Nigeria Weekly Report – 29 May 2017

Nigeria’s economy is struggling and will continue to struggle over the coming months. Economic data from this week suggests that recession will continue, affecting both spending and output. The collapsing power infrastructure, the closing of several embassies abroad and the inability of the Nigerian embassy in Washington to pay salaries to its staff are among the various indicators of the economic difficulty, forcing the government to make new cuts. This situation will remain over the coming months, and may worsen, considering the current oil prices. Without any improvement in the global oil market, Nigeria should brace for more hardship ahead.

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