deep water

Floods may worsen Nigeria’s inflation and revenue woes

By Temitayo Lawal

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Posted on November 3, 2022 09:45

Residents wade through flood water following a massive flood in Obagi community, Rivers state, Nigeria October 22, 2022. REUTERS/Temilade Adelaja

Floods in Nigeria have created a huge humanitarian crisis, killing over 600 people, displacing 1.3 million people, and destroying over 200,000 homes since September, with huge consequences on inflation and government revenue.

Nigeria’s economic recovery is hinged on agriculture. It contributed 23.24% to overall GDP in real terms in Q2 2022, but its quarterly growth has slowed from 3.16% in this year’s first quarter to 1.20% in the second quarter.

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