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 are the expected growth rates for Nigeria's economy this year?

What sectors should Nigeria diversify into to reduce oil dependency?