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Nigeria on the Brink of Famine

UN says 4.4 million people are suffering from malnutrition in Nigeria, but the country doesn’t have the resources to tackle the problem alone – The international communities say Nigeria is in need of $164 million in humanitarian funding to prevent thousands of deaths from malnutrition . 50,000 children may die before the end of 2016 – But according to managers of Nigeria’s economy, the country is in technical recession.
The famine in the northeast can be traced to global fall in the price of oil, Nigeria’s top export. This has led to significant revenue shortfalls for the country. The country has also been hard-hit by militant attacks on its petroleum infrastructure that have dropped production from around two million barrels per-day to about 1.5 million barrels.
Over the last 4 decades, the nation has largely operated a mono-economy as every facet of life rides on the exchange rate and price of a single product – crude oil. Nigeria depends on crude exports for 70% of government revenue and some 90% of its foreign exchange earnings. What is even more devastating is that the country may be in technical recession.

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