The World Bank has said the economic giant of Africa inflation rate is expected to rise to 5th highest in Sub-Saharan Africa by the end of 2021.
This projection puts Nigeria behind only Zimbabwe, Zambia, South Sudan and Angola.
Macro Hernandez – World Bank’s Lead Economist for Nigeria, disclosed this on Tuesday during a presentation of the country’s Development Report for the first six months of 2021 in Abuja – the nations’ capital
Hernandez added that the inflation is set to push some 7 million more Nigerians into poverty due to falling purchasing power, while over 11 million more Nigerians are expected to lose their jobs.
According to the lead economist, insecurity and conflict as well as the COVID-19 pandemic are responsible for the challenges.
Speaking to WADR, an Abuja based economist – Yusuf Issa also faulted the federal government’s policies and recovery plans as driving inflation among other indicators.