Russia-Ukraine: Higher food, fuel prices loom in Nigeria, others, says IMF

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

This is as a result of the military invasion of Ukraine by Russia.

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 crisis in Ukraine.

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.