17.06.2021 05:11
Despite economic growth, prices have increased rapidly, 'severely impacting Nigerian households,' says World Bank.
Rising food prices in Nigeria pushed 7 million people below the poverty line in 2020 alone, according to a report by the World Bank in Nigeria.
The latest World Bank Nigeria Development Update (NDU) said that despite economic growth, prices are increasing rapidly, "severely impacting Nigerian households."
The report, titled "Resilience through Reforms," went on to say that as of April 2021, the inflation rate was the highest in four years, adding food prices accounted for over 60% of the total increase in inflation.
On June 12, President Muhammadu Buhari said the government saved 10.5 million Nigerians from poverty in the last two years.
Buhari noted that the government provides job opportunities to farmers, artisans, women and merchants in the country. -