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France 24
France 24
World
Elom TOBLE

Nigeria: Currency reform deepens socio-economic crisis

EYE ON AFRICA © FRANCE 24

The devaluation of the Naira against the dollar has plunged Nigerians into a deep socio-economic crisis. The price of basic foodstuffs can double or even triple in the same day. While 98 million Nigerians were already living in extreme poverty in recent years, this figure could explode by 2024 if the crisis continues. For tens of millions of Nigerians, the reforms designed to attract foreign investors have, above all, caused the cost of living to soar.

Also, Ethiopia's cost-of-living crisis was high on the agenda of trade unions on Wednesday, as key representatives met with the labour ministry on International Labour Day. As well as pushing for a minimum wage, activists flagged the damage being done to the economy by the ongoing conflict in the northern Amhara region.

Finally, the El Niño-induced drought continues to wreak havoc across Southern Africa. After the destruction of crops, which is threatening people with famine in Zambia, Malawi and Botswana, the drought is also causing lakes and rivers to dry up and hippos – a species at high risk of extinctio – are caught in the middle.

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