Russia-Ukraine War: Invasion Causing’ Higher Food, Fuel Prices In Nigeria, Other African Countries, IMF Warns

Russia-Ukraine War: Invasion Causing’ Higher Food, Fuel Prices In Nigeria, Other African Countries, IMF Warns

  • Amidst the ongoing Russian and Ukraine war, the International Monetary Fund has highlighted possible crisis awaiting Nigeria and other African countries
  • According to the IMF, Nigeria and other African countries are set to experience rising food, fuel prices
  • The managing director of IMF noted further that this development would reduce tourism revenues and diminish access to financial services

The International Monetary Fund has said Nigeria and other African countries are vulnerable to higher food and fuel prices, low tourism revenues, and difficulty accessing the international capital market as a result of the war going on in Ukraine.

The managing director (IMF), Ms. Kristalina Georgieva, disclosed this after meeting with African Ministers of Finance, African central bank governors, and representatives from the United Nations Economic Commission for Africa to discuss the impact of the war in Ukraine, US News reports.

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Russia-Ukraine War: Invasion causing’ Higher Food, Fuel Prices In Nigeria, Other African countries, IMF warns
Managing Director of the IMF, Kristalina Georgieva speaks during a press conference as the Chancellor meets with economic and financial organizations in Berlin. Photo credit: Clemens Bilan - Pool
Source: Getty Images

In a statement on the IMF’s website, she said:

“The war in Ukraine is devastating the lives of millions of people and severely affecting the Ukrainian economy.

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“Just as the global economy and the continent are beginning to recover from the ravages of the COVID-19 pandemic, this new crisis threatens to undo some of that progress.
“We discussed how to sustain Africa’s recovery — already lagging other regions — despite significant new obstacles."

Fund

A part of their agenda during the meeting was to discuss how to sustain Africa’s recovery, already lagging other regions despite significant new obstacles.

The IMF boss said the Fund is ready to help any African country address the repercussions of the war in terms of designing and implementing reforms through its policy advice, capacity development, and lending.

Elon Musk offers to pay Ukrainian Tesla employees who wants to Fight Russia 3 months salaries

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Tesla Cars, owned by Elon Musk has said any Ukrainian employee who wishes to return to Ukraine and help to oust Russian troops will be paid three months' salaries.

The offer was made in an email the company sent on Monday, March 7, 2022, to employees in the Middle East and Africa Region, a CNBC report says.

The email did not specify if employees from North America and elsewhere are also allowed.

According to the statement, Tesla says it plans to reassess the Russia-Ukraine war and its employees’ situations to know what more will be required after three months.

Legit.ng weekly price check: Food prices soar in Lagos market, Beans Now 75k, 80K

Meanwhile, Legit.ng had earlier reported that following the inflation rate in the country in recent months, occasioned by the pandemic and worsened by insecurity, the present increment in the cost price of beans has become worrisome for both traders and the buyers in the state.

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In Lagos state, some major markets which offer great prices to buyers daily, are not left out this period as they tend to suffer major blow in food availability as well as supply resulting to hike in the prices of goods they offer for sale.

At the market this week, there is hike in the cost price of goods. Some are increasing daily and others maintain stability in prices. Surprisingly, there’s a reduction in the cost price of garri, an item that was very expensive in the previous market.

Source: Legit.ng

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