World Bank predicts additional seven million Nigerians will become poor by end of 2022
Following an increase in inflation to 16.82 percent year on year in April 2022, the World Bank has increased the number of Nigerians expected to fall into poverty by the end of 2022 to seven million, Charmingpro reports.
The World Bank previously predicted that six million Nigerians would fall into poverty by the end of the year. However, with inflation rising 0.9 percentage points from 15.92 percent in March, the financial institution increased the number by one million.
According to the World Bank’s latest report on Africa’s largest economy, Nigeria Development Update (NDU), “The Continuing Urgency of Business Unusual,” inflationary and fiscal pressures are impeding growth.
According to the report, which was released on Tuesday, the ongoing war between Russia and Ukraine was affecting global fuel and food prices, which would skyrocket Nigeria’s inflation rate, which was already described as one of the highest in the world.
In October of last year, the National Bureau of Statistics (NBS) estimated that 82.9 million Nigerians, or 40% of the country’s population, were poor.
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“Nigeria is in a paradoxical situation: growth prospects have improved over the last six months, but inflationary and fiscal pressures have increased significantly, making the economy much more vulnerable.”
“Inflation in Nigeria, which was already among the highest in the world prior to the Ukraine war, is likely to rise further as a result of the war’s rise in global fuel and food prices.”
“And, according to the World Bank, this will likely push an additional one million Nigerians into poverty by the end of 2022, on top of the 6 million Nigerians already predicted to fall into poverty this year due to price increases, particularly food prices.” According to the World Bank
