Russia-Ukraine: Higher food, fuel prices loom in Nigeria, others says IMF
The International Monetary Fund has said Nigeria and other African countries are vulnerable to higher food and fuel prices, low tourism revenues, and difficulty accessing the international capital market as a result of the war going on in Ukraine.
The Managing Director, IMF, Ms. Kristalina Georgeiva, disclosed this after meeting with African Ministers of Finance, African Central bank Governors, and representatives from the United Nations Economic Commission for Africa to discuss the impact of the crisis in Ukraine.
“The war and the unprecedented sanctions imposed on Russia are far-reaching consequences. They came at a delicate time for Africa, just as the global economy and the continents are beginning to recover from the ravages of the Covid-19 pandemic, this new crisis threatens to undo some of that progress.
According to her, there are significant concerns about the limited domestic policy space to sustainably address the ongoing crisis. She added that redoubling efforts to advance reforms that promote resilience is a priority to many countries.
She said the Fund is ready to help any African countries address the repercussions of the war in terms of designing and implementing reforms through its policy advice, capacity development and lending.
