SEE The Grim IMF Predictions About Nigeria In 2015

Nigerian economy will continue experience shocking effects of low oil prices this year, warns the International Monetary Fund, as Nigeria’s oil revenue is expected to be more than a third lower.

 

The IMF’s officials predict further Nigeria’s economy decline

The International Monetary Fund forecast on the nearest future of Nigeria’s oil industry predicts that country’s oil revenue is expected to drop $36 billion this year comparing with the 2014. The previous year Nigeria’s oil earnings amounted $88 billion, accounting for the large portion of the national budget, while this year it is expected to collect only $ 52 billion.

READ ALSO: Low Oil Prices Will Hit Nigerian Economy Hard

The IMF also informed the press that the depreciation of the naira will add to inflation rate, which in turn will influence the sky-rocketing prices for the imported goods. At the same time food prices are not expected to grow so fast due to increased local production of staple food crops.

Besides that, according to the recently published International Monetary Fund (IMF) report, within next twenty years Africa is going to become the main source of jobseekers in the world’s labour market.

“In fact, by 2035, the number of Africans joining the working age population (ages 15-64) will exceed that from the rest of the world combined“, the IMF report says. And Nigeria is going to add a considerable amount of working population to that number.

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