Nigeria’s finance minister, Kemi Adeosun, has admitted that the country is technically in recession. But she insists that measures are in place to turn the economy around.
Earlier this week, the International Monetary Fund cut Nigeria’s GDP growth forecast from 2-point-3 percent in April to minus one-point-8 percent — it’s lowest in 29 years.
And on Thursday, the Naira hit a record low of 3-hundred and 30 to the dollar in off-market transactions. And that’s just a month after the central bank floated the currency. Nigeria now plans to borrow up to 10 billion dollars, to make up a budget shortfall worsened by a slump in oil prices.
Let’s take a closer look at why Nigeria isn’t seeing any inflows just yet. CCTV’s Deji Badmus talks to a Lagos investment banker.
