by Kolapo Olapoju
Minister of Finance, Ngozi Okonjo-Iweala, told Cable Network News (CNN), on Wednesday, March 18, that the rest of the year is going to be difficult for Nigeria.
The statement is coming on the back of economic problems of the country, with the naira trading at a record low against the U.S. dollar, the 15% slump in the stock market and the depletion of the financial reserves.
Ngozi Okonjo-Iweala told CNN: “It’s going to be a very difficult year. We’ve had a more than 50% fall in the price of oil and that has naturally impacted the economy.”
“Nigeria is actually still growing and still one of the 20 fastest growing economies in the world.”
“We’ve had to cut back on some investments but to support growth, we’ve taken the little we have and focused on high priority, high impact investments – mostly in infrastructure and health,” she added.
The economic crisis has affected most Nigerians on different levels, with the richest man in Africa, Aliko Dangote, having lost over half of his $25 billion wealth in the crisis as a result of the falling currency and the stock market crash.