Nigeria said it would ask the IMF and the World Bank for support, as the effects of the Iran war deepen in Africa’s most populous nation.
Nigeria had been on a winning streak before the conflict: It halved annual inflation from a peak of almost 30% while maintaining sturdy economic growth of more than 4%.
However, the war’s downstream impacts threaten the country’s ambitious economic overhaul. Despite recently launching the continent’s biggest refinery — which could become the world’s largest — Nigeria remains reliant on imported fuels, while a fertilizer crunch could aggravate a widespread humanitarian crisis.