Managing Director, International Monetary Fund, IMF, Ms. Christine Lagarde, has warned that the prevailing uncertainty in the oil and gas industry could plunge the Nigerian financial system into crisis. In a statement during her visit to Nigeria last week, Lagarde also expressed concerns that firms that had increased their leverage and dollar-denominated debts over the last couple of years may come under pressure due to rising interest rates, a strong dollar and a declining naira. She said: “Growth in 2015 is estimated at about 3.2 percent, its slowest pace since 1999, and only a modest recovery is expected in 2016. For a country with a rapidly increasing population, this means almost no real economic growth in per capita terms. “On top of the slowdown, vulnerabilities have increased. The ability to manage shocks is restricted by low fiscal savings and reserves. And the weakening oil sector could stress balance sheets […]