THE International Monetary Fund has said inflation, debt, and forex crisis is pushing the Nigerian economy and other African economies to the brink.
The Managing Director of the IMF, Kristalina Georgieva, said ministers of finance and central bank governors on the continent disclosed this to her this week.
She added that most countries on the continent could raise money from the global financial markets and do not have large domestic markets to turn to.
She stated, “The particularly difficult conditions in many African countries at this moment is important to consider. In my meeting with Ministers of Finance and Central Bank Governors from the continent this week, many highlighted how the effects of this, entirely exogenous, shock was pushing their economies to the brink.