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Literary Openings, Gadgets and News in Nigeria | Duketundesblog: Nigerian economy drops further into freefall

Thursday, 9 June 2016

Nigerian economy drops further into freefall

The free-fall of Nigeria's economy seems to be getting worse and the reality is not far fetched as Nigerians groan under the burden of financial hardship, in the past one week alone banks in Nigeria have laid off close to 2,000 workers.

"According to a recent article published by Financial times, Reality for Nigerians comes harder by the day. Investors told the Finance minister Kemi Adeosun in London this week that in the current climate even a high-yielding sovereign bond would be a tough sell so long as currency controls remain in place.

International airlines, meanwhile, are grumbling about $1bn in earnings trapped in Nigeria as a result of foreign exchange restrictions brought in last year as an unorthodox response to the collapsing oil price.

Two airlines — United, which ran weekly from Houston, and Iberia — have suspended flights partly as a result. The main companies connecting Africa’s largest economy and leading oil producer to the outside world, among them British Airways, Emirates and Virgin Atlantic, have no immediate intention of following suit. There is symbolism in this nonetheless. It points to how stranded Nigerians might become if their economy veers further into freefall."

To read more visit Financial Times

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