Redacted article courtesy of – Aljazeera
World Bank estimates Nigeria’s soaring inflation and food prices pushed seven million more people into poverty in 2021.
With inflation rising around the world as the global economy recovers from the coronavirus pandemic, soaring prices are having dramatic consequences in countries like Nigeria.
The number of people living in poverty in Nigeria – Africa’s most populous nation with 210 million inhabitants – was already among the highest in the world.
But as Nigeria has been battered by the double economic effect of low global oil prices and the pandemic, the World Bank estimates the country’s soaring inflation and food prices pushed another seven million people into poverty in 2021.
Food prices have increased more than 22 percent since the start of the coronavirus crisis, according to official statistics.