{"id":47196,"date":"2021-06-16T08:48:05","date_gmt":"2021-06-16T07:48:05","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=47196"},"modified":"2021-06-16T08:48:05","modified_gmt":"2021-06-16T07:48:05","slug":"world-bank-high-prices-pushed-7m-nigerians-into-poverty-in-2020","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/06\/16\/world-bank-high-prices-pushed-7m-nigerians-into-poverty-in-2020\/","title":{"rendered":"World Bank: High prices pushed 7m Nigerians into poverty in 2020"},"content":{"rendered":"<p>The World Bank has disclosed that an estimated 7 million Nigerians may have been pushed into poverty in 2020 due to rising prices alone without considering the direct impacts of COVID-19.<\/p>\n<p>The World Bank in its latest report \u201cNigeria Development Update: Resilience through Reforms,\u201d released on Tuesday noted that high inflation rate is worsening poverty and depressing business activities in Nigeria.<\/p>\n<p>This is coming days after President Muhammadu Buhari said his government had\u00a0lifted 10.5 million people out of poverty\u00a0in the last two years.<\/p>\n<p>\u201cIn the last two years, we lifted 10.5 million people out of poverty \u2013 farmers, small-scale traders, artisans, market women and the like,\u201d Buhari said during a speech to commemorate the\u00a0June 12 Democracy Day.<\/p>\n<p>He said his administration is strongly committed to lifting 100 million <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/06\/13\/give-nigerians-the-change-they-desire-oyegun-tells-apc\/\">Nigerians<\/a> out of poverty in 10 years.<\/p>\n<p>According to the report, high inflation will frustrate economic recovery and erode households\u2019 purchasing power, which will increase both the poverty rate and the number of people living below the poverty line.<\/p>\n<p>The World Bank said the inflationary pressure is tied to unfavourable weather, insecurity and conflict in food-producing areas, COVID-19 pandemic, trade restrictions and border closure, foreign currency restrictions, and Nigeria\u2019s exchange rate management.<\/p>\n<p>\u201cThe impact of higher inflation is severe. In 2020, rising prices alone \u2014 even without incorporating the direct impacts of COVID-19 on welfare \u2014 may have pushed an estimated 7 million Nigerians into poverty,\u201d the report said.<\/p>\n<p>\u201cIn 2020, Nigeria\u2019s inflation rate was the seventh highest in Sub-Saharan Africa, but by the end of 2021, it is expected to rise to fifth highest, behind only Zimbabwe, Zambia, South Sudan, and Angola.<\/p>\n<p>\u201cInflationary pressures are expected to persist for the next six months, and for 2021, inflation is expected to exceed 16 percent.<\/p>\n<p>\u201cIn 2021 elevated inflation rates are expected to further exacerbate poverty and dampen growth. High inflation is expected to frustrate Nigeria\u2019s economic recovery and erode the purchasing power of households, which will increase both the poverty rate and the number of people living below the poverty line.\u201d<\/p>\n<p>Macro Hernandez, World Bank\u2019s lead economist for Nigeria, during a presentation of the report in Abuja, said over 11 million more Nigerians are expected to lose their jobs due to the high inflation rate.<\/p>\n<p>On economic growth, the Bank projected that Nigeria\u2019s performance in 2021 would be below the averages for Sub-Saharan Africa and oil-producing countries.<\/p>\n<p>It said by the end of 2021, Nigeria\u2019s gross domestic product (GDP) is likely to approach its 2010 level, thereby reversing a full decade of economic growth.<\/p>\n<p>The World Bank further said if the federal government fails to sustain recent macroeconomic and structural reforms, the pace of economic recovery will slow, and GDP growth could be just 1.1 percent in 2021.<\/p>\n<p>In May, the consumer price index (CPI), which measures the rate of change in prices of goods and services,\u00a0dropped to 17.93 percentfrom 18.12 in April.<\/p>\n<p>According to the \u2018Consumer Price Index Report\u2019, released by the National Bureau of Statistics (NBS), on Tuesday, food inflation also reduced to 22.28 percent in May from 22.72 in April.<\/p>\n<p>Despite the drop, the inflation rate is still above the band of 6% to 9% set by the Central Bank of Nigeria (CBN).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The World Bank has disclosed that an estimated 7 million Nigerians may have been pushed into poverty in 2020 due to rising prices alone without considering the direct impacts of COVID-19. The World Bank in its latest report \u201cNigeria Development Update: Resilience through Reforms,\u201d released on Tuesday noted that high inflation rate is worsening poverty [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":47198,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[176,778,208,4522],"class_list":["post-47196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-nigerians","tag-poverty","tag-president-muhammadu-buhari","tag-world-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>World Bank: High prices pushed 7m Nigerians into 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