Untamed Inflation stopped Nigeria from achieving 2022 poverty reduction target – World Bank

The World Bank has disclosed that Nigeria and the rest of Sub-Saharan Africa cannot achieve the 2022 target of poverty reduction due to soaring inflation.

The bank stated this in its new report titled “Africa’s Pulse: An analysis of issues shaping Africa’s economic future.”

The Washington-based bank said that poverty reduction trends, already derailed by the pandemic, had slowed further in Nigeria and other African countries.

The report partly reads: “Rising inflation is impacting economic activity in Sub-Sahara. The war in Ukraine has worsened the upward trend in inflation following the post-pandemic period, which soared to record highs in many countries. The escalation of the war has fueled an increase in commodity prices, particularly food and energy prices. High pass-through of food and fuel prices to consumer prices has caused headline inflation to spike.”

Do You Need More Trending Updates? Then kindly bookmark our blog Realgosipcenter.com.ng, we will update you with more latest musics in mp3 audio format and video in mp4 formats as soon as they drop for quick downloads.