecurity. The government's economic reforms, including the removal of fuel subsidies and relaxation of currency controls, have led to short-term macroeconomic issues. The International Monetary Fund has urged the country to address rising food insecurity as an immediate policy priority and commended the government's efforts to implement a social protection system. However, challenges such as high inflation, naira weakness, and policy tightening continue to pose significant headwinds to economic growth, while private sector momentum has slowed due to high input prices and output cost inflation.