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In 2020, rising costs would push seven million Nigerians into poverty, according to the World Bank.
In 2020, rising costs would push seven million Nigerians into poverty, according to the World Bank.

Rising prices, according to the World Bank, will push almost seven million Nigerians into poverty by 2020. Mansir Nasir, the World Bank's Senior External Affairs Officer for Nigeria, claimed this in a press statement titled "Critical reforms needed to reduce inflation and expedite the recovery, according to new World Bank study."


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In reaction to the World Bank's latest Nigeria Development Update, the press statement was published. Despite the fact that the federal government "took measures to protect the economy from a far deeper catastrophe," "certain policies be set for a successful recovery," it was suggested. According to the publication, "the NDU, titled 'Resilience via Reforms,' recognises that the Nigerian economy had a shallower decrease of -1.8 percent in 2020 than had been anticipated at the outset of the pandemic" (-3.2 percent ). Despite the fact that the economy is improving, prices are rapidly rising, placing pressure on Nigerian people. In April 2021, the rate of inflation reached its highest level in four years. Food costs accounted for more than 60% of the increase in overall inflation. By 2020, rising prices are predicted to push 7 million Nigerians into poverty.”



Moreover, Which according to announcement, Shubham Chaudhuri, the World Bank's Country Director for Nigeria, identified some of the country's challenges and recommended a course of action. “In Nigeria, inflation, limited job opportunities, and insecurity are all interconnected issues. While the administration has taken attempts to lessen the effects of these by pursuing long-awaited policy reforms, it is clear that these changes must be continued and deepened if Nigeria is to attain its full economic potential, according to Chaudhuri. Marco Hernandez, a co-author of the NDU and the World Bank's Lead Economist for Nigeria, was also interviewed and made a recommendation.



“Given the strong need to keep costs down, “In the midst of the pandemic, a policy consensus and rapid reform implementation on exchange rate management, monetary policy, trade policy, fiscal policy, and social protection would help save lives, safeguard livelihoods, and assure a faster and more sustained recovery,” Hernandez added. 

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