World Bank says inflation will push 2.8million Nigerians into poverty

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In a recent report released by the World Bank, a stark warning has been issued about the escalating inflation in Nigeria, projecting that it could force approximately 2.8 million Nigerians into poverty. The report underscores the urgent need for comprehensive measures to address the economic challenges exacerbated by soaring prices.

The World Bank’s analysis highlights the detrimental impact of inflation on the purchasing power of citizens, with basic goods and services becoming increasingly unaffordable for a significant portion of the population. This development threatens to reverse the progress made in poverty reduction and could potentially widen the already existing income gap in the country.

Economic experts attribute the surge in inflation to a combination of factors, including supply chain disruptions, increased production costs, and global economic uncertainties. The COVID-19 pandemic has also played a role in the economic downturn, leading to reduced economic activities and disrupting the livelihoods of many Nigerians.

The World Bank’s report emphasizes the importance of implementing effective policies to curb inflation and mitigate its impact on vulnerable populations. The need for targeted social safety nets and support for small and medium-sized enterprises (SMEs) is crucial to prevent further economic deterioration.

Nigeria’s government has acknowledged the severity of the situation and is reportedly working on implementing measures to stabilize the economy. These measures include fiscal policies aimed at boosting domestic production, reducing dependency on imports, and enhancing the overall economic resilience of the nation.

The World Bank has called for international collaboration and support to assist Nigeria in navigating through these challenging times. The global community is urged to provide financial aid, technical expertise, and other resources to help the country address the root causes of inflation and its adverse effects on the population.

As the nation grapples with these economic challenges, there is a growing sense of urgency among policymakers, economists, and citizens alike to work collaboratively towards sustainable solutions that will not only curb inflation but also uplift millions of Nigerians from the brink of poverty. The coming months will be critical in determining the success of these efforts and the future economic trajectory of Nigeria.

Source: The Punch

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