"Nigeria's Economy Plunges as Government and Union Workers Unite in Nationwide Strike Over Soaring Inflation"

1 min read
Source: BBC.com
"Nigeria's Economy Plunges as Government and Union Workers Unite in Nationwide Strike Over Soaring Inflation"
Photo: BBC.com
TL;DR Summary

Nigeria is facing its worst economic crisis in decades, with annual inflation close to 30% and the cost of food rising by 35%. President Bola Tinubu's reforms, including ending the fuel subsidy and allowing the naira's value to plunge, have exacerbated the situation. The government has introduced measures to ease the suffering, such as establishing a board to regulate food prices and distributing grains, but these efforts have faced criticism. The economy's challenges have led to widespread hardship and protests by the Nigeria Labour Congress.

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