Nigerian Businesses Struggle as Inflation Soars to 18-Year High
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Unification of forex rates and fuel subsidy removal have increased costs for Nigerian businesses
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Inflation has jumped to 18-year high due to rising energy costs
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Naira devaluation by over 40% has also fueled inflationary pressures
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Manufacturers report job losses, unsold inventory due to weakened consumer purchasing power
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Many businesses have announced price hikes to cope with higher input costs