The International Monetary Fund (IMF) has stated that the challenge of import restrictions in Nigeria and other African countries complicates business operations.
The Fund stated this in its Regional Economic Outlook for Sub-Saharan Africa entitled, “A Tepid and Pricey Recovery,” where it explained that the twin challenges of import restrictions and foreign currency shortages could mar the post-pandemic recovery in terms of profitability of companies across the region.
Furthermore, the IMF noted that the post-pandemic recovery for the region comes during a time of global uncertainty and shocks, as rising interest rates push Sub-Saharan African (SSA) countries’ expenditure from critical capital investments towards debt servicing.