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Nigeria's Economy Hit Hard by Collapse in Oil Price, Covid-19

Nigeria's inflation rate has climbed to a 30-month high, to 14.23% in October, according to the latest figures by the National Bureau of Statistics. The country's inflation has been on the rise since the country shut its land borders. The situation became worse with the emergence of the novel coronavirus, that has impacted the global economy. Nigeria, like the rest of the world, is yet to see a recovery from the pandemic and the slump in the oil price, a commodity on which the country's economy rests. The need to diversify the economy was identified long before the pandemic. Plans are now being made by the government to grow the agriculture sector.

InFocus

Dami Akinbode/Unsplash

The pedestrian bridge at Alapere, Lagos. It documents the busy city of Lagos.

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