An Enterprise Development and Public Policy Analyst, Prof. Ken Ife give more insight into the current economic situation in the country.
The continued scarcity of naira notes and petrol in Africa's most populous nation is crippling several businesses, especially in the informal sector as analysts are estimating a 20 percent drop in sales for consumer goods and 30 percent for cement manufacturers as the shortage of fuel and new notes worsens.
Amid projections of a tepid economic growth for the country in the year 2023, the current scarcity of the currency notes and petrol is leaving critical sectors such as trade and agriculture particularly vulnerable as these sectors contribute significantly to the country’s Gross Domestic Product (GDP).
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