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Paying the Price: The Cost-of-Living Crisis
Only a few years ago, Nigeria was seen as one of the world economy’s brightest spots, with the International Monetary Fund (IMF) in 2012 projecting a 7% growth per year between 2018 and 2032.

Hit hard by the oil price collapse of 2014/15, Nigeria fell into recession in 2016. Furthermore, in 2020, the economy shrank by 1.8%, its most profound decline since 1983 during the height of pandemic restrictions.

Despite these, Nigeria is still seen as Africa’s largest economy and one of the fastest-growing globally. Recently, the IMF projected a 2.6% economic growth for this year, and 2.7% growth for Nigeria in 2022, citing a recovery in non-oil sectors and the rising price of crude oil. In Sub-Saharan Africa, the economy is projected to grow by 3.8% in 2022 and by 3.7% this year.

While the pandemic has played an enormous role, insecurity and rising prices of goods and services have also contributed to the economic losses the country has suffered in the past 18 months resulting in a seemingly relentless rise in the cost of living. In summary, the standard of living of an average Nigerian is on a steady decline.

Against this backdrop, the Oando Webinar Series 7.0 aims to not just discuss the current state of the economy, but also enable panelists share proactive strategies to deal with these ongoing crisis. Our belief is that though there is a mandate and role for Government in addressing the nation’s economic challenges; the private sector and individuals also have a critical part to play. Our goal is to use this session to tap into the diverse panels expertise to put forward practical solutions for all.

We look forward to listening, learning and connecting with you.

Dec 7, 2021 12:00 PM in West Central Africa

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