The World Bank has criticised Nigeria’s government for its tardy response to the inflation that is currently driving many Nigerians into poverty and food insecurity.
Nigeria’s inflation as of May this year has accelerated to 17.71%, which is higher than the World Bank’s projection of 15.5% for inflation in 2022.
According to the World Bank, Nigeria could have one of the highest inflation rates in the world in 2022, which would lower the standard of living for Nigerian households.
The World Bank stated in a report titled “The Continuing Urgency of Business Unusual” that “despite the urgency, the authorities’ response over the last two years has not been adequate, and inflation has increased and fueled poverty and food insecurity.”
The financial institution also stated that it is anticipated that between 2020 and 2022, an additional 15 million Nigerians will fall into poverty as a result of the inflation shock.
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According to a different report from the Washington-based bank, the number of poor Nigerians is expected to reach 95.1 million in 2022. The bank also cautioned that many non-poor Nigerians were just one minor setback away from becoming poor.
The lender claims that such a shock could be brought on by environmental or political unrest, which would endanger Nigeria’s efforts to combat poverty.
Remember that the World Bank reported that in spite of the inflation shock pushing an estimated eight million Nigerians below the poverty line in 2021, the Federal Government of Nigeria did not take any coordinated action to reduce inflation.
