VOICED: Economic ill winds hit Nigeria

Nigeria, with 140 million people, is a major African economy and oil exporter. However, its reliance on oil, which accounts for over 90% of its earnings, poses challenges. Falling oil prices and regional instability have led to reduced production and government spending cuts, impacting economic growth. The naira's devaluation and high inflation further strain citizens, who face costly imports. Growth is expected to slow, highlighting the need for economic diversification into agriculture and manufacturing to ensure stability and food security.

What is the primary source of Nigeria's earnings?

• Agriculture

• Oil

• Manufacturing

• Tourism

What has been a significant consequence of the attacks in the Niger Delta?

• Increased oil production

• Stable government spending

• Reduced oil production

• Improved economic outlook

How has the Nigerian currency, the naira, been affected recently?

• It has been unaffected

• It has remained stable

• It has appreciated

• It has depreciated

What is one of the suggested solutions for Nigeria to ensure economic stability?

• Increase oil dependency

• Focus on tourism

• Diversify into agriculture and manufacturing

• Rely on foreign aid

What is the expected growth rate for Nigeria's economy in the coming year?

• 6%

• 3.5% to 4%

• 10%

• 0%