Inflation: 7 million Nigerians pushed into poverty
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.
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.
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.
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