World Bank Reacts Over Naira Redesign, Reveals How It Will Affect SMEs, The Poor

World Bank: 7m Nigerians Cast Into Poverty

by AnaedoOnline
A+A-
Reset

Barely three days after President Muhammadu Buhari announced that his administration has lifted 10 million people out of poverty, the World Bank said the rising prices of goods have pushed seven million people into poverty.

The declarations by the president and the World Bank came at a time the National Bureau of Statistics (NBS) said inflations dropped by 0.19 percent in the month of May 2021, while there is an increased outcry among Nigerians on the high cost of basic needs of life like food, drugs, and others.

Experts said the verdict of the World Bank was not unexpected considering that even the NBS, which is Nigeria’s most credible statistics collection and analysis outfit had in the past months showed how inflation was pushing the cost of commodities higher.

In a statement in Abuja on Tuesday, the World Bank said: “Food prices accounted for over 60% of the total increase in inflation. Rising prices have pushed an estimated 7 million Nigerians below the poverty line in 2020 alone.”

Adamu Garba Reacts Over Deletion Of His Instagram Account

Advertisement

The statement signed by the bank’s spokesman, Mansir Nasir, cited the latest World Bank Nigeria Development Update (NDU), titled: ‘Resilience through Reforms”.

It said while the government took measures to protect the economy against a much deeper recession, it would be essential to set policy foundations for a strong recovery.

The figure which was based on data for last year indicated that the Nigerian economy experienced a shallower contraction of -1.8 percent than had been projected at the beginning of the COVID-19 pandemic (-3.2%) in 2020.

Dead NYSC Members: Buhari Grant Automatic Employment For Siblings

“Although the economy started to grow again, prices are increasing rapidly, severely impacting Nigerian households,” it stated.

please follow us on Linkedin

Advertisement
Post Disclaimer

The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.

You may also like

Advertisement