Advertisement
Advertisement
The World Bank says Nigeria’s inflation rate is expected to rise to the fifth highest in Sub-Saharan Africa by the end of 2021, behind only Zimbabwe, Zambia, South Sudan and Angola.
Advertisement
Advertisement
This was disclosed at the presentation of Nigeria’s Development Report for the first six months of 2021 by the World Bank in Abuja.
The bank said over 11 million more Nigerians are also expected to lose their jobs.
Advertisement
Advertisement
According to the bank, inflation is also pushing seven million more Nigerians into poverty due to falling purchasing power.
Among factors the bank says are responsible for the challenges are insecurity and conflict as well as the COVID-19 pandemic.
The World Bank also said the economic growth in Nigeria is projected to remain below the population growth in the peri od under review.
Source: www.theadvocatengr.com
Support The Pacesetter Frontier Magazine
It takes a lot to get credible, true and reliable stories.
As a privately owned media outfit, we believe in setting the pace and leaving strides in time.
If you like what we do, you can donate a token to us here. Your support will ensure that the right news is put out there at all times, reaching an unlimited number of persons at no cost to them.
Editorial: 2023 Elections, Nigerian Democracy and Its Self-Destructive Lacunae
Advertisement By Daberechukwu Egbo Remember your secondary school subjects, History and Government, where you were taught that democracy is a…
In Oyo, tribunal affirms Makinde’s re-election
Advertisement The Governorship Election Petition Tribunal, sitting in Ibadan, the Oyo State capital, has upheld the re-election of Governor Seyi…