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Can revival of textile sector lead to economic stability in Nigeria?

The root cause of these challenges lies in misguided policies and a deficiency in foreign exchange reserves. Currently, Nigeria accounts for approximately **.* per cent of Africa&#**;s GDP, underscoring its pivotal role in the region&#**;s economic landscape. However, the nation is plagued by inflation, with rates surging to as high as ** per cent, exacerbating the cost-of-living crisis. Figure * illustrates the alarming trajectory of inflation within the Nigerian economy, which has been steadily escalating since ****. Moreover, the monetary policy framework has compounded the existing woes, further straining Nigeria&#**;s economic stability.

Figure *: Inflation in Nigeria (in %)