The International Monetary Fund (IMF) warns that import restrictions and foreign currency scarcity are hindering businesses in Nigeria and other Sub-Saharan African countries from thriving.
Gatekeepers News reports that in its latest report, “A Tepid and Pricey Recovery,” the IMF notes that these challenges could undermine the post-pandemic recovery, making it difficult for companies to maintain profitability.
The report highlights that Sub-Saharan African countries face global uncertainty and shocks, including rising interest rates, which divert critical capital investments towards debt servicing.
The IMF emphasizes that foreign currency shortages and import restrictions in countries like Nigeria, Angola, and Ethiopia complicate business operations, imperiling growth prospects and hindering efforts to address development needs.
