IBADAN, Nigeria - Feb. 19, 2024: Demonstrators hold placards during a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024.
Inflation hit an annual 29.9% in January, driven by soaring food prices that have triggered a cost-of-living crisis in Africa's largest economy.
The naira currency, meanwhile, plunged to an all-time low of around 1,600 against the U.S. dollar in late February.
"With about 8 percent of Nigerians deemed food insecure, addressing rising food insecurity is the immediate policy priority."
IBADAN, Nigeria - Feb. 19, 2024: Demonstrators are seen at a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024.
Persons:
Samuel Alabi, Bola Tinubu's, David Omojomolo, Olayemi Cardoso
Organizations:
Afp, Getty Images, International Monetary Fund, U.S, Bloomberg, Getty, Washington, D.C, IMF, Central Bank of, Capital Economics
Locations:
IBADAN, Nigeria, Ibadan, Getty Images Nigeria, Africa's, LAGOS, Lagos, Africa