Falling prices of crude oil and other export commodities have exposed the weakness in Nigeria and other Africa countries’ economies.



The naira and other key African currencies are down following the slump in commodity prices, exposing the fundamental economic frailties of the world’s poorest continent, according to Reuters.

The development has also driven up inflation in most countries including Nigeria where most manufactured goods are imported.

The economic problems are growing in countries from South Africa, a major producer of minerals and precious metals, to nascent natural gas producer Mozambique and Nigeria, the continent’s top exporter of crude oil.

Inflation, which many African economies had contained in recent years, is picking up pace as currencies crumble, driving up the prices of the goods they do not produce, and so need to import the vast majority of manufactured products.

Even where central banks have introduced additional measures in an attempt to maintain stability, such as Nigeria, which has introduced capital controls, inflation is picking up.

Inflation in Nigeria, which fell from close to 14 per cent in 2010 to below eight per cent in 2014, has been gathering pace and hit 9.6 per cent in January.

In Mozambique – which has vast natural gas deposits – inflation was 12.18 per cent in January, the third straight month of double-digit price increases, fuelled by a 30 per cent depreciation in its metical currency in the past 12 months.

Angola, Africa’s third-.......

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